Bill Of Sale Of Business With Covenant Not To Compete
1. Description of Property Sold. KNOW ALL MEN BY THESE PRESENTS, that I, [name], doing business under the trade name of [name], and residing at [address] (Seller), in consideration of ..... dollars ($.....) paid to me by [name], with offices at [address] (Buyer), receipt of which is acknowledged, have bargained and sold and by these presents sell and convey to Buyer all of the assets of the business conducted by me under the above trade name, which assets are more fully described in Schedule A [omitted] attached to this instrument and made a part of it, subject to certain liabilities of the business, which are more fully described in Schedule B [omitted] attached to this instrument and made a part of it.
TO HAVE AND TO HOLD UNTO THE BUYER, his heirs, executors, administrators, and assigns forever.
2. Seller's Covenant to Defend Buyer's Title to Items Sold. And Seller for himself, his heirs, executors, administrators, and assigns covenants and agrees to warrant and defend the title to the business and the assets sold and conveyed by this instrument to Buyer against all adverse claims made by any person, firm, corporation, and association.
[Alternative Paragraph]
2. Covenant of Title and Covenant to Defend Title. Seller covenants with Buyer that seller is the lawful owner of the business and assets conveyed by this instrument, free from any encumbrance. Seller further covenants that Seller will warrant and defend the title to the business and assets against all adverse claims made by any person, firm, corporation, or association.
3. Seller's Covenant Not to Compete. Seller agrees that for a period of [number] years from the date of this instrument, Seller will not directly or indirectly, either as principal, partner, agent, manager, employee, stockholder, director, officer, or in any other capacity, engage or be interested in the conduct of the business of [nature of business] within a radius of [number] miles from [city].
4. Transfer Of Rights. This Agreement shall be binding on any successors of the parties.
5. Termination. This Agreement may be terminated before its initial term is completed by any party at any time, for any reason, provided that at least 30 days advance written notice of termination is given to the non-terminating party by the terminating party.
6. Arbitration. Any disputes pertaining to said contractual arrangement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
7. Amendment. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.
8. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be...
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