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Why do I need a Vendor Finance Agreement?
An important agreement between vendor and purchaser, a Vendor Finance Agreement covers key terms like the repayment schedule, interest amounts and what will happen if the borrower defaults on the repayments.
Drafting a Vendor Finance Agreement in accordance with your requirements
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This contract is essentially an agreement between a vendor and a purchaser, where the vendor agrees to lend all or part of the purchase price to the buyer.
It’s typically used when the buyer does not have the full funds available to complete the business purchase. Read more here.
A Vendor Finance Agreement is an agreement between a vendor and purchaser, under which a vendor agrees to lend all or part of the purchase price of a business to the purchaser. It is typically used where a purchaser does not have the full funds available to afford the purchase of a business, and so the seller agrees to ‘loan’ part of purchase price to the buyer for a set period, at an agreed interest rate.
The vendor finance agreement should clearly outline the specifics of the arrangement. The following terms are commonly included in such agreements:
Ensuring that you have a lawyer both draft and review your vendor finance agreement will give you the best chances of avoiding future discrepancies.
Offering vendor finance requires serious consideration of your legals and the protection of both parties’ rights. Properly documenting the transaction is the best way to minimise risk – this is where a lawyer comes in handy! A lawyer is able to work closely with you and your business to discuss terms best suited to protect your business
Our fixed-fee Vendor Finance Agreement packages start at $1500 + GST. This includes a Vendor Finance Agreement drafted to meet your specific requirements, phone consultations with a Sprintlaw lawyer and a complimentary amendment to the final draft we provide to you.
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