What aspects do we need to be careful of when signing a sales contract?
It is a good idea to have your lawyer present when signing.
Firstly, ensure that the date of signing is included somewhere in the contract. Without this the contract is not complete.
It is important that you read the contract carefully, to ensure that everything which you have agreed with the Vendor is included in the contract and that nothing is included that you have not agreed.
If there are any aspects of the contract which you do not understand you should always ask for these to be explained.
Ensure that the person signing your contract is eligible to do so, in that they are either a director of the company you are buying from, or they have authorisation to sell, by asking to see documentation proving this, e.g. company registration details and/or a board of Directors’ resolution.
Every page of the contract, including appendices, needs to be initialled by both parties signing and then the final page signed.
Two witnesses should be present when the signing takes place, and they need to sign the contract as witnesses.
Do not sign until you are 100% happy with the contract as a whole.