Free Buyout Agreement Template
BUYOUT AGREEMENT
This BUYOUT AGREEMENT is made this first day of January 2050, between Nina Eve, residing at 404 Maple Avenue, #345, Rivertown, GA 30308 (“Seller”), and Bree Kim, residing at 101 Oak Drive, Suite 56, Hillcrest, FL 33127 (“Buyer”) collectively referred to as the "Parties."
1. DEFINITIONS
As used in this Agreement, the following terms shall have the meanings set forth: 1.1 “Smithz Corp.” refers to Smithz Corporation – a business entity located at 101 Pine Street, #567, Hillside, TX 75001.
2. PURCHASE OF OWNERSHIP INTEREST
2.1 Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell, convey, transfer, and assign to Buyer, and Buyer hereby agrees to purchase and accept from the Seller, all of Seller’s right, title, and interest in Smithz Corp. upon reaching the retirement age of 65.
3. PURCHASE PRICE AND PAYMENT
The purchase price for the ownership interest of Smithz Corp will be $75,000, payable as follows:
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An initial payment of $25,000 shall be due upon the execution of this agreement.
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A second payment of $25,000 shall be due within 30 days of the initial payment.
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The remaining balance of $25,000 shall be paid in full within 60 days of the second payment.
4. REPRESENTATIONS AND WARRANTIES
Each of the Parties represents and warrants to the other that such party has the full power and authority to enter into this Agreement and carry out its obligations under this Agreement.
5. CONFIDENTIALITY
Both Parties agree that they will not, during and after the effective Term of this Agreement, disclose any confidential information about the other Party or the business.
6. DISPUTE RESOLUTION
Any disputes relating to this buyout agreement shall be resolved through binding arbitration.
7. INDEMNIFICATION
Each party hereto shall indemnify, hold harmless, and defend the other from any and all loss, cost, damage, liability, and expense, including, without limitation, attorneys' fees, arising out of any breach of any warranty, representation, or agreement made by such party in this buyout agreement.
8. GOVERNING LAW
The interpretation, effect, and enforcement of this agreement shall be governed by, and construed in accordance with, the laws of the state of Texas.
9. ENTIRE AGREEMENT
This Agreement contains the entire agreement of the Parties and there are no other promises or conditions in any other agreement whether oral or written.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
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Nina Eve
Seller
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Bree Kim
Buyer
