Simple Purchase Agreement Template

This Purchase Agreement ("Agreement") took effect on (Date) (the "Effective Date") by and between [Seller.FirstName][Seller.LastName] ("Seller") and [Buyer.FirstName][Buyer.LastName] ("Buyer").

WHEREAS, the Seller owns certain assets as listed and described in Exhibit A (the "Assets"); and

WHEREAS, the Buyer desires to purchase the Assets from the Seller;

NOW, THEREFORE, by accepting the conditions outlined in this agreement, both parties are aware of the valuable consideration presented. The mutual covenants and agreements serve as the foundation for the shared understanding and commitment of both parties:

1. Purchase and Sale of Assets

This Agreement obligates the Seller to sell, transfer, convey, and deliver the product indicated to the Buyer under the conditions and provisions stated within. The Buyer agrees to purchase and gain from the Seller all the Assets described in Exhibit A.

2. Purchase Price

The purchase price of the Assets will be (Purchase Price) dollars ($(Purchase Price)), payable as follows:

(a) The Seller will receive (Amount) dollars ($(Amount)) upon execution of this Agreement by the Buyer;

(b) The Buyer will pay (Amount) dollars ($(Amount)) to the Seller upon delivery of the Assets to the Buyer; and

(c) The remaining balance of (Amount) dollars ($(Amount)) the Buyer is payable to the Seller within (Number of Days) days after the delivery of the Assets.

3. Closing

The finalization of the sale and purchase of the Assets will occur on (Closing Date) (the "Closing Date"). Upon closing, the Seller will hand over to the Buyer all the assets outlined in Exhibit A. The Buyer delivers to the Seller the designated purchase price as outlined in Section 2.

4. Representations and Warranties

1. Seller's Representations and Warranties. The seller pledges and guarantees to the buyer that:

   1. The Seller has lawful, full access to the Assets and is free from any claims, liens, or other restrictions.

   2. The Assets are in acceptable condition, free of any defects, and fit for their designated use;

   3. The Seller may assign the Assets to the Buyer.

   4. The Seller is not in violation of any agreement, law, or regulation applicable to them by carrying out and delivering this Agreement.

   5. The Seller has received no notice of any pending or threatened litigation, claims, or disputes concerning the Assets.

2. Buyer's Representations and Warranties. The Buyer affirms and guarantees to the Seller that:

   1. The Buyer holds the authority and capability to enter and implement the Agreement;

   2. This Agreement's execution and delivery by the Buyer does not contradict any applicable agreement, law, or regulation;

   3. No one has notified the Buyer of any lawsuits, complaints, or disagreements. These could prevent it from executing its requirements under this Agreement.

5. Indemnification

1. Seller's Indemnification. The Seller must shield, safeguard, and hold harmless the Buyer, its administrators, workers, and agents. This encompasses all losses, damages, liabilities, costs, and expenses (including reasonable attorneys’ fees) connected with or stemming from:

   1. Any violation of the Seller's assurances and guarantees stated in this Agreement;

   2. Any claim the Assets infringe any intellectual property rights of any third party; and

   3. Any claim arising out of or relating to the Assets, including any product liability or warranty claims.

2. Buyer's Indemnification. It is the Buyer's duty to recompense, secure, and absolve the Seller, its officers, directors, employees, and agents from any risk. This will cover any incurred losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees). This indemnification covers any violations of the Buyer's representations and warranties outlined in this Agreement.

6. Governing Law

This Agreement will be subject to the laws of the State of (State). There will be no effect on any choice of law or conflict of law provisions.

7. Entire Agreement

This Agreement makes up the entire agreement between the parties regarding the subject hereof. This takes precedence over all other negotiations, agreements, and understandings between the parties.

8. Counterparts

The parties can execute this Agreement in multiple counterparts, and both parties will consider each counterpart an original. However, when taken together, they form a single comprehensive instrument.

IN WITNESS WHEREOF, as of the date mentioned above, the involved parties have executed this agreement for the purchase of assets.

Exhibit A

• You can extend this simple purchase agreement template by outlining the indemnification provisions to protect both parties in the event of losses or damages.

• Mention any claims related to the assets, including product liability and warranty claims.

• Mention the expenses that can result from any breach of their representations and warranties.

• Make sure that the seller has the authority to sell the assets and that there are no pending legal disputes.