Who is ContractsCounsel?
ContractsCounsel is a marketplace which allows users to source and compare pricing proposals from vetted lawyers in the US. Flippa has partnered with ContractsCounsel to connect buyers and sellers seamlessly with one of five vetted, qualified, experienced lawyers who are well-placed to assist with the safe and secure acquisition, or disposal of, a business or asset.
Should I buy a suite of template documents or a legal services package?
If the business or asset you are buying or selling has a purchase price which exceeds USD$10,000, we strongly recommend you purchase a Basic or Premium Legal Package
. For simple, lower-value transactions where the purchase price is under USD $10,000, our Template Legal Documents
are a good place to start.
Should I buy a basic or premium legal services package?
If you are buying or selling a business or asset with a purchase price between USD$10,000 and $100,000, the Basic Legal Package
is recommended. For a purchase price over USD$100,000, the Premium Legal Package
Do I get to select the lawyer I work with?
Unfortunately no as not all of our lawyers will be available on demand. Rest assured, all lawyers are vetted, verified and qualified to provide expert advice and assistance when it comes to the sale and purchase of a business or asset. When you purchase a legal services package, you will be introduced to a lawyer by a ContractsCounsel representative within 24 hours.
How soon will I connect will I hear from the lawyer?
When you purchase a legal services package, a ContractsCounsel representative will make contact with you via phone and/or email and introduce you to your lawyer. For this purpose, Flippa will provide your name, email address and phone number to ContractsCounsel. As part of this process, you will need to give ContractsCounsel details of the business or asset you are looking to purchase, and the Flippa listing ID.
Do I enter into an agreement with the lawyer?
When you purchase a legal services package through Flippa Legal, your relationship with the independent lawyer will be governed by the individual engagement letter provided to you by that lawyer. No attorney/client relationship is established unless and until you have signed an independent engagement letter which will establish the attorney-client relationship. The lawyer will provide you with his/her personal and/or company details (such as email address and name of firm) and will confirm the scope of work stipulated above. They will describe in detail the type of work included in the package such as phone advice, letter of advice, review, drafting, negotiation, meeting or other, and the specified time for completion. If no time frame for completion has been specified by the lawyer, you should expect that he/she will complete the work within a reasonable period of time.
Can both buyer and seller use the same legal services package?
No. You will need to purchase your own legal services package and will be assigned a different lawyer.
How soon will I receive my bundle of template documents?
Template documents will be available for download immediately as fillable PDFs once payment has been processed/confirmed.
Why is an asset purchase agreement important? What does it cover?
An asset purchase agreement facilities a transfer of ownership of assets from one party to another. It clearly defines the terms of sale to ensure they are legally binding and minimises the likelihood of a dispute occurring in future. Note: It is important to distinguish an asset purchase agreement from a share purchase agreement. A share purchase agreement deals with the transfer of securities or equity and may involve a partial change in ownership of an entity. A typical asset purchase agreement will acknowledge the transfer of ownership of assets from seller to buyer, identify the assets to be transferred and address issues such as confidentiality, conditions precedent to sale, employees, post-sales support and training, relevant warranties and indemnities and restraints. You can learn more about an asset sale agreement here
What is a bill of sale?
A bill of sale documents the change in ownership of assets. You can read more about a bill of sale here
How do I complete the template documents?
Please read each template document in the bundle carefully and be sure to complete all required fields. This will include an effective date, seller and buyer name and address, name of business, purchase price and price breakdown, conditions precedent, completion date, assets to be transferred including intellectual property, contracts/agreements to be transferred, employees to be transferred (if any), restraint of trade (if agreed), any additional warranties and payment of taxes.
Before signing, please check all information is correct and that the other party has had adequate time to read and understand the terms. Do not forget to sign and date the agreement and keep a copy of all signed, complete documents in a safe and accessible place.