Questions about purchase agreement? Get free advice!

Questioner

My parents signed an 'agreement for the sale and purchase of a business' at the end of 2007. In this agreement, they closed a shop and sold the remaining stock and received goodwill from a similar shop in the vicinity. The agreement states that a non-similar shop may be located in my parents' premises for 15 years, with a chain clause in the event of a sale. Now the buyers at the time sold their shop a number of years ago. There is no chain clause on the buying side. The question now is whether these agreements still stand even though the buying party is no longer present. Furthermore, this document has never been notarized.

Lawyer

The agreement is still valid and the obligation to impose the chain clause upon sale is also valid. If the buyers of the company no longer have an interest in the chain clause, they must be asked to declare in writing that the clause can lapse.