Why is a Purchase Agreement for a Specified Object important?
A Sale and Purchase Agreement (SPA) is a legally binding contract outlining the agreed upon conditions of the buyer and seller of a property (e.g., a corporation). It is the main legal document in any sale process. In essence, it sets out the agreed elements of the deal, includes a number of important protections to all the parties involved and provides the legal framework to complete the sale. The SPA is therefore of critical importance to both sellers and buyers.