Bulk sales Contract is prepared when a bulk-sales of inventory is transacted. The inventory is basically held-up inventory and not the manufactured goods of a company. Bulk sales are basically the legal transfer of a major inventory or assets of one business to another business and include sending a notice to the creditors.
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Bulk sales are applicable in the scenario when
1. A company is undergoing liquidation
2. A company is transferring a certain aspect of the business to a new owner
3. Bulk sales are also called bulk transfers because the inventory is transferred from one business entity to another. Some state laws prohibit bulk sales in certain specific scenarios.
Also Read: Booking Agreement Template
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