Assignment of Goodwill

A significant part of what is transferred with a business is the goodwill. It is usually necessary to protect this by imposing restrictions on the Seller preventing the Seller from competing with the Buyer after the sale and also preventing the Seller from enticing away the customers of the business. The business sale agreement contains such obligations but generally the parties prefer to set these out in a separate deed as well.

It is common for the seller to enter into a restrictive covenant with the buyer preventing the seller from competing with the buyer - this in generally limited both geographically and in time. The restrictions have to be reasonable or else they are void. Protecting the goodwill in this way is important for the buyer otherwise they may find the seller setting up or becoming involved in a competing business nearby and enticing away customers.

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