Business buy out

[Rockford]

Jurisdiction

Saskatchewan

Hi! Thanks in advance for your help!

Located in Saskatchewan Canada ...
So, we had a farming business with a family member. Now have decided to split and farm Independently We had a farming inc business made, my husband and his brother were both directors and 50/50 share holders. Now that we have decided to split ways and my husband is selling his shares to his brother for a cash payout. Our accountant has came up with the amount due to my husband according to his inputs and price of the equipment that my brother in law now owns... But my question is... How do we write up an agreement to ensure our payment is made? My brother in law has agreed to pay us, remove our names from equipment loans (if bank will release us) and take over the corporation. We want a deadline to be paid out in full written on a binding promise and what would be Potential damages for breach of contract, missed deadlines or incomplete payment in our signed agreement. Can we personally write something up, both parties sign and agree, then hope for the best? Or if in some case he never pays us can our contract stand up for us? Thanks for your time

 

[Rockford]

Hi everyone!

How does a person write up a farm la d agreement, what are important components, and what would actually stand up to support us if the agreement wasn't held up by both parties
?

We have owner & renter info, land description, & cultivated acres

Terms of the rental agreement

•Rate per cultivated acre : $ 22.50

•Rent to be paid on or before December 31st of each year

•Crops planted will be renters choice unless mutual arrangements are made

•Renter will not do additional breaking of land or taking of timber without mutual agreement

•Herbicides will be used

•Pesticides will be used if necessary

•No sub-let without written agreement

•No waste, pollution or storage of hazardous materials

•Crop insurance is renters responsibilities

•Property tax is land owners responsibilities

•Repair of fences will be the land owners responsibilities unless a cattle agreement is arranged then it would become the renters responsibilities

•Rental renewal or termination upon mutual agreement only

•Renter gets first option to purchase

•Land owner can not sell land during the renting term with out contract termination or mutual agreement

Comments :______________________________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________________________________________


Sign here if the above information is fully agreed upon, understood and correct


Owner signature _____________ Date _____________


Renter signature _____________ Date _____________



What are we missing? And is this considered a legal agreement or ligit ?

Thanks for your time

 

[army judge]

You might want to search the internet for examples for relative to your province in Canada, Saskatchewan.

As you've been told previously, this site focuses on US federal and the various state laws.

That isn't because we disregard the rest of the planet, it is because we have little useful knowledge of the laws outside of the United States.