- 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
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