Jurisdiction(s):
United Kingdom

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Agreement definition

What does Agreement mean? In competition law practice, an agreement is any form of coordination between undertakings that shows a meeting of minds about market conduct (for example pricing, output, customers or territories). It is not limited to a legally enforceable contract: it includes informal or “gentlemen’s” understandings, oral arrangements, email exchanges and tacit understandings, and extends to decisions of associations of undertakings. Mere parallel conduct is insufficient without evidence of contact or communication. The term is used in legislation and developed by case law: Article 101 TFEU, section 4 of Ireland’s Competition Act 2002, and the UK Chapter I prohibition in the Competition...

TUPE Employment Indemnities for Asset Purchase Agreement (Great Britain): Precedent Clauses with Drafting Options, Definitions and Employee Liability Information

Published by a LexisNexis Employment expert

Precedents

1 Definitions and interpretation

1.1 [ Insert the following additional definitions into the definitions clause of the Asset purchase agreement ]

Business • the undertaking comprising [ insert description of the business being sold ] run by the Seller, together with all other operations, including those supplementary or incidental to, or associated with, that undertaking as conducted by the Seller;
Buyer • [ enter details ];
Completion • the consummation of the sale and purchase of the Business achieved by the Parties performing their respective obligations in accordance with clause [ insert number ];
Completion Date • [ the day on which Completion occurs OR the date not later than the [ third OR [ insert number ] ] Business Day after the date on which the final Condition is fulfilled or waived, or the date to which Completion is deferred ] in accordance with clause [ insert number ];
[ Consequential Loss • any consequential, special, indirect, incidental or punitive damages or loss, or any loss of profits or any other type of economic loss, however arising; ]
Employees • the individuals employed by the Seller [ [ and any relevant employing entity in the...

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Web page updated on 22/05/2026

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