(a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless the contract is in writing and the seller gives a copy of the contract to the buyer when the buyer signs the contract.
Terms Used In Alaska Statutes 45.66.090
Contract: A legal written agreement that becomes binding when signed.
Escrow: Money given to a third party to be held for payment until certain conditions are met.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) The department shall establish by regulation the content and format of the information that must be contained in the contract. At a minimum, the contract must contain
(1) the payment terms, including any escrow account required under Alaska Stat. § 45.66.100;(2) the name, address, and telephone number of the seller, the seller’s agent, and each supplier of products, equipment, or supplies that the seller is to deliver to the buyer;(3) a statement of the form of the seller’s business organization;(4) a description of services, including any training services, that the seller is to provide to the buyer;(5) the delivery date of the product, equipment, or supplies being sold or leased;(6) if the seller has represented that there is a buy-back agreement for the business opportunity or that payments are protected or secured, a complete description of those provisions;(7) a statement of the buyer’s right to cancel, the circumstances under which cancellation is authorized, and the procedure for cancellation and refunds; and(8) any other terms that the department determines are necessary to protect the public interest.
