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Confidentiality Agreement For Sale Of Business

Confidentiality Agreement For Sale Of Business Template for New Zealand

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Key Requirements PROMPT example:

Confidentiality Agreement For Sale Of Business

"I need a Confidentiality Agreement For Sale Of Business for my technology startup in Auckland, with specific provisions for protecting our software IP and customer data, as we're planning to start discussions with potential buyers in January 2025."

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Document background
The Confidentiality Agreement For Sale Of Business is a critical document used in New Zealand business sale transactions to protect sensitive information disclosed during the sale process. It is typically executed at the initial stages of a potential business sale, before detailed discussions or due diligence commence. The agreement ensures that potential buyers and their representatives maintain strict confidentiality over all information received, while allowing them to evaluate the business opportunity. This document complies with New Zealand legislation, including the Privacy Act 2020, Contract and Commercial Law Act 2017, and Fair Trading Act 1986. It covers various aspects such as information handling, permitted uses, disclosure to representatives, and post-evaluation obligations, making it essential for protecting the seller's interests while facilitating necessary information sharing for transaction evaluation.
Suggested Sections

1. Parties: Identification of the disclosing party (seller), receiving party (potential buyer), and any guarantors or related entities involved in the transaction

2. Background: Context of the proposed business sale and purpose of the agreement

3. Definitions: Key terms including 'Confidential Information', 'Permitted Purpose', 'Representatives', 'Business Day', and other relevant definitions

4. Scope of Confidential Information: Detailed description of what constitutes confidential information in the context of the business sale

5. Permitted Use: Specific purposes for which the confidential information may be used, including due diligence and evaluation of the business

6. Confidentiality Obligations: Core obligations regarding the protection, storage, and handling of confidential information

7. Security Measures: Required procedures and systems for protecting confidential information

8. Representatives and Disclosure: Rules about who can access the information and under what conditions

9. Return or Destruction of Information: Requirements for handling confidential information if the sale does not proceed

10. Duration of Obligations: Time period for which confidentiality obligations remain in force

11. Breach and Remedies: Consequences of breaching the agreement and available remedies

12. General Provisions: Standard contract terms including governing law, jurisdiction, and entire agreement

Optional Sections

1. Non-Solicitation: Prevents the receiving party from soliciting employees, customers, or suppliers of the business during and after the sale process

2. Exclusivity Period: Provides the potential buyer with exclusive rights to negotiate for a specified period

3. Public Announcements: Controls over any public statements about the potential sale

4. Reverse Due Diligence: Provisions for the seller to assess the buyer's capability to complete the purchase

5. Privacy Compliance: Specific provisions relating to handling personal information under the Privacy Act 2020

6. Digital Security: Specific requirements for handling digital information and data room access

7. Insider Trading: Required for listed companies or where securities trading laws may be relevant

8. Competition Law Compliance: Specific provisions ensuring compliance with the Commerce Act 1986 regarding information sharing between competitors

Suggested Schedules

1. Schedule 1 - Categories of Confidential Information: Detailed list of types of confidential information to be disclosed

2. Schedule 2 - Authorized Representatives: List of individuals or roles authorized to access the confidential information

3. Schedule 3 - Security Protocols: Specific security measures and procedures to be followed

4. Schedule 4 - Data Room Rules: Rules and procedures for accessing and using the virtual or physical data room

5. Schedule 5 - Disclosure Timeline: Staged approach to information disclosure and associated conditions

6. Appendix A - Confidentiality Undertaking: Form of confidentiality undertaking to be signed by representatives

7. Appendix B - Destruction Certificate: Form of certificate confirming destruction of confidential information

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























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Relevant Industries

Retail

Manufacturing

Technology

Professional Services

Healthcare

Hospitality

Construction

Financial Services

Real Estate

Education

Agriculture

Mining

Transportation

Media and Entertainment

Energy

Relevant Teams

Legal

Finance

Executive Leadership

Mergers & Acquisitions

Corporate Development

Risk and Compliance

Business Development

Operations

Strategy

Information Technology

Human Resources

Relevant Roles

Chief Executive Officer

Managing Director

Business Owner

Corporate Lawyer

General Counsel

Chief Financial Officer

Business Development Manager

Mergers & Acquisitions Director

Due Diligence Manager

Investment Banker

Business Broker

Company Secretary

Finance Director

Operations Director

Risk Manager

Compliance Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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