Agreement to Keep Presale Information Confidential

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Agreement to Keep Presale Information Confidential Powered By Docstoc
					This document is an agreement between a potential buyer of a business and the seller
of the business to keep certain information related to the business and transaction
confidential. Under this agreement, both buyer and seller agree to keep certain
information related to the potential sale confidential. The document can be customized
to reflect the agreement between the parties. This agreement is useful to parties
seeking to keep information acquired during negotiations and other presale information
confidential.




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                      Agreement to Keep Presale Information Confidential

        Agreement made on the (date), between (Name of Prospective Purchaser) of
(street address, city, state, zip code), referred to herein as Purchaser, and (Name of
Prospective Seller), of (street address, city, state, zip code), referred to herein as Seller.
       Whereas, Purchaser has expressed an interest in purchasing from Seller
(describe business), hereinafter called the Business; and

       Whereas, in connection with Purchaser's examination of the Business,
Purchaser has requested that he be furnished with the following information from Seller:
(describe); and

       Whereas, in connection with regard to said prospective purchase, Seller has
requested that she be furnished with the following information from Purchaser:
(describe); and

      Whereas, the information described above furnished by Seller to Purchaser and
Purchaser to Seller is hereinafter called the Information;

I.       Use of Information.
         A.    Purchaser agrees that he will use the Information from Seller solely in
         connection with his examination of the Business and for no other purpose
         whatsoever.

         B.      Seller agrees that she will use the Information from Purchaser solely in
         connection with her examination of the Purchaser’s ability to purchase and
         effectively run the Business and for no other purpose whatsoever.

II.      Confidentiality
         A.      The Information supplied by Seller to Purchaser is and shall remain
         solely for Purchaser’s use in connection with his potential purchase of the
         Business. Accordingly, the Information shall remain strictly confidential and
         Purchaser shall not release or disclose such Information to any other person or
         entity without the prior written consent of Seller;

         B.      The Information supplied by Purchaser to Seller is and shall remain
         solely for Seller’s use in connection with Purchaser’s potential purchase of the
         Business. Accordingly, the Information shall remain strictly confidential and
         Seller shall not release or disclose such information to any other person or entity
         without the prior written consent of Purchaser;

III.     Indemnification of the Parties
         A.      Purchaser agrees to defend, indemnify and hold harmless Seller from and
         against all damages, losses, costs, expenses, and liabilities (including all
         attorney's fees and court costs incurred by Seller) arising out of or resulting from
         the failure of Purchaser to perform any of his obligations under the terms of this


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         Agreement;

         B.     Seller agrees to defend, indemnify and hold harmless Purchaser from and
         against all damages, losses, costs, expenses, and liabilities (including all
         attorney's fees and court costs incurred by Purchaser) arising out of or resulting
         from the failure of Seller to perform any of her obligations under the terms of this
         Agreement;

IV.      Consent to Disclose
         A.     Notwithstanding the foregoing, Seller hereby consents to Purchaser
         disclosing the Information hereinafter described to the persons hereinafter
         described:

                  1.     (Name and Address), the (e.g., accountant) for Purchaser, the
                  following described Information: (describe);

                  2.    (Name and Address), the (e.g., Banker or Financial Advisor) for
                  Purchaser, the following described Information: (describe).


         B.     Notwithstanding the foregoing, Purchaser hereby consents to Seller
         disclosing the Information hereinafter described to the Persons hereinafter
         described:

                  1.     (Name and Address), the (e.g., accountant) for Seller, the following
                  described Information: (describe);

                  2.      (Name and Address), the (e.g., Banker or Financial Advisor) for
                  Seller, the following described Information: (describe).

V.     Severability. The invalidity of any portion of this Agreement will not and shall
not be deemed to affect the validity of any other provision. If any provision of this
Agreement is held to be invalid, the parties agree that the remaining provisions shall be
deemed to be in full force and effect as if they had been executed by both parties
subsequent to the expungement of the invalid provision.
VI.   No Waiver. The failure of either party to this Agreement to insist upon the
performance of any of the terms and conditions of this Agreement, or the waiver of any
breach of any of the terms and conditions of this Agreement, shall not be construed as
subsequently waiving any such terms and conditions, but the same shall continue and
remain in full force and effect as if no such forbearance or waiver had occurred.
VII. Governing Law. This Agreement shall be governed by, construed, and enforced
in accordance with the laws of the State of (name of state).
VIII. Notices. Unless provided herein to the contrary, any notice provided for or
concerning this Agreement shall be in writing and shall be deemed sufficiently given


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when sent by certified or registered mail if sent to the respective address of each party
as set forth at the beginning of this Agreement.
IX.     Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to
the contrary, any dispute under this Agreement shall be required to be resolved by
binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator,
each party shall select one arbitrator and both arbitrators shall then select a third. The
third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed
by the rules of the American Arbitration Association then in force and effect.
X.     Entire Agreement. This Agreement shall constitute the entire agreement
between the parties and any prior understanding or representation of any kind
preceding the date of this Agreement shall not be binding upon either party except to
the extent incorporated in this Agreement.
XI.     Modification of Agreement. Any modification of this Agreement or additional
obligation assumed by either party in connection with this Agreement shall be binding
only if placed in writing and signed by each party or an authorized representative of
each party.
XII. Assignment of Rights. The rights of each party under this Agreement are
personal to that party and may not be assigned or transferred to any other person, firm,
corporation, or other entity without the prior, express, and written consent of the other
party.
XIII. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all of which together shall
constitute but one and the same instrument.
         WITNESS our signatures as of the day and date first above stated .




         ________________________                       _________________________
         (Signature of Seller)                           (Signature of Purchaser)
         (Printed Name of Seller)                       (Printed Name of Purchaser)




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Description: This document is an agreement between a potential buyer of a business and the seller of the business to keep certain information related to the business and transaction confidential. Under this agreement, both buyer and seller agree to keep certain information related to the potential sale confidential. The document can be customized to reflect the agreement between the parties. This agreement is useful to parties seeking to keep information acquired during negotiations and other presale information confidential.