A Business Sale Confidentiality Agreement is a crucial document used in the initial stages of a business sale transaction in Austria. It should be implemented before any sensitive business information is shared with potential buyers or their representatives. The agreement, governed by Austrian law, ensures compliance with local commercial regulations, the Austrian Data Protection Act, and EU GDPR requirements. It typically covers financial data, trade secrets, customer information, employee details, and other proprietary information. This document is essential for protecting the seller's interests while allowing potential buyers to conduct meaningful due diligence. The agreement should be customized based on the specific nature of the business, industry requirements, and the scope of information to be disclosed.
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1. Parties: Identification of the disclosing party (seller), receiving party (potential buyer), and any other relevant parties such as their affiliated companies or representatives
2. Background: Context of the potential business sale and purpose of the confidentiality agreement
3. Definitions: Definitions of key terms including 'Confidential Information', 'Representatives', 'Permitted Purpose', 'Affiliate', and other relevant terms
4. Disclosure of Confidential Information: Scope of confidential information to be disclosed and manner of disclosure
5. Obligations of Confidentiality: Core confidentiality obligations, including use restrictions, security measures, and standard of care
6. Permitted Disclosures: Circumstances under which confidential information may be disclosed to representatives, advisors, or as required by law
7. Data Protection: Compliance with Austrian Data Protection Act and GDPR requirements regarding personal data
8. Return or Destruction of Confidential Information: Obligations regarding the handling of confidential information upon termination or request
9. Duration of Obligations: Term of the agreement and survival of obligations
10. Breach and Remedies: Consequences of breach and available remedies including injunctive relief
11. General Provisions: Standard clauses including governing law, jurisdiction, entire agreement, and amendments
1. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers - include when there's significant risk of poaching
2. Standstill Provisions: Restrictions on acquiring target company shares - include when the target is publicly traded
3. Anti-Trust Compliance: Specific provisions for compliance with competition laws - include when dealing with competitors or in regulated industries
4. Exclusivity Period: Period during which seller won't negotiate with other potential buyers - include when buyer requires exclusive negotiation rights
5. Cost Allocation: Allocation of costs related to the potential transaction - include when significant due diligence costs are expected
6. Non-Circumvention: Prevents bypassing the agreement to deal directly with identified parties - include when intermediaries are involved
7. Securities Trading Restrictions: Insider trading prevention provisions - include when target company is publicly listed
1. Schedule 1: Specified Representatives: List of authorized representatives who may receive confidential information
2. Schedule 2: Scope of Confidential Information: Detailed description or categories of information considered confidential
3. Schedule 3: Security Protocols: Specific security measures required for handling confidential information
4. Schedule 4: Data Processing Requirements: Detailed GDPR and Austrian data protection compliance requirements
5. Schedule 5: Return/Destruction Certificate: Form of certificate confirming return or destruction of confidential information
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology
Retail
Professional Services
Healthcare
Financial Services
Real Estate
Construction
Hospitality
Energy
Transportation
Media and Entertainment
Telecommunications
Agriculture
Education
Relevant Teams
Legal
Executive Leadership
Mergers & Acquisitions
Corporate Development
Finance
Compliance
Data Protection
Business Development
Due Diligence
Board of Directors
Corporate Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Legal Counsel
Corporate Lawyer
Investment Banker
Business Development Manager
Mergers & Acquisitions Director
Due Diligence Manager
Financial Controller
Company Secretary
Business Owner
Board Member
Privacy Officer
Data Protection Officer
Compliance Manager
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