Printed From: AussieLegal
Category: Business, Commercial, Property, Contracts, IP
Forum Name: Franchises, Leases, Litigation, Trusts, Building, Debts
Printed Date: 23/April/2019 at 01:59
Topic: clarification needed
Posted By: kwshiraz
Subject: clarification needed
Date Posted: 12/June/2016 at 22:13
Hi I wonder what it means when it states "Seller will afford" in the text below:
Seller will afford Buyer’s affiliates, employees, auditors, legal counsel, and other authorized representatives all reasonable opportunity and access during normal business hours to inspect, investigate, and audit the Assets, liabilities, contracts, operations, and business of Seller before Closing. Buyer will conduct this inspection, investigation, and audit in a reasonable manner during regular business hours. Buyer agrees to hold all information regarding Seller and its business in confidence and not disclose same except to representatives participating in the Acquisition, including attorneys and accountants, or to potential investors and lenders in relation to financing or raising of funds in connection with such transaction who will agree to the same confidentiality provisions.
Does it mean that Seller will pay for all fees that will incur as result of investigations of the business financials and operations? Or does it just mean that they will give all the required access to business that the buyer's affiliates will need to do their investigation at the expense to the buyer?