The Vendor and the Magmell are disclosing to the Prospective Purchaser (or to Authorised advisor) confidential information including the identity of the business.
The Prospective Purchaser and its advisors HEREBY AGREE with the Vendor and Magmell that they will not WITHOUT THE PRIOR WRITTEN CONSENT OF Magmell Pty Ltd:
- contact or deal directly with the Vendor, staff, suppliers, customers, landlord, managing agent and/or any other person involved/associated with the business.
visit the premises of the business.
- disclose any confidential information to any other persons;
- use the confidential information obtained in any way, including in competition with the vendor’s business or to the detriment of the vendor, or broker and will hold the information in strict confidence to protect its confidential nature and secrecy;
- will not allow any person to inspect, view, take extracts or copy any part of the confidential information;
- will not use the confidential information or any part of it in any way, unless needing to comply with any applicable law or legally binding order;
ACKNOWLEDGEMENTS BY THE PROSPECTIVE PURCHASER
The Prospective Purchaser HEREBY ACKNOWLEDGES that:
- they must destroy or return all such confidential information to the Broker within a reasonable time (if required) or if the Prospective Purchaser should decide not to purchase the business;
- they are bound by this agreement and its terms; and
- if they buy the business they will do so through MagmellConnect under the agreed terms and conditions.
Magmell Pty Ltd states that:
- The Confidential Information has been compiled from material, information and un-audited financial records properly obtained by the Broker from the Vendor or the Vendor’s accountants or advisers. Magmell takes no responsibility for the accuracy of said information, furthermore Magmell are not investors or financial advisors;
- The Vendor, it’s employees or the Broker will suffer loss and/or damage from any breach by the Prospective Purchaser of any of his obligations under this agreement and in turn will have the ability to claim for damages if the above terms are not met;
- Magmell has been solely instrumental in the introduction of the Business to the Prospective Purchaser and will suffer loss or damage if the Prospective Purchaser contacts or attempts to deal directly with the Vendor, or another agent;
- The Vendor and the Magmell have the right to issue the Confidential Information to any other person at their discretion;
The terms and conditions of this agreement shall continue to have full force and effect for any other business request and after the business(es) is/are sold.