The Kings New York Non-disclosure and Commission Agreement Between Business Broker and Prospective Buyer is a legally binding document that establishes the terms and conditions between a business broker and a potential buyer when it comes to the disclosure of sensitive information and the payment of commissions. In this agreement, the business broker agrees to provide the prospective buyer with detailed information about a specific business or company located in New York, while the buyer agrees to keep all supplied information confidential. This confidentiality ensures that any proprietary, financial, operational, and competitive data of the business is protected. The agreement outlines the obligations of both parties involved, expressly stating that the buyer cannot divulge any confidential information to competitors, employees, or unauthorized individuals. It sets the groundwork for legal action if the buyer breaches the agreement, providing the business broker with legal recourse. Furthermore, the agreement defines the scope of the broker's services and establishes the buyer's obligation to compensate the broker in the event of a successful transaction. The commission terms may vary depending on the specific agreement, and it is crucial for both parties to agree upon and document their expectations regarding compensation. Different types of Kings New York Non-disclosure and Commission Agreements may exist for specific industries or sectors. For example, there might be separate agreements for real estate, technology, retail, or healthcare industries. Each agreement would feature industry-specific provisions to address any unique considerations or regulations. In conclusion, the Kings New York Non-disclosure and Commission Agreement between a business broker and a prospective buyer safeguards the exchange of confidential information during the business sale process. It establishes the grounds for trust, confidentiality, and compensation between both parties, setting the stage for a successful transaction while ensuring the protection of sensitive data.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.