A business broker is a person or firm engaged in the business of enabling other businesses to get sold.
Business brokers typically value the business, advertise it for sale, handle the initial discussions with prospective buyers and assist the owner of the business in selling it. They are paid either a fixed fee or a percentage of the sale price. Buyers sometimes retain a business broker to find them a particular kind of business.
In the United States, licensing of business brokers varies by state, with some states requiring licenses, some not. Some states require licenses if the broker is commissioned but not if the broker works on an hourly fee basis. State rules also vary about recognizing licensees across state lines, especially for interstate types of businesses like national franchises. Some states require either a broker license or law license to even advise a business owner on issues of sale, terms of sale, or introduction of a buyer to a seller for a fee.
This form is a general Non-Disclosure and Commission Agreement Between a Business Broker and a Prospective Buyer.
The Oklahoma Nondisclosure and Commission Agreement Between Business Broker and Prospective Buyer is a legally binding document that outlines the terms and conditions under which the Business Broker agrees to share confidential information about a business for sale with a prospective buyer. This agreement is designed to protect the interests of both parties involved and ensure that any sensitive information provided remains confidential. The agreement starts by identifying the parties involved, that is, the Business Broker and the Prospective Buyer. It then goes on to define the purpose of the agreement, which is to establish the terms under which the Business Broker will disclose financials, trade secrets, proprietary information, and any other confidential or sensitive information related to the business for sale. One key aspect of the agreement is the non-disclosure clause, which prohibits the Prospective Buyer from sharing any of the confidential information with third parties without the written consent of the Business Broker. This clause is crucial as it ensures that the information disclosed during the negotiation process remains private and not used for any competitive advantage or unauthorized purposes. Additionally, the agreement outlines the responsibilities of both parties regarding the handling of confidential information. It may require the Prospective Buyer to use reasonable measures to protect the confidentiality of the disclosed information, such as storing it securely and preventing unauthorized access by employees or associates. The agreement also covers the issue of commission payment to the Business Broker. It specifies the conditions under which the Prospective Buyer will be liable to pay a commission to the Business Broker upon the successful completion of a transaction. This provision is important to ensure that the Business Broker is compensated for their time and effort in facilitating the sale. In Oklahoma, there may be different variations or types of Nondisclosure and Commission Agreements between Business Brokers and Prospective Buyers based on specific requirements or additional provisions decided by the parties involved. Some common types may include agreements designed for specific industries or specialized businesses, agreements tailored for large-scale transactions, or agreements that incorporate additional terms related to due diligence, exclusivity, or non-compete clauses. It is important for both the Business Broker and the Prospective Buyer to carefully review and understand the agreement before signing it to ensure that their rights and interests are protected. Seeking legal advice or consultation is highly recommended ensuring compliance with Oklahoma state laws and to address any specific concerns or requirements.The Oklahoma Nondisclosure and Commission Agreement Between Business Broker and Prospective Buyer is a legally binding document that outlines the terms and conditions under which the Business Broker agrees to share confidential information about a business for sale with a prospective buyer. This agreement is designed to protect the interests of both parties involved and ensure that any sensitive information provided remains confidential. The agreement starts by identifying the parties involved, that is, the Business Broker and the Prospective Buyer. It then goes on to define the purpose of the agreement, which is to establish the terms under which the Business Broker will disclose financials, trade secrets, proprietary information, and any other confidential or sensitive information related to the business for sale. One key aspect of the agreement is the non-disclosure clause, which prohibits the Prospective Buyer from sharing any of the confidential information with third parties without the written consent of the Business Broker. This clause is crucial as it ensures that the information disclosed during the negotiation process remains private and not used for any competitive advantage or unauthorized purposes. Additionally, the agreement outlines the responsibilities of both parties regarding the handling of confidential information. It may require the Prospective Buyer to use reasonable measures to protect the confidentiality of the disclosed information, such as storing it securely and preventing unauthorized access by employees or associates. The agreement also covers the issue of commission payment to the Business Broker. It specifies the conditions under which the Prospective Buyer will be liable to pay a commission to the Business Broker upon the successful completion of a transaction. This provision is important to ensure that the Business Broker is compensated for their time and effort in facilitating the sale. In Oklahoma, there may be different variations or types of Nondisclosure and Commission Agreements between Business Brokers and Prospective Buyers based on specific requirements or additional provisions decided by the parties involved. Some common types may include agreements designed for specific industries or specialized businesses, agreements tailored for large-scale transactions, or agreements that incorporate additional terms related to due diligence, exclusivity, or non-compete clauses. It is important for both the Business Broker and the Prospective Buyer to carefully review and understand the agreement before signing it to ensure that their rights and interests are protected. Seeking legal advice or consultation is highly recommended ensuring compliance with Oklahoma state laws and to address any specific concerns or requirements.
