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We are selling our business and our prospective buyers are…

Hello, we are selling...

Hello, we are selling our business and our prospective buyers are ready to sit down and talk. They have given us a document they want us to sign, it is called a confidential non-disclosure and non-circumvention agreement. Is this something we should sign, we will be protected under this agreement, does this keep us from talking to other prospective buyers.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No we have not done anything.

Lawyer's Assistant: Where is the property located?

OKC

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We are not selling property just business. I guess we want to know if they don't want to give us what we want does this bind us into only them. We possibly have another person who is also interested

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Answered in 2 minutes by:
3/24/2018
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,283
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Any chance you could scan and post here?

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Non circumvention here sounds like you are limited to them only..

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Customer reply replied 4 months ago
give me a moment
Customer reply replied 4 months ago
did you receive the doc.?

Yes give me a minute, reading now

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I am uneasy about signing this, especially item 7.I am not at all sure why they would need this to last 3 years.I could understand an agreement for like 30 days if you want to negotiate a sale but this seems real lop sided and might restrict you from selling or taking other offers here.

Your options are to negotiate say a 30 day exclusive period of negotiation or seek other buyers,This appear to be a trap for the unwary seller, not really beneficial to you here in my mind and for too long.

Appreciate the chance to help you tonight and thanks for rating 5 stars,Maybe you keep looking for other buyers if they won't back off.It is one thing to keep it confidential this seems like way too much to me.

Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,283
Experience: 30 years in civil, probate, real estate, elder law
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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