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Buyers Disclosure Agreement

Buyers Disclosure Agreement Template for Australia

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Key Requirements PROMPT example:

Buyers Disclosure Agreement

"I need a Buyer's Disclosure Agreement under Australian law for a technology company selling proprietary software, with specific provisions for source code protection and data privacy compliance, particularly focused on protecting AI algorithms and machine learning models."

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Document background
The Buyer's Disclosure Agreement is a critical legal instrument used in Australian business transactions where sensitive or confidential information needs to be shared with potential buyers or investors. This document becomes essential during due diligence processes, business sales, or significant commercial transactions where the disclosing party needs to protect their interests while sharing necessary information. The agreement ensures compliance with Australian federal and state legislation, including the Competition and Consumer Act 2010, Privacy Act 1988, and relevant state-specific fair trading laws. It sets out clear parameters for information handling, confidentiality obligations, and permitted uses, while providing legal recourse in case of unauthorized disclosure or misuse.
Suggested Sections

1. Parties: Identification and details of the seller/discloser and the buyer/recipient

2. Background: Context of the transaction and purpose of the disclosure agreement

3. Definitions: Key terms used throughout the agreement, including technical or industry-specific terminology

4. Scope of Disclosure: Clear outline of what information is being disclosed and for what purpose

5. Confidentiality Obligations: Buyer's obligations regarding the confidential treatment of disclosed information

6. Permitted Use: Specific purposes for which the disclosed information may be used

7. Accuracy of Information: Warranties regarding the accuracy and completeness of disclosed information

8. Return or Destruction of Information: Requirements for handling disclosed information after the purpose is fulfilled

9. Term and Survival: Duration of the agreement and which provisions survive termination

10. Breach and Remedies: Consequences of breaching the agreement and available remedies

11. General Provisions: Standard legal provisions including governing law, notices, and amendments

Optional Sections

1. Third Party Disclosure: Include when the buyer needs to share information with specific third parties like advisors or consultants

2. Intellectual Property Rights: Include when disclosed information contains patents, trademarks, or other IP

3. Securities Trading Restrictions: Include when disclosed information could affect securities trading

4. Data Privacy Compliance: Include when personal information is part of the disclosed information

5. International Transfer Provisions: Include when information will be transferred across international borders

6. Costs and Expenses: Include when there are specific cost arrangements for the disclosure process

Suggested Schedules

1. Schedule 1 - Disclosed Information: Detailed list or categories of information being disclosed

2. Schedule 2 - Authorized Recipients: List of individuals or entities authorized to receive the disclosed information

3. Schedule 3 - Security Measures: Required security protocols for handling the disclosed information

4. Appendix A - Disclosure Format: Specified format or template for how information should be disclosed

5. Appendix B - Return/Destruction Certificate: Template certificate confirming return or destruction of disclosed information

6. Appendix C - Non-Disclosure Undertaking: Template undertaking for individual recipients of disclosed information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Manufacturing

Technology

Financial Services

Professional Services

Healthcare

Retail

Mining and Resources

Construction

Telecommunications

Relevant Teams

Legal

Compliance

Corporate Development

Mergers & Acquisitions

Risk Management

Executive Leadership

Finance

Business Development

Information Security

Corporate Governance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

General Counsel

Commercial Director

Business Development Manager

Compliance Officer

Risk Manager

Mergers & Acquisitions Director

Investment Manager

Due Diligence Manager

Corporate Secretary

Privacy Officer

Industries
Competition and Consumer Act 2010 (Cth): Federal legislation that provides a comprehensive framework for consumer protection and fair trading in Australia, including provisions about misleading or deceptive conduct
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act): Contains specific provisions about consumer rights, guarantees, and unfair contract terms that must be considered in disclosure agreements
Privacy Act 1988 (Cth): Regulates the handling of personal information and sets out privacy principles that must be followed when collecting and managing personal data in commercial transactions
Electronic Transactions Act 1999 (Cth): Provides the legal framework for electronic transactions and digital signatures, relevant for electronic disclosure agreements
State-specific Fair Trading Acts: Each Australian state has its own fair trading legislation that supplements federal laws and may contain additional disclosure requirements
Corporations Act 2001 (Cth): Relevant when either party is a corporation, containing provisions about corporate disclosure obligations and business conduct
Contract Law (Common Law): Although not legislation per se, common law principles governing contract formation, terms, and enforcement must be considered
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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