Either it is a 2 year NDA or it is not. If you want us to re-sign the NDA after 1 year, say so. Otherwise it is frankly misleading and a lie.
Either it is a 2 year NDA or it is not. If you want us to re-sign the NDA after 1 year, say so. Otherwise it is frankly misleading and a lie.
The reason we ask for a 2 year NDA is that this is the generally accepted length of time that NDAs are enforceable in all 50 US states. We do ask buyers/investors to re-sign after 1 year so that our sellers are comfortable that there is at least 1 year remaining on all NDAs at the point of us listing a business.
That being said, on some listings sellers request that new 2 year NDAs are signed with all buyers/investors irrespective of how long is left to run on a pre-signed document. This is usually limited to 7 and 8-figure listings.
Sellers and buyers/investors both generally appreciate our strict approach. Making sure that we are operating diligent process when it comes to NDAs and sharing information is important for sellers as well as a new owner of the business.
Happy to jump on a call to discuss further if you would like: https://calendly.com/thomassmale.