{"id":61433,"date":"2023-12-08T20:25:33","date_gmt":"2023-12-08T11:25:33","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61433"},"modified":"2024-03-25T19:15:21","modified_gmt":"2024-03-25T10:15:21","slug":"representations-and-warranties-of-investment-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract","title":{"rendered":"Co je klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v investi\u010dn\u00ed smlouv\u011b"},"content":{"rendered":"\n<p>V investi\u010dn\u00edch smlouv\u00e1ch m\u016f\u017ee b\u00fdt stanovena klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch (Representations and Warranties). V oblasti podnikov\u00e9ho pr\u00e1va, zejm\u00e9na v p\u0159\u00edpad\u011b M&amp;A, se m\u016f\u017ee st\u00e1t, \u017ee klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch je stanovena nap\u0159\u00edklad v smlouv\u011b o p\u0159evodu podniku nebo v smlouv\u011b o p\u0159evodu akci\u00ed. Tak\u00e9 v kontextu smlouvy o p\u0159evodu autorsk\u00fdch pr\u00e1v nebo licen\u010dn\u00ed smlouvy m\u016f\u017ee b\u00fdt klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch probl\u00e9mem. I kdy\u017e klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch m\u016f\u017ee b\u00fdt probl\u00e9mem v r\u016fzn\u00fdch smluvn\u00edch vztaz\u00edch, zd\u00e1 se, \u017ee ne v\u017edy je pln\u011b pochopeno, co tato klauzule je a jak\u00fd m\u00e1 pr\u00e1vn\u00ed v\u00fdznam. V tomto \u010dl\u00e1nku proto vysv\u011btl\u00edme klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch obecn\u011b a vysv\u011btl\u00edme je v kontextu investi\u010dn\u00edch smluv.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Co_je_klauzule_o_prohlaseni_a_zaruce\" title=\"Co je klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce\">Co je klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Vyznam_dolozky_o_prohlaseni_a_zaruce\" title=\"V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce\">V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Vyznam_dolozky_o_prohlaseni_a_zaruce_v_anglo-americkem_pravu\" title=\"V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v anglo-americk\u00e9m pr\u00e1vu\">V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v anglo-americk\u00e9m pr\u00e1vu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Vyznam_dolozky_o_prohlaseni_a_zaruce_v_japonskem_pravu\" title=\"V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v japonsk\u00e9m pr\u00e1vu\">V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v japonsk\u00e9m pr\u00e1vu<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Funkce_dolozky_o_prohlaseni_a_zaruce\" title=\"Funkce dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce\">Funkce dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Zarucni_dolozky_v_investicnich_smlouvach\" title=\"Z\u00e1ru\u010dn\u00ed dolo\u017eky v investi\u010dn\u00edch smlouv\u00e1ch\">Z\u00e1ru\u010dn\u00ed dolo\u017eky v investi\u010dn\u00edch smlouv\u00e1ch<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Obsah_zarucnich_dolozek_v_investicnich_smlouvach\" title=\"Obsah z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch\">Obsah z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Funkce_zarucnich_dolozek_v_investicnich_smlouvach\" title=\"Funkce z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch\">Funkce z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Doplnkova_funkce_due_diligence_DD\" title=\"Dopl\u0148kov\u00e1 funkce due diligence (DD)\">Dopl\u0148kov\u00e1 funkce due diligence (DD)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Funkce_aktivace_sankci_za_poruseni_zarucnich_dolozek\" title=\"Funkce aktivace sankc\u00ed za poru\u0161en\u00ed z\u00e1ru\u010dn\u00edch dolo\u017eek\">Funkce aktivace sankc\u00ed za poru\u0161en\u00ed z\u00e1ru\u010dn\u00edch dolo\u017eek<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Priklady_klauzuli_o_prohlaseni_a_zarukach_v_investicnich_smlouvach\" title=\"P\u0159\u00edklady klauzul\u00ed o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00edch smlouv\u00e1ch\">P\u0159\u00edklady klauzul\u00ed o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00edch smlouv\u00e1ch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/representations-and-warranties-of-investment-contract\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_klauzule_o_prohlaseni_a_zaruce\"><\/span>Co je klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/09\/shutterstock_525950377-1024x644.jpg\" alt=\"\" class=\"wp-image-5017\" \/><figcaption class=\"wp-element-caption\"> Jak\u00fd je v\u00fdznam klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce a jak je definov\u00e1na v anglo-americk\u00e9m a japonsk\u00e9m pr\u00e1vu?<br><\/figcaption><\/figure>\n\n\n\n<p>Klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce je ustanoven\u00ed, ve kter\u00e9m jedna strana smlouvy prohla\u0161uje a zaru\u010duje ur\u010dit\u00e9 skute\u010dnosti t\u00fdkaj\u00edc\u00ed se smluvn\u00ed strany, obsahu smlouvy, skute\u010dnost\u00ed souvisej\u00edc\u00edch se smlouvou nebo skute\u010dnost\u00ed t\u00fdkaj\u00edc\u00edch se podnikatelsk\u00e9 \u010dinnosti v ur\u010dit\u00e9m okam\u017eiku, nap\u0159\u00edklad p\u0159i uzav\u0159en\u00ed smlouvy. Klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce m\u00e1 sv\u016fj p\u016fvod v anglo-americk\u00e9m pr\u00e1vu a je tak\u00e9 n\u011bkdy ozna\u010dov\u00e1na jako Representations and Warranties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyznam_dolozky_o_prohlaseni_a_zaruce\"><\/span>V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jak bylo uvedeno v\u00fd\u0161e, dolo\u017eka o prohl\u00e1\u0161en\u00ed a z\u00e1ruce poch\u00e1z\u00ed z anglo-americk\u00e9ho pr\u00e1va. Nejprve vysv\u011btl\u00edme v\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v anglo-americk\u00e9m pr\u00e1vu a pot\u00e9 v\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v japonsk\u00e9m pr\u00e1vu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyznam_dolozky_o_prohlaseni_a_zaruce_v_anglo-americkem_pravu\"><\/span>V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v anglo-americk\u00e9m pr\u00e1vu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Za\u010d\u00e1tek dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v anglo-americk\u00e9m pr\u00e1vu je obecn\u011b pova\u017eov\u00e1n za teorii t\u00fdkaj\u00edc\u00ed se &#8220;nepravdiv\u00e9ho prohl\u00e1\u0161en\u00ed&#8221; (misrepresentation), co\u017e je fale\u0161n\u00e9 prohl\u00e1\u0161en\u00ed, kter\u00e9 m\u016f\u017ee v\u00e9st k omylu druh\u00e9 strany smlouvy. Nepravdiv\u00e9 prohl\u00e1\u0161en\u00ed m\u016f\u017ee b\u00fdt u\u010din\u011bno i o faktech, kter\u00e9 nemaj\u00ed p\u0159\u00edm\u00fd vztah k obsahu smlouvy (nap\u0159\u00edklad fakta t\u00fdkaj\u00edc\u00ed se podn\u011btu k smlouv\u011b), tak\u017ee ne v\u017edy mus\u00ed b\u00fdt nepravdiv\u00e9 prohl\u00e1\u0161en\u00ed u\u010din\u011bno o obsahu smlouvy. Proto byla teorie nepravdiv\u00e9ho prohl\u00e1\u0161en\u00ed vyvinuta pro pot\u0159ebu n\u00e1pravy v p\u0159\u00edpad\u011b deliktu, nikoli pro poru\u0161en\u00ed smluvn\u00edch povinnost\u00ed, a byla pova\u017eov\u00e1na za druh podvodu nebo omylu. C\u00edlem bylo chr\u00e1nit druhou stranu, bez ohledu na \u00famysl nebo nedbalost osoby, kter\u00e1 u\u010dinila nepravdiv\u00e9 prohl\u00e1\u0161en\u00ed. V tomto kontextu se v praxi vyvinula teorie, kter\u00e1 zahrnuje nepravdiv\u00e9 prohl\u00e1\u0161en\u00ed do smluvn\u00edch ujedn\u00e1n\u00ed a ukl\u00e1d\u00e1 z\u00e1ru\u010dn\u00ed odpov\u011bdnost (warranty) stran\u011b, kter\u00e1 u\u010dinila nepravdiv\u00e9 prohl\u00e1\u0161en\u00ed. Tato teorie se pak vyvinula do dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyznam_dolozky_o_prohlaseni_a_zaruce_v_japonskem_pravu\"><\/span>V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v japonsk\u00e9m pr\u00e1vu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Jak bylo uvedeno v\u00fd\u0161e, teorie anglo-americk\u00e9ho pr\u00e1va byla p\u0159ijata i v japonsk\u00e9 smluvn\u00ed praxi a dolo\u017eka o prohl\u00e1\u0161en\u00ed a z\u00e1ruce se \u010dasto objevuje v p\u0159\u00edpadech M&amp;A, finan\u010dn\u00edch transakc\u00edch a investi\u010dn\u00edch smlouv\u00e1ch. V\u00fdznam dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce v japonsk\u00e9m pr\u00e1vu lze z\u00e1kladn\u011b ch\u00e1pat stejn\u011b jako v anglo-americk\u00e9m pr\u00e1vu. Jin\u00fdmi slovy, jedna ze stran ur\u010dit\u00e9 smlouvy prohla\u0161uje a zaru\u010duje druh\u00e9 stran\u011b pravdivost a p\u0159esnost p\u0159edpokl\u00e1dan\u00fdch skute\u010dnost\u00ed souvisej\u00edc\u00edch s danou smlouvou k ur\u010dit\u00e9mu \u010dasov\u00e9mu bodu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Funkce_dolozky_o_prohlaseni_a_zaruce\"><\/span>Funkce dolo\u017eky o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>I kdy\u017e je v smlouv\u011b stanovena dolo\u017eka o prohl\u00e1\u0161en\u00ed a z\u00e1ruce, pokud se prok\u00e1\u017ee, \u017ee do\u0161lo k poru\u0161en\u00ed tohoto prohl\u00e1\u0161en\u00ed a z\u00e1ruky, strana, kter\u00e1 poru\u0161en\u00ed sp\u00e1chala, je povinna nahradit \u0161kodu stran\u011b, kter\u00e1 utrp\u011bla \u0161kodu, bez ohledu na \u00famysl nebo nedbalost pachatele poru\u0161en\u00ed.<\/p>\n\n\n\n<p>D\u00e1le, pokud dojde k poru\u0161en\u00ed prohl\u00e1\u0161en\u00ed a z\u00e1ruky, mohou b\u00fdt uzn\u00e1ny n\u00e1sleduj\u00edc\u00ed tresty:<\/p>\n\n\n\n<ul>\n<li> M\u016f\u017ee b\u00fdt d\u016fvodem pro zru\u0161en\u00ed smlouvy <\/li>\n\n\n\n<li>Na z\u00e1klad\u011b skute\u010dnosti, \u017ee p\u0159edpoklady jsou odli\u0161n\u00e9, m\u016f\u017ee b\u00fdt stran\u011b odm\u00edtnuto pln\u011bn\u00ed smluvn\u00edch povinnost\u00ed<\/li>\n\n\n\n<li>V p\u0159\u00edpad\u011b smlouvy o p\u0159evodu akci\u00ed m\u016f\u017ee b\u00fdt d\u016fvodem pro \u00fapravu ceny p\u0159evodu akci\u00ed<\/li>\n\n\n\n<li>V p\u0159\u00edpad\u011b smlouvy o p\u016fj\u010dce pen\u011bz m\u016f\u017ee b\u00fdt d\u016fvodem pro ztr\u00e1tu v\u00fdhody z lh\u016fty<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/virtual-youtuber-ma\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/virtual-youtuber-ma[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zarucni_dolozky_v_investicnich_smlouvach\"><\/span>Z\u00e1ru\u010dn\u00ed dolo\u017eky v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili z\u00e1ru\u010dn\u00ed dolo\u017eky, ale v p\u0159\u00edpad\u011b investi\u010dn\u00edch smluv je t\u0159eba stanovit z\u00e1ru\u010dn\u00ed dolo\u017eky v souladu s povahou smlouvy o investi\u010dn\u00ed smlouv\u011b. N\u00ed\u017ee vysv\u011btl\u00edme z\u00e1ru\u010dn\u00ed dolo\u017eky v investi\u010dn\u00edch smlouv\u00e1ch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Obsah_zarucnich_dolozek_v_investicnich_smlouvach\"><\/span>Obsah z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Obsah z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch zahrnuje z\u00e1ruky t\u00fdkaj\u00edc\u00ed se p\u0159edpoklad\u016f, kter\u00e9 jsou pro investora nezbytn\u00e9 p\u0159i investov\u00e1n\u00ed.<\/p>\n\n\n\n<p>Konkr\u00e9tn\u011b, spole\u010dnosti budou poskytovat n\u00e1sleduj\u00edc\u00ed z\u00e1ruky:<\/p>\n\n\n\n<ul>\n<li>Finan\u010dn\u00ed v\u00fdkazy, kter\u00e9 spole\u010dnost poskytla investorovi, byly vytvo\u0159eny v souladu s p\u0159\u00edslu\u0161n\u00fdmi \u00fa\u010detn\u00edmi standardy<\/li>\n\n\n\n<li>Spole\u010dnost nem\u00e1 \u017e\u00e1dn\u00e9 skryt\u00e9 dluhy, kter\u00e9 nejsou uvedeny ve finan\u010dn\u00edch v\u00fdkazech, a nen\u00ed proti n\u00ed pod\u00e1na \u017e\u00e1dn\u00e1 \u017ealoba<\/li>\n\n\n\n<li>Procesy t\u00fdkaj\u00edc\u00ed se vyd\u00e1n\u00ed akci\u00ed ve spole\u010dnosti byly provedeny z\u00e1konn\u011b a \u00fa\u010dinn\u011b<\/li>\n\n\n\n<li>Informace uveden\u00e9 v dokumentech souvisej\u00edc\u00edch s provozem, financemi a person\u00e1ln\u00edmi z\u00e1le\u017eitostmi spole\u010dnosti, kter\u00e9 spole\u010dnost poskytla investorovi, jako jsou stanovy, seznam akcion\u00e1\u0159\u016f, obchodn\u00ed pl\u00e1ny a v\u00fdpisy z obchodn\u00edho rejst\u0159\u00edku, p\u0159esn\u011b odr\u00e1\u017eej\u00ed nejnov\u011bj\u0161\u00ed informace a jsou v d\u016fle\u017eit\u00fdch bodech p\u0159im\u011b\u0159en\u00e9 a dostate\u010dn\u00e9<\/li>\n\n\n\n<li>Krom\u011b skute\u010dnost\u00ed, kter\u00e9 spole\u010dnost sd\u011blila investorovi, neexistuj\u00ed \u017e\u00e1dn\u00e9 skute\u010dnosti, kter\u00e9 by mohly m\u00edt na investora v\u00fdznamn\u00fd dopad, a nen\u00ed pravd\u011bpodobn\u00e9, \u017ee by takov\u00e9 skute\u010dnosti v budoucnu vznikly<\/li>\n\n\n\n<li>Spole\u010dnost nem\u00e1 \u017e\u00e1dn\u00e9 skute\u010dn\u00e9 vztahy s antisoci\u00e1ln\u00edmi silami atd.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Funkce_zarucnich_dolozek_v_investicnich_smlouvach\"><\/span>Funkce z\u00e1ru\u010dn\u00edch dolo\u017eek v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Z\u00e1ru\u010dn\u00ed dolo\u017eky v investi\u010dn\u00edch smlouv\u00e1ch maj\u00ed n\u00e1sleduj\u00edc\u00ed funkce:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Doplnkova_funkce_due_diligence_DD\"><\/span>Dopl\u0148kov\u00e1 funkce due diligence (DD)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Investo\u0159i, zejm\u00e9na pokud jde o venture kapit\u00e1l (VC), obvykle prov\u00e1d\u011bj\u00ed DD na c\u00edlov\u00e9 spole\u010dnosti. Av\u0161ak rozsah, kter\u00fd lze v DD prozkoumat, m\u00e1 sv\u00e9 limity a existuj\u00ed tak\u00e9 ot\u00e1zky \u010dasu a n\u00e1klad\u016f. Proto se m\u016f\u017ee p\u0159edpokl\u00e1dat, \u017ee spole\u010dnost poskytne z\u00e1ruky pro ot\u00e1zky, kter\u00e9 investor nebyl schopen prozkoumat v DD.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Due diligence (d\u016fkladn\u00e9 prov\u011b\u0159en\u00ed)<\/p>\n\n\n\n<p>Jedn\u00e1 se o s\u00e9rii podrobn\u00fdch vy\u0161et\u0159en\u00ed prov\u00e1d\u011bn\u00fdch p\u0159edem investorem p\u0159i investov\u00e1n\u00ed nebo finan\u010dn\u00ed instituc\u00ed p\u0159i prov\u00e1d\u011bn\u00ed p\u0159evzet\u00ed s c\u00edlem spr\u00e1vn\u011b hodnotit hodnotu investi\u010dn\u00edho c\u00edle atd. \u010casto se prov\u00e1d\u00ed v p\u0159\u00edpadech akvizic spole\u010dnost\u00ed nebo restrukturalizace. D\u00edky proveden\u00ed due diligence m\u016f\u017ee investor p\u0159edem pochopit situaci investi\u010dn\u00edho c\u00edle a nap\u0159\u00edklad v p\u0159\u00edpad\u011b akvizice spole\u010dnosti se mohou na z\u00e1klad\u011b zji\u0161t\u011bn\u00fdch skute\u010dnost\u00ed prov\u00e1d\u011bt jedn\u00e1n\u00ed o n\u00e1kupn\u00ed cen\u011b a podm\u00ednk\u00e1ch akvizice.<\/p>\n<cite>Takahashi Kazuyuki et al., &#8220;Small Dictionary of Law&#8221;, page 963 (Yuhikaku, 5th edition, 2016)<\/cite><\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Funkce_aktivace_sankci_za_poruseni_zarucnich_dolozek\"><\/span>Funkce aktivace sankc\u00ed za poru\u0161en\u00ed z\u00e1ru\u010dn\u00edch dolo\u017eek<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Toto je v podstat\u011b stejn\u00e1 funkce jako v\u00fd\u0161e uveden\u00e1 funkce z\u00e1ru\u010dn\u00edch dolo\u017eek. Av\u0161ak pokud jde o pr\u00e1vn\u00ed povahu poru\u0161en\u00ed z\u00e1ruky, existuje n\u00e1zor, \u017ee z\u00e1ruka jako takov\u00e1 nen\u00ed z\u00e1vazkem spole\u010dnosti v r\u00e1mci smlouvy, a proto se nejedn\u00e1 o ot\u00e1zku nespln\u011bn\u00ed z\u00e1vazku.<\/p>\n\n\n\n<p>Proto je t\u0159eba v p\u0159\u00edpad\u011b poru\u0161en\u00ed z\u00e1ru\u010dn\u00ed dolo\u017eky konkr\u00e9tn\u011b uv\u00e9st v investi\u010dn\u00ed smlouv\u011b, jakou sankci bude poru\u0161itel n\u00e9st.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklady_klauzuli_o_prohlaseni_a_zarukach_v_investicnich_smlouvach\"><\/span>P\u0159\u00edklady klauzul\u00ed o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00edch smlouv\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/09\/shutterstock_1410001031-1024x559.jpg\" alt=\"\" class=\"wp-image-5018\" \/><figcaption class=\"wp-element-caption\">P\u0159ed uzav\u0159en\u00edm investi\u010dn\u00ed smlouvy je t\u0159eba pe\u010dliv\u011b ov\u011b\u0159it obsah prohl\u00e1\u0161en\u00ed a z\u00e1ruk.<\/figcaption><\/figure>\n\n\n\n<p>Jako p\u0159\u00edklady klauzul\u00ed o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00edch smlouv\u00e1ch lze uv\u00e9st n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek 5 (Prohl\u00e1\u0161en\u00ed a z\u00e1ruky)<br> Emitent a v\u00fdkonn\u00fd akcion\u00e1\u0159 spole\u010dn\u011b prohla\u0161uj\u00ed a zaru\u010duj\u00ed investorovi, \u017ee n\u00e1sleduj\u00edc\u00ed skute\u010dnosti jsou pravdiv\u00e9:<br> (1) Emitent byl \u0159\u00e1dn\u011b zalo\u017een a st\u00e1le platn\u011b existuje.<br> (2) Emitent m\u00e1 pot\u0159ebn\u00e9 schopnosti a pravomoci pro uzav\u0159en\u00ed t\u00e9to smlouvy a pln\u011bn\u00ed sv\u00fdch z\u00e1vazk\u016f, a pro vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b t\u00e9to smlouvy, dokon\u010dil v\u0161echny pot\u0159ebn\u00e9 intern\u00ed postupy, a uzav\u0159en\u00ed t\u00e9to smlouvy a pln\u011bn\u00ed z\u00e1vazk\u016f a vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b t\u00e9to smlouvy neporu\u0161uje \u017e\u00e1dn\u00e9 z\u00e1kony, na\u0159\u00edzen\u00ed, pravidla, sm\u011brnice, stanovy emitenta nebo jak\u00e9koliv jin\u00e9 p\u0159edpisy nebo smlouvy, ve kter\u00fdch je s\u00e1m stranou, a pokud je pro uzav\u0159en\u00ed t\u00e9to smlouvy a pln\u011bn\u00ed z\u00e1vazk\u016f a vyd\u00e1n\u00ed akci\u00ed na z\u00e1klad\u011b t\u00e9to smlouvy pot\u0159eba jak\u00e9koliv povolen\u00ed, ozn\u00e1men\u00ed atd., takov\u00e9 postupy byly dokon\u010deny.<br> (3) Provozov\u00e1n\u00ed podnik\u00e1n\u00ed emitentem je prov\u00e1d\u011bno z\u00e1konn\u011b a \u0159\u00e1dn\u011b, a pokud je pro provozov\u00e1n\u00ed podnik\u00e1n\u00ed pot\u0159eba jak\u00e9koliv licence, povolen\u00ed a schv\u00e1len\u00ed, registrace a ozn\u00e1men\u00ed, byly \u0159\u00e1dn\u011b provedeny.<br> (4) Obsah akci\u00ed [a pr\u00e1v na p\u0159edkup nov\u00fdch akci\u00ed], kter\u00e9 emitent vyd\u00e1v\u00e1, je v souladu s materi\u00e1ly, kter\u00e9 emitent p\u0159edlo\u017eil investorovi.<br> (5) V sou\u010dasn\u00e9 dob\u011b nejsou proti emitentovi vedeny \u017e\u00e1dn\u00e9 pr\u00e1vn\u00ed postupy, pracovn\u00ed spory nebo jin\u00e9 postupy na \u00farovni spr\u00e1vy nebo dan\u00ed, a nen\u00ed ani obava, \u017ee by takov\u00e9 mohly nastat.<br> (6) Pl\u00e1ny podnik\u00e1n\u00ed emitenta, finan\u010dn\u00ed v\u00fdkazy, situace akcion\u00e1\u0159\u016f v\u010detn\u011b potenci\u00e1ln\u00edch akci\u00ed, a dal\u0161\u00ed informace souvisej\u00edc\u00ed s provozov\u00e1n\u00edm podnik\u00e1n\u00ed, financemi, person\u00e1lem atd. emitenta, kter\u00e9 emitent p\u0159edlo\u017eil investorovi, jsou pravdiv\u00e9 a p\u0159esn\u00e9.<br> (7) Emitent v minulosti a v sou\u010dasnosti \u0159\u00e1dn\u011b vytvo\u0159il a podal da\u0148ov\u00e9 p\u0159izn\u00e1n\u00ed, a neexistuje \u017e\u00e1dn\u00e1 skute\u010dnost nezaplacen\u00ed nebo prodlen\u00ed s placen\u00edm dan\u00ed, kter\u00e9 by m\u011bl zaplatit.<br> (8) \u017d\u00e1dn\u00fd z p\u0159\u00edslu\u0161n\u00edk\u016f emitenta (definovan\u00fdch v \u010dl\u00e1nku 112 odst. 4 spole\u010densk\u00fdch \u00fa\u010detn\u00edch pravidel) nebo akcion\u00e1\u0159\u016f nen\u00ed takzvanou antisoci\u00e1ln\u00ed silou nebo n\u011b\u010d\u00edm podobn\u00fdm (d\u00e1le jen &#8220;antisoci\u00e1ln\u00ed s\u00edly atd.&#8221;), neposkytuje antisoci\u00e1ln\u00edm sil\u00e1m atd. finan\u010dn\u00ed prost\u0159edky nebo se nepod\u00edl\u00ed na jejich udr\u017eov\u00e1n\u00ed nebo provozov\u00e1n\u00ed prost\u0159ednictv\u00edm podobn\u00fdch \u010dinnost\u00ed, a nem\u00e1 s antisoci\u00e1ln\u00edmi silami atd. \u017e\u00e1dn\u00e9 styky.<\/p>\n<cite>General Incorporated Association Computer Software Association, &#8220;Investment Contract Seed Round (No Competition Obligation)&#8221;, https:\/\/www.csaj.jp\/documents\/activity\/project\/startup\/Contractsample_3-1.pdf, (6.9.2019)<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch v investi\u010dn\u00edch smlouv\u00e1ch. P\u0159edpoklady pro investov\u00e1n\u00ed jsou pro podniky d\u016fle\u017eit\u00e9 z hlediska p\u0159ij\u00edm\u00e1n\u00ed investic a pro investory z hlediska prov\u00e1d\u011bn\u00ed investic, tak\u017ee p\u0159i uzav\u00edr\u00e1n\u00ed investi\u010dn\u00ed smlouvy je t\u0159eba pe\u010dliv\u011b zv\u00e1\u017eit obsah prohl\u00e1\u0161en\u00ed a z\u00e1ruk. Nav\u00edc obsah prohl\u00e1\u0161en\u00ed a z\u00e1ruk v investi\u010dn\u00edch smlouv\u00e1ch se li\u0161\u00ed v z\u00e1vislosti na informac\u00edch, kter\u00e9 ji\u017e podnik zve\u0159ejnil, na obsahu DD proveden\u00e9ho investorem, na obsahu investi\u010dn\u00ed smlouvy atd., a obsah prohl\u00e1\u0161en\u00ed a z\u00e1ruk nen\u00ed stanoven standardn\u011b, tak\u017ee se ujist\u011bte, \u017ee nech\u00e1te smlouvu vytvo\u0159it odborn\u00edkem, tedy pr\u00e1vn\u00edkem, nebo podstoup\u00edte pr\u00e1vn\u00ed kontrolu pr\u00e1vn\u00edkem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>V investi\u010dn\u00edch smlouv\u00e1ch m\u016f\u017ee b\u00fdt stanovena klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruk\u00e1ch (Representations and Warranties). V oblasti podnikov\u00e9ho pr\u00e1va, zejm\u00e9na v p\u0159\u00edpad\u011b M&amp;A, se m\u016f\u017ee st\u00e1t, \u017ee klauzule o prohl [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61433"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61433"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61433\/revisions"}],"predecessor-version":[{"id":63136,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61433\/revisions\/63136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63135"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}