{"id":61486,"date":"2023-12-08T20:25:34","date_gmt":"2023-12-08T11:25:34","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61486"},"modified":"2024-03-28T11:42:23","modified_gmt":"2024-03-28T02:42:23","slug":"ma-lawyer-basic-agreement","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement","title":{"rendered":"Pr\u00e1vn\u00ed \u00fa\u010dinky z\u00e1kladn\u00ed dohody v M&amp;A smlouv\u00e1ch"},"content":{"rendered":"\n<p>Smlouvy t\u00fdkaj\u00edc\u00ed se M&amp;A transakc\u00ed se li\u0161\u00ed podle f\u00e1ze jedn\u00e1n\u00ed mezi kupuj\u00edc\u00edm a prod\u00e1vaj\u00edc\u00edm.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku vysv\u011btl\u00edme z\u00e1kladn\u00ed dohodu, kterou \u010dasto uzav\u00edraj\u00ed spole\u010dnosti kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed, kter\u00e9 zva\u017euj\u00ed M&amp;A transakce, v r\u00e1mci f\u00e1ze jedn\u00e1n\u00ed.<\/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\/ma-lawyer-basic-agreement\/#Co_je_zakladni_dohoda\" title=\"Co je z\u00e1kladn\u00ed dohoda\">Co je z\u00e1kladn\u00ed dohoda<\/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\/ma-lawyer-basic-agreement\/#Klauzule_zakladni_dohody\" title=\"Klauzule z\u00e1kladn\u00ed dohody\">Klauzule z\u00e1kladn\u00ed dohody<\/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\/ma-lawyer-basic-agreement\/#Obsah_transakce\" title=\"Obsah transakce\">Obsah transakce<\/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\/ma-lawyer-basic-agreement\/#Platnost\" title=\"Platnost\">Platnost<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement\/#Exkluzivni_pravo_na_jednani\" title=\"Exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed\">Exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement\/#Prohlaseni_a_zaruka\" title=\"Prohl\u00e1\u0161en\u00ed a z\u00e1ruka\">Prohl\u00e1\u0161en\u00ed a z\u00e1ruka<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement\/#Spoluprace_na_DD\" title=\"Spolupr\u00e1ce na DD\">Spolupr\u00e1ce na DD<\/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\/ma-lawyer-basic-agreement\/#Povinnost_radneho_vedeni\" title=\"Povinnost \u0159\u00e1dn\u00e9ho veden\u00ed\">Povinnost \u0159\u00e1dn\u00e9ho veden\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement\/#Pravni_zavaznost\" title=\"Pr\u00e1vn\u00ed z\u00e1vaznost\">Pr\u00e1vn\u00ed z\u00e1vaznost<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-lawyer-basic-agreement\/#Dochovani_tajnosti\" title=\"Dochov\u00e1n\u00ed tajnosti\">Dochov\u00e1n\u00ed tajnosti<\/a><\/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\/ma-lawyer-basic-agreement\/#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_zakladni_dohoda\"><\/span>Co je z\u00e1kladn\u00ed dohoda<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Z\u00e1kladn\u00ed dohoda je tak\u00e9 zn\u00e1m\u00e1 jako memorandum, Letter of Intent (LOI) nebo Memorandum of Understanding (MOU).<\/p>\n\n\n\n<p>Typy M&amp;A transakc\u00ed a pot\u0159ebn\u00e9 smlouvy se li\u0161\u00ed v z\u00e1vislosti na konkr\u00e9tn\u00edm p\u0159\u00edpadu, a t\u00edm se m\u011bn\u00ed i obsah z\u00e1kladn\u00ed dohody. Hlavn\u00ed kategorie zahrnuj\u00ed akvizici akci\u00ed, p\u0159evod podnik\u00e1n\u00ed a reorganizaci spole\u010dnosti. Akvizice akci\u00ed m\u016f\u017ee prob\u00edhat prost\u0159ednictv\u00edm p\u0159\u00edm\u00e9ho p\u0159evodu akci\u00ed, ve\u0159ejn\u00e9 nab\u00eddky k odkupu akci\u00ed nebo p\u0159id\u011blen\u00ed t\u0159et\u00ed stran\u011b. Reorganizace spole\u010dnosti m\u016f\u017ee zahrnovat f\u00fazi, v\u00fdm\u011bnu akci\u00ed, p\u0159evod akci\u00ed nebo rozd\u011blen\u00ed spole\u010dnosti. Krom\u011b toho existuj\u00ed metody kombinuj\u00edc\u00ed rozd\u011blen\u00ed spole\u010dnosti a p\u0159evod akci\u00ed, stejn\u011b jako ve\u0159ejnou nab\u00eddku k odkupu akci\u00ed a v\u00fdm\u011bnu akci\u00ed.<\/p>\n\n\n\n<p>Takto jsou M&amp;A transakce velmi rozmanit\u00e9 a obsah z\u00e1kladn\u00ed dohody, kter\u00e1 slou\u017e\u00ed jako most k fin\u00e1ln\u00ed smlouv\u011b, se m\u011bn\u00ed v z\u00e1vislosti na sch\u00e9matu.<\/p>\n\n\n\n<p>V\u00fdznam z\u00e1kladn\u00ed dohody spo\u010d\u00edv\u00e1 v povzbuzen\u00ed smluvn\u00edch stran k jedn\u00e1n\u00ed sm\u011b\u0159uj\u00edc\u00edm k uzav\u0159en\u00ed fin\u00e1ln\u00ed smlouvy, formov\u00e1n\u00ed dohody o kl\u00ed\u010dov\u00fdch bodech, zjasn\u011bn\u00ed obsahu transakce a poskytnut\u00ed exkluzivn\u00edho pr\u00e1va na jedn\u00e1n\u00ed.<\/p>\n\n\n\n<p>Obecn\u011b plat\u00ed, \u017ee se jedn\u00e1 o dohodu o z\u00e1le\u017eitostech, na kter\u00fdch bylo do\u010dasn\u011b dosa\u017eeno dohody v f\u00e1zi p\u0159ed proveden\u00edm d\u016fkladn\u00e9 kontroly a auditu c\u00edlov\u00e9 spole\u010dnosti, tzv. due diligence (v tomto \u010dl\u00e1nku se hlavn\u011b ozna\u010duje jako &#8220;DD&#8221;). Proto je vytvo\u0159ena s p\u0159edpokladem zm\u011bny obsahu. Proto je obecn\u00e9, \u017ee v\u011bt\u0161ina klauzul\u00ed nem\u00e1 pr\u00e1vn\u00ed z\u00e1vaznost, s v\u00fdjimkou n\u011bkter\u00fdch klauzul\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klauzule_zakladni_dohody\"><\/span>Klauzule z\u00e1kladn\u00ed dohody<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\/2020\/08\/ma-lawyer-basic-agreement2.jpg\" alt=\"\" class=\"wp-image-16239\" \/><\/figure>\n\n\n\n<p>Hlavn\u00ed klauzule z\u00e1kladn\u00ed dohody obecn\u011b zahrnuj\u00ed obsah transakce, v\u00fdhradn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed, prohl\u00e1\u0161en\u00ed a z\u00e1ruky, spolupr\u00e1ci na DD atd. Vysv\u011btl\u00edme jednotliv\u00e9 klauzule s p\u0159edpokladem z\u00e1kladn\u00ed dohody pro p\u0159evod akci\u00ed v kone\u010dn\u00e9 smlouv\u011b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Obsah_transakce\"><\/span>Obsah transakce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 1 (Podm\u00ednky smlouvy)<br>1 Strana A a Strana B se dohodly na up\u0159\u00edmn\u00fdch jedn\u00e1n\u00edch o uzav\u0159en\u00ed smlouvy o p\u0159evodu akci\u00ed (d\u00e1le jen &#8220;kone\u010dn\u00e1 smlouva&#8221;), ve kter\u00e9 Strana A p\u0159evede na Stranu B v\u0161echny akcie c\u00edlov\u00e9 spole\u010dnosti (Strana C), kter\u00e9 vlastn\u00ed (d\u00e1le jen &#8220;akcie v p\u0159edm\u011btu&#8221;), a Strana B je p\u0159evezme od Strany A.<br>2 Celkov\u00e1 \u010d\u00e1stka za p\u0159evod akci\u00ed v p\u0159edm\u011btu je stanovena na XX jen\u016f. P\u0159esn\u00e1 celkov\u00e1 \u010d\u00e1stka za p\u0159evod akci\u00ed v p\u0159edm\u011btu bude stanovena p\u0159i uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy.<\/p>\n\n\n\n<p>Tento \u010dl\u00e1nek stanovuje c\u00edl transakce, obsah sch\u00e9matu (metody M&amp;A jako p\u0159evod akci\u00ed, f\u00faze, rozd\u011blen\u00ed spole\u010dnosti atd.), cenu transakce atd.<\/p>\n\n\n\n<p>Obsah stanoven\u00fd v z\u00e1kladn\u00ed dohod\u011b se li\u0161\u00ed podle f\u00e1ze jedn\u00e1n\u00ed, tak\u017ee m\u016f\u017ee p\u0159edpokl\u00e1dat zm\u011bny obsahu v d\u016fsledku jedn\u00e1n\u00ed po uzav\u0159en\u00ed, nebo m\u016f\u017ee b\u00fdt stanoven obsah bl\u00edzk\u00fd kone\u010dn\u00e9 dohod\u011b.<\/p>\n\n\n\n<p>Obzvl\u00e1\u0161t\u011b u n\u00e1kupn\u00ed ceny je \u010dasto stanovena bez pr\u00e1vn\u011b z\u00e1vazn\u00e9 dohody a kone\u010dn\u00e1 n\u00e1kupn\u00ed cena je stanovena tak, \u017ee p\u0159edem je stanoveno, \u017ee ofici\u00e1ln\u00ed cena bude stanovena p\u0159i uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy, nebo v ur\u010dit\u00fdch p\u0159\u00edpadech (nap\u0159\u00edklad pokud je po proveden\u00ed DD objevena nov\u00e1 z\u00e1va\u017en\u00e1 situace ovliv\u0148uj\u00edc\u00ed n\u00e1kupn\u00ed cenu) m\u016f\u017ee b\u00fdt stanovena mo\u017enost \u00fapravy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Platnost\"><\/span>Platnost<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 2 (Platnost)<br>Platnost t\u00e9to dohody je od data uzav\u0159en\u00ed t\u00e9to dohody do dne \u3007. roku Reiwa (\u3007.\u3007.\u3007 GJ). Av\u0161ak, pokud se strany dohodnou na prodlou\u017een\u00ed platnosti t\u00e9to dohody p\u00edsemnou formou, bude se \u0159\u00eddit t\u00edmto dohodnut\u00edm.<\/p>\n\n\n\n<p>Jedn\u00e1 se o dobu, po kterou je uzn\u00e1v\u00e1na platnost z\u00e1kladn\u00ed dohody. Obecn\u011b je tato doba \u010dasto stanovena na 3 a\u017e 6 m\u011bs\u00edc\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exkluzivni_pravo_na_jednani\"><\/span>Exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/08\/ma-lawyer-basic-agreement4.jpg\" alt=\"\" class=\"wp-image-16242\" \/><\/figure>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 3 (Exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed)<br>1 Od dne\u0161n\u00edho dne a\u017e do \u25cf roku \u25cf m\u011bs\u00edce \u25cf dne, strana A zaru\u010duje, \u017ee nepovede \u017e\u00e1dn\u00e1 jedn\u00e1n\u00ed, dohody nebo smlouvy t\u00fdkaj\u00edc\u00ed se transakc\u00ed podobn\u00fdch t\u00e9to transakci s t\u0159et\u00edmi stranami krom\u011b strany B.<br>2 Bez ohledu na ustanoven\u00ed p\u0159edchoz\u00edho odstavce, pokud strana A obdr\u017e\u00ed n\u00e1vrh na transakci podobnou t\u00e9to transakci od t\u0159et\u00ed strany a je rozumn\u011b posouzeno, \u017ee neodpov\u011bd\u011bt na tento n\u00e1vrh by mohlo v\u00e9st k poru\u0161en\u00ed povinnosti \u0159\u00e1dn\u00e9 p\u00e9\u010de \u0159editele strany A, strana A m\u016f\u017ee v\u00e9st jedn\u00e1n\u00ed s t\u0159et\u00ed stranou t\u00edm, \u017ee zaplat\u00ed stran\u011b B smluvn\u00ed pokutu ve v\u00fd\u0161i \u25cf\u25cf milion\u016f jen\u016f.<\/p>\n\n\n\n<p>V z\u00e1kladn\u00ed dohod\u011b m\u016f\u017ee prod\u00e1vaj\u00edc\u00ed spole\u010dnost ud\u011blit kupuj\u00edc\u00ed spole\u010dnosti exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed. Naopak, kupuj\u00edc\u00ed strana m\u016f\u017ee stanovit, \u017ee je mo\u017en\u00e9 poskytnout informace jin\u00fdm potenci\u00e1ln\u00edm kupc\u016fm, a obsah stanoven\u00fd v z\u00e1vislosti na vztahu sil mezi ob\u011bma stranami se li\u0161\u00ed.<\/p>\n\n\n\n<p>Z pohledu kupuj\u00edc\u00ed strany, budou n\u00e1sledovat DD, management interview atd., kter\u00e9 budou prov\u00e1d\u011bny koncentrovan\u011b po ur\u010ditou dobu, tak\u017ee budete muset investovat ur\u010dit\u00fd \u010das a pen\u00edze na prozkoum\u00e1n\u00ed prod\u00e1vaj\u00edc\u00ed spole\u010dnosti. Aby se co nejv\u00edce sn\u00ed\u017eilo riziko, \u017ee prod\u00e1vaj\u00edc\u00ed p\u0159ejde k jedn\u00e1n\u00ed s jin\u00fdmi potenci\u00e1ln\u00edmi kupci, \u010dasto se po\u017eaduje v\u00fdhodn\u00e9 exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed pro kupuj\u00edc\u00ed stranu.<\/p>\n\n\n\n<p>Na druhou stranu, z pohledu prod\u00e1vaj\u00edc\u00ed strany, \u010dasto doufaj\u00ed v jedn\u00e1n\u00ed s potenci\u00e1ln\u00edmi kupci, kte\u0159\u00ed nab\u00edzej\u00ed nejv\u00fdhodn\u011bj\u0161\u00ed podm\u00ednky, a jsou opatrn\u00ed p\u0159i ud\u011blov\u00e1n\u00ed exkluzivn\u00edho pr\u00e1va na jedn\u00e1n\u00ed. Proto i kdy\u017e je exkluzivn\u00ed pr\u00e1vo na jedn\u00e1n\u00ed stanoveno v z\u00e1kladn\u00ed dohod\u011b, m\u016f\u017ee b\u00fdt na \u017e\u00e1dost prod\u00e1vaj\u00edc\u00ed strany ud\u011bleno obdob\u00ed 3 a\u017e 6 m\u011bs\u00edc\u016f.<\/p>\n\n\n\n<p>D\u00e1le, jako klauzule v\u00fdhodn\u00e1 pro prod\u00e1vaj\u00edc\u00ed stranu, m\u016f\u017ee b\u00fdt stanovena v\u00fdjimka z exkluzivn\u00edho pr\u00e1va na jedn\u00e1n\u00ed, aby se zajistila p\u0159\u00edle\u017eitost pro prod\u00e1vaj\u00edc\u00ed stranu vybrat nejvhodn\u011bj\u0161\u00edho kupce a zabr\u00e1nilo se poru\u0161en\u00ed povinnosti \u0159\u00e1dn\u00e9 p\u00e9\u010de \u0159editele prod\u00e1vaj\u00edc\u00ed strany. Tato klauzule se tak\u00e9 naz\u00fdv\u00e1 Fiduciary out klauzule.<\/p>\n\n\n\n<p>Z pohledu kupuj\u00edc\u00ed strany, pokud je v\u00fdjimka snadno uplatn\u011bna, \u010das a pen\u00edze vynalo\u017een\u00e9 na DD atd. mohou b\u00fdt zbyte\u010dn\u00e9. Proto, pokud prod\u00e1vaj\u00edc\u00ed strana uplatn\u00ed v\u00fdjimku, m\u016f\u017ee b\u00fdt stanovena povinnost zaplatit ur\u010ditou \u010d\u00e1stku pen\u011bz (smluvn\u00ed pokutu) kupuj\u00edc\u00ed stran\u011b.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prohlaseni_a_zaruka\"><\/span>Prohl\u00e1\u0161en\u00ed a z\u00e1ruka<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 4 (Prohl\u00e1\u0161en\u00ed a z\u00e1ruka)<br>Strana A prohla\u0161uje a zaru\u010duje stran\u011b B, \u017ee k datu uzav\u0159en\u00ed t\u00e9to dohody jsou n\u00e1sleduj\u00edc\u00ed skute\u010dnosti pravdiv\u00e9 a p\u0159esn\u00e9:<br>(1) Prohl\u00e1\u0161en\u00ed a z\u00e1ruka t\u00fdkaj\u00edc\u00ed se prod\u00e1vaj\u00edc\u00edho (strana A)<br>A\u3000Strana A byla \u0159\u00e1dn\u011b a platn\u011b zalo\u017eena podle japonsk\u00e9ho pr\u00e1va a je st\u00e1le existuj\u00edc\u00ed akciovou spole\u010dnost\u00ed.<br>B\u3000Strana A nen\u00ed neschopn\u00e1 platit, nebyl pod\u00e1n \u017e\u00e1dn\u00fd n\u00e1vrh na zah\u00e1jen\u00ed insolven\u010dn\u00edho \u0159\u00edzen\u00ed proti stran\u011b A a takov\u00fd d\u016fvod neexistuje.<br>C\u3000Strana A dr\u017e\u00ed v\u0161echny akcie v t\u00e9to z\u00e1le\u017eitosti \u0159\u00e1dn\u011b a platn\u011b.<br>D\u3000Strana A nen\u00ed antisoci\u00e1ln\u00ed silou. Mezi stranou A a antisoci\u00e1ln\u00edmi silami neexistuje \u017e\u00e1dn\u00fd p\u0159\u00edm\u00fd ani nep\u0159\u00edm\u00fd obchod, platba pen\u011bz, poskytov\u00e1n\u00ed v\u00fdhod nebo jin\u00fd vztah nebo interakce. Ve stran\u011b A nejsou \u017e\u00e1dn\u00e9 osoby pat\u0159\u00edc\u00ed k antisoci\u00e1ln\u00edm sil\u00e1m zam\u011bstn\u00e1ny jako d\u016fstojn\u00edci nebo zam\u011bstnanci.<br>(2) Prohl\u00e1\u0161en\u00ed a z\u00e1ruka t\u00fdkaj\u00edc\u00ed se c\u00edlov\u00e9 spole\u010dnosti (strana C)<br>A\u3000Strana C byla \u0159\u00e1dn\u011b a platn\u011b zalo\u017eena podle japonsk\u00e9ho pr\u00e1va a je st\u00e1le existuj\u00edc\u00ed akciovou spole\u010dnost\u00ed.<br>B\u3000Strana C nen\u00ed neschopn\u00e1 platit, nebyl pod\u00e1n \u017e\u00e1dn\u00fd n\u00e1vrh na zah\u00e1jen\u00ed insolven\u010dn\u00edho \u0159\u00edzen\u00ed proti stran\u011b C a takov\u00fd d\u016fvod neexistuje.<br>C\u3000Celkov\u00fd po\u010det akci\u00ed, kter\u00e9 m\u016f\u017ee strana C vyd\u00e1vat, je X akci\u00ed a celkov\u00fd po\u010det vydan\u00fdch akci\u00ed je Y akci\u00ed. V\u0161echny tyto akcie jsou \u0159\u00e1dn\u011b a platn\u011b vydan\u00e9 b\u011b\u017en\u00e9 akcie. Strana C nevydala ani nep\u0159id\u011blila \u017e\u00e1dn\u00e9 akcie krom\u011b t\u011bchto akci\u00ed a \u017e\u00e1dn\u00e1 t\u0159et\u00ed strana nem\u00e1 \u017e\u00e1dn\u00e1 pr\u00e1va.<br>D\u3000Strana C splnila v\u0161echny sv\u00e9 z\u00e1vazky t\u00fdkaj\u00edc\u00ed se platby odm\u011bn nebo mezd, pen\u011bz atd. sv\u00fdm d\u016fstojn\u00edk\u016fm nebo zam\u011bstnanc\u016fm a neexistuj\u00ed \u017e\u00e1dn\u00e9 nezaplacen\u00e9 odm\u011bny nebo mzdy.<br>E\u3000Strana C nen\u00ed zapojena do \u017e\u00e1dn\u00e9ho soudn\u00edho sporu zah\u00e1jen\u00e9ho t\u0159et\u00ed stranou a tak\u00e9 neexistuje \u017e\u00e1dn\u00e1 mo\u017enost takov\u00e9ho sporu.<br>F\u3000Strana C nen\u00ed antisoci\u00e1ln\u00ed silou. Mezi stranou C a antisoci\u00e1ln\u00edmi silami neexistuje \u017e\u00e1dn\u00fd p\u0159\u00edm\u00fd ani nep\u0159\u00edm\u00fd obchod, platba pen\u011bz, poskytov\u00e1n\u00ed v\u00fdhod nebo jin\u00fd vztah nebo interakce. Ve stran\u011b C nejsou \u017e\u00e1dn\u00e9 osoby pat\u0159\u00edc\u00ed k antisoci\u00e1ln\u00edm sil\u00e1m zam\u011bstn\u00e1ny jako d\u016fstojn\u00edci nebo zam\u011bstnanci.<\/p>\n\n\n\n<p>Tato klauzule se t\u00fdk\u00e1 prohl\u00e1\u0161en\u00ed a z\u00e1ruky, kter\u00e9 jedna strana d\u00e1v\u00e1 druh\u00e9 stran\u011b, \u017ee ur\u010dit\u00e9 skute\u010dnosti jsou k ur\u010dit\u00e9mu datu pravdiv\u00e9 a p\u0159esn\u00e9.<\/p>\n\n\n\n<p>Prohl\u00e1\u0161en\u00ed a z\u00e1ruky jsou \u010dasto podrobn\u011bji stanoveny v dob\u011b uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy, jako je smlouva o p\u0159evodu akci\u00ed, na z\u00e1klad\u011b proveden\u00e9ho due diligence. Krom\u011b v\u00fd\u0161e uveden\u00fdch bod\u016f mohou zahrnovat tak\u00e9 du\u0161evn\u00ed vlastnictv\u00ed, \u00fa\u010detn\u00ed dokumenty, nemovitosti, movitosti, du\u0161evn\u00ed vlastnictv\u00ed, aktiva, pohled\u00e1vky, uzav\u0159en\u00e9 smlouvy, person\u00e1ln\u00ed a pracovn\u00ed z\u00e1le\u017eitosti, ve\u0159ejn\u00e9 n\u00e1jemn\u00e9 a ve\u0159ejn\u00e9 dan\u011b, d\u016fchody, poji\u0161t\u011bn\u00ed atd. Obsah je velmi rozmanit\u00fd. I kdy\u017e nemus\u00ed b\u00fdt uvedeny v dob\u011b uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody, je obvykl\u00e9 je uv\u00e9st ji\u017e v t\u00e9to f\u00e1zi, aby se o\u010dek\u00e1valo aktivn\u00ed zve\u0159ejn\u011bn\u00ed informac\u00ed ze strany druh\u00e9 strany, v\u010detn\u011b klauzule o spolupr\u00e1ci na due diligence.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Spoluprace_na_DD\"><\/span>Spolupr\u00e1ce na DD<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 5 (Due Diligence)<br>Strana B m\u00e1 pr\u00e1vo prov\u00e9st vy\u0161et\u0159en\u00ed (d\u00e1le jen &#8220;Due Diligence&#8221;) na stran\u011b C po dobu X m\u011bs\u00edc\u016f od data uzav\u0159en\u00ed t\u00e9to z\u00e1kladn\u00ed dohody, a to za asistence pr\u00e1vn\u00edk\u016f, certifikovan\u00fdch \u00fa\u010detn\u00edch a dal\u0161\u00edch podobn\u00fdch osob, kter\u00e9 si strana B vybere. Strany A a C se zavazuj\u00ed spolupracovat v r\u00e1mci mo\u017enost\u00ed, kter\u00e9 neohroz\u00ed provoz jejich podnik\u00e1n\u00ed.<\/p>\n\n\n\n<p>Tento \u010dl\u00e1nek stanovuje rozsah DD a povinnosti spolupr\u00e1ce.<\/p>\n\n\n\n<p>Typy DD zahrnuj\u00ed obchodn\u00ed DD, finan\u010dn\u00ed DD a pr\u00e1vn\u00ed DD, ale mohou tak\u00e9 zahrnovat person\u00e1ln\u00ed DD, IT DD a environment\u00e1ln\u00ed DD. DD prov\u00e1d\u00ed jak prod\u00e1vaj\u00edc\u00ed, tak kupuj\u00edc\u00ed strana, ale obecn\u011b se p\u0159edpokl\u00e1d\u00e1, \u017ee kupuj\u00edc\u00ed strana provede DD na prod\u00e1vaj\u00edc\u00ed stran\u011b, jak je uvedeno v \u010dl\u00e1nku 5.<\/p>\n\n\n\n<p>C\u00edlem kupuj\u00edc\u00ed strany je dos\u00e1hnout efektivn\u00edch a p\u0159esn\u00fdch v\u00fdsledk\u016f v omezen\u00e9m \u010dasov\u00e9m r\u00e1mci, kdy investuje pen\u00edze do DD, a k tomu je nezbytn\u00e1 spolupr\u00e1ce prod\u00e1vaj\u00edc\u00ed strany. Proto je b\u011b\u017en\u00e9, \u017ee z\u00e1kladn\u00ed dohoda stanovuje povinnost prod\u00e1vaj\u00edc\u00ed strany spolupracovat na DD.<\/p>\n\n\n\n<p>Av\u0161ak pokud je prod\u00e1vaj\u00edc\u00ed strana aktivn\u00ed v obchodov\u00e1n\u00ed s kupuj\u00edc\u00ed stranou, v\u00fdznam takov\u00e9 povinnosti je n\u00edzk\u00fd. Nav\u00edc, po\u017eadovat odhalen\u00ed informac\u00ed na z\u00e1klad\u011b povinnosti spolupracovat na DD, i kdy\u017e do\u0161lo k rozpadu jedn\u00e1n\u00ed mezi prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed stranou, je nesmysln\u00e9. Proto se n\u011bkdy tvrd\u00ed, \u017ee povinnost spolupracovat na DD nem\u00e1 pr\u00e1vn\u00ed z\u00e1vaznost. Pokud je v z\u00e1kladn\u00ed dohod\u011b stanoveno, \u017ee povinnost spolupracovat na DD m\u00e1 pr\u00e1vn\u00ed z\u00e1vaznost, prod\u00e1vaj\u00edc\u00ed strana se bude sna\u017eit omezen\u011b vyjednat rozsah t\u00e9to povinnosti.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Povinnost_radneho_vedeni\"><\/span>Povinnost \u0159\u00e1dn\u00e9ho veden\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 6 (Povinnost \u0159\u00e1dn\u00e9ho veden\u00ed)<br>1 Strany A a C se zavazuj\u00ed, \u017ee do uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy budou prov\u00e1d\u011bt sv\u00e9 obchodn\u00ed \u010dinnosti a spravovat sv\u016fj majetek s p\u00e9\u010d\u00ed \u0159\u00e1dn\u00e9ho spr\u00e1vce.<br>2 Strany A a C nesm\u00ed prov\u00e1d\u011bt n\u00e1sleduj\u00edc\u00ed \u010dinnosti ani jin\u00e9 \u010dinnosti, kter\u00e9 by m\u011bly v\u00fdznamn\u00fd dopad na provozov\u00e1n\u00ed podniku C. Toto omezen\u00ed neplat\u00ed, pokud existuje p\u0159edchoz\u00ed p\u00edsemn\u00fd souhlas strany B.<br>(1) P\u0159evod, likvidace nebo z\u0159\u00edzen\u00ed n\u00e1jemn\u00edch pr\u00e1v na v\u00fdznamn\u00e9m majetku<br>(2) Zv\u00fd\u0161en\u00ed nebo sn\u00ed\u017een\u00ed kapit\u00e1lu<br>(3) Zm\u011bna slo\u017een\u00ed veden\u00ed<br>(4) P\u0159ijet\u00ed vysok\u00fdch nov\u00fdch p\u016fj\u010dek nebo jin\u00e9 \u010dinnosti spojen\u00e9 s dluhov\u00fdm zat\u00ed\u017een\u00edm<br>(5) Investice do za\u0159\u00edzen\u00ed p\u0159esahuj\u00edc\u00ed X tis\u00edc korun<br>(6) Jin\u00e9 \u010dinnosti, kter\u00e9 by mohly zp\u016fsobit v\u00fdznamn\u00e9 zm\u011bny ve finan\u010dn\u00ed situaci nebo budouc\u00edch ziskov\u00fdch a ztr\u00e1tov\u00fdch situac\u00edch<\/p>\n\n\n\n<p>Stanovuje, \u017ee prod\u00e1vaj\u00edc\u00ed m\u00e1 vysokou povinnost db\u00e1t na to, aby nedo\u0161lo k po\u0161kozen\u00ed hodnoty spole\u010dnosti, kter\u00e1 je p\u0159edm\u011btem prodeje.<\/p>\n\n\n\n<p>Tato klauzule je stanovena k zaji\u0161t\u011bn\u00ed pozice kupuj\u00edc\u00edho, aby b\u011bhem obchodn\u00edch jedn\u00e1n\u00ed nedo\u0161lo k po\u0161kozen\u00ed hodnoty c\u00edlov\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_zavaznost\"><\/span>Pr\u00e1vn\u00ed z\u00e1vaznost<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek 7 (Pr\u00e1vn\u00ed z\u00e1vaznost)<br>Tato dohoda, s v\u00fdjimkou \u010dl\u00e1nk\u016f \u3007, \u3007 a \u3007, nem\u00e1 pr\u00e1vn\u00ed z\u00e1vaznost.<\/p>\n\n\n\n<p>Tento \u010dl\u00e1nek je ur\u010den k objasn\u011bn\u00ed, kter\u00e9 \u010dl\u00e1nky z\u00e1kladn\u00ed dohody maj\u00ed pr\u00e1vn\u00ed z\u00e1vaznost.<\/p>\n\n\n\n<p>Z\u00e1kladn\u00ed dohoda je do\u010dasn\u00e1 dohoda uzav\u0159en\u00e1 p\u0159ed proveden\u00edm DD (due diligence) p\u0159ed fin\u00e1ln\u00ed smlouvou, a obvykle nem\u00e1 pr\u00e1vn\u00ed z\u00e1vaznost. Nicm\u00e9n\u011b, existuj\u00ed \u010dl\u00e1nky, u kter\u00fdch je \u017e\u00e1douc\u00ed pr\u00e1vn\u00ed z\u00e1vaznost. Ur\u010den\u00ed rozsahu pr\u00e1vn\u00ed z\u00e1vaznosti mezi stranami v z\u00e1vislosti na konkr\u00e9tn\u00edm p\u0159\u00edpadu se stane d\u016fle\u017eit\u00fdm v budouc\u00edch jedn\u00e1n\u00edch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dochovani_tajnosti\"><\/span>Dochov\u00e1n\u00ed tajnosti<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/08\/ma-lawyer-basic-agreement5.jpg\" alt=\"\" class=\"wp-image-16243\" \/><\/figure>\n\n\n\n<p>Mimo ji\u017e zm\u00edn\u011bn\u00fdch bod\u016f je dal\u0161\u00ed d\u016fle\u017eitou klauzul\u00ed ujedn\u00e1n\u00ed o zachov\u00e1n\u00ed tajnosti. Tato klauzule je \u010dasto stanovena, pokud nebyla p\u0159ed uzav\u0159en\u00edm z\u00e1kladn\u00ed dohody uzav\u0159ena dohoda o zachov\u00e1n\u00ed tajnosti.<\/p>\n\n\n\n<p>Co se t\u00fd\u010de klauzule o zachov\u00e1n\u00ed tajnosti, je mo\u017en\u00e9 uzav\u0159\u00edt dohodu o zachov\u00e1n\u00ed tajnosti p\u0159ed uzav\u0159en\u00edm z\u00e1kladn\u00ed dohody, v takov\u00e9m p\u0159\u00edpad\u011b nen\u00ed nutn\u00e9 tuto klauzuli uv\u00e1d\u011bt v z\u00e1kladn\u00ed dohod\u011b. Pokud v\u0161ak ji\u017e byla uzav\u0159ena dohoda o zachov\u00e1n\u00ed tajnosti a p\u0159esto chcete udr\u017eet skute\u010dnost uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody v tajnosti, budete muset roz\u0161\u00ed\u0159it rozsah tajn\u00fdch informac\u00ed a znovu je stanovit v z\u00e1kladn\u00ed dohod\u011b.<\/p>\n\n\n\n<p>Podrobnosti o dohod\u011b o zachov\u00e1n\u00ed tajnosti jsou vysv\u011btleny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/checkpoints-nondisclosure-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/checkpoints-nondisclosure-agreement[ja]<\/a><\/p>\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>Smlouvy a typy transakc\u00ed uzav\u0159en\u00e9 v r\u00e1mci M&amp;A obchod\u016f se li\u0161\u00ed podle konkr\u00e9tn\u00edho p\u0159\u00edpadu a nastaven\u00ed klauzul\u00ed z\u00e1kladn\u00ed dohody je tak\u00e9 r\u016fzn\u00e9.<\/p>\n\n\n\n<p>Krom\u011b toho, podle na\u010dasov\u00e1n\u00ed uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody je t\u0159eba vymyslet zp\u016fsob vyj\u00e1d\u0159en\u00ed, co\u017e vy\u017eaduje v\u00edce odborn\u00fdch a bohat\u00fdch zku\u0161enost\u00ed.<\/p>\n\n\n\n<p>Doporu\u010dujeme v\u00e1m konzultovat s odborn\u00fdm pr\u00e1vn\u00edkem a pe\u010dliv\u011b sestavit dokumenty, aby se v budoucnu nevyskytly \u017e\u00e1dn\u00e9 probl\u00e9my.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Smlouvy t\u00fdkaj\u00edc\u00ed se M&amp;A transakc\u00ed se li\u0161\u00ed podle f\u00e1ze jedn\u00e1n\u00ed mezi kupuj\u00edc\u00edm a prod\u00e1vaj\u00edc\u00edm. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme z\u00e1kladn\u00ed dohodu, kterou \u010dasto uzav\u00edraj\u00ed spole\u010dnosti kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed, kt [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61486"}],"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=61486"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61486\/revisions"}],"predecessor-version":[{"id":63631,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61486\/revisions\/63631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63630"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}