Disclosure letter

Disclosure letter [German: Offenlegungsschrift].

The vendor discloses all facts in respect of which it wishes to exclude liability.

As a rule, disclosure letter and disclosure documentation becomes a constituent part of the share purchase agreement.


  • sale of a business with production facilities
    • disclosure of a contaminated site or a hazard.
  • Unless agreed otherwise by the parties, the vendor is not liable for any loss in value of the shares owing to clean-up costs not reported in the accounts.

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