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.
Example
- 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.
