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NDA Closing Period Running out, Now What?

Provided by:  Jennifer Kirschenbaum, Esq.

May 29, 2018

 

Question:


Jennifer, 

We signed a nondisclosure agreement with a potential buyer  There's a time period in there that says we have to close within a certain period of time.  I'm not sure that's reasonable. What's going to happen if the time runs down?

Thanks, 
Dr. K


Answer:

Well, you don't have to worry about that because time periods are contractually extended all the time.  It is important that you do not feel pressure to close.  Make sure you have the right buyer/seller and the right terms.  Especially if you are looking to sell and you want to stay post-closing. Also, given the stage you are at, its time to lawyer up!   


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