East Coast Business Brokers
DBA East Coast Stores LLC
This is a Buyer Non-Disclosure and Confidentiality Agreement
East Coast Business Brokers LLC )( ECBB )® and East Coast Stores LLC (ECS) the agent broker Henry Galasso (“Broker”) is engaged by certain client(s) knows as (“Seller:”) to market and arrange for the sale of their business known to Broker as the business or property being sold, listing# _________________________________________________ (the “Business”). ECBB is in possession of confidential information regarding the Business that has been provided by the Seller. The undersigned party, hereafter referred to as the “Buyer”,acknowledges their desire to receive from ECBB such confidential information to determine whether they are interested in negotiating for the purchase of said business. In exchange for ECBB furnishing confidential information for Buyer’s evaluation, buyer agrees, represents and warrants the following:
BUYER SHALL KEEP INFORMATION CONFIDENTIAL: Buyer acknowledges that the disclosure of this confidential information to third parties may be damaging to the Business and Seller. Buyer understands that confidential information includes: the fact that the business is for sale, financial details, business details, the identity of suppliers & customers and any other information not generally known by the public. Buyer agrees not to disclose confidential information to anyone other than their advisors who shall also agree to be bound by the same confidentiality. Buyer agrees that all copies of materials and data provided shall be treated with the utmost confidentiality and shall be returned to Broker or destroyed in the event that Buyer decides not to pursue the purchase of the Business.
BUYER SHALL NOT CIRCUMVENT THE SELLER AND/OR BROKER: Buyer and its agents will not circumvent Broker nor interfere with Seller’s obligations to Broker if entering into a transaction with Seller which would reasonably be construed as a sale or transfer of an interest, in whole or in part, in a business represented by Broker or introduced to by ECBB or ECS. If Buyer or its agents should circumvent Broker and effect any such transaction with Seller within two years after the date of the execution of this Agreement, then Buyer and Seller shall immediately become jointly and severally liable for the full commission due equal to 10% of the transacted price upon discovery or a min of $35,000.00 plus reasonable legal fees. If circumvention occurs between the buyer or any of his/her agents or members and the landlord ,the broker will immediately be entitled to a thirty five thousand dollar ( 35,000.00 plus legal fees) fee if such circumvention occurs on behalf of the buyer's unjust enrichment.
CONFIDENTIAL INFORMATION IS PROVIDED BY THE SELLER: All information regarding the Business is provided by the Seller and is not verified by the Broker. Buyer understands that purchasing a business or negotiating a lease contains inherent investment risks and Buyer is hereby advised to seek independent accounting and legal counsel to review and verify such information prior to entering into an agreement to purchase the Business. Buyer agrees not to rely solely on the confidential information provided to them by the Broker and further acknowledges that the Seller is the source of the representations made about the Business. Broker makes no warranty or guarantee, either express or implied, as to the accuracy of the information as provided by the Seller.
We, the undersigned, understand and agree that this Agreement is legally binding on us and all of our agents involved in the evaluation of the confidential information. We understand and agree that the Seller and/or Broker have the right to seek any and all lawful remedies to enforce the terms of this Agreement and that any such claim shall be resolved by a court of LAW jurisdiction in Nassau County, New York or an authorized Arbitrator in Nassau County . We acknowledge that we have read and understand this Agreement.
NDA applies to the listings shown by EAST COAST BUSINESS BROKERS LLC ® &
East Coast Stores LLC thru itS proprietary business listing software. copyright 2021-202
BUYERS SIGNATURE BELOW THIS SPACE