Reps and Warranties Legal
Definition
Specific assurances in a transaction declaring that certain statements are true. Often there are specific remedies should assurances turn out to be false or inaccurate.
Comments
Given there can be so many variables when acquiring a company, buyers will spend significant time and energy negotiating reps and warranties to protect their interests and investment. Negotiating unknowns such as hidden environmental liabilities if real estate is to be transferred can be especially cumbersome as both the buyer and seller want to limit exposure.
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