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A presente dissertação versa sobre a aposição de cláusulas MAC (Material Adverse Change) e MAE (Material Adverse Effect) em contratos de compra e venda de empresas, e a problemática procura pela força material de um dado evento e respetivo efeito/s. O objetivo desta investigação traduz-se, por isso, na tentativa de estabelecimento dos critérios a observar na qualificação de uma determinada alteração e efeito/s, como “materiais”. Principiaremos, então, pelo enquadramento do tipo clausular no âmbito do qual, frequentemente, as cláusulas MAC e MAE são previstas. Com efeito, trataremos do contrato de compra e venda, enquanto forma transmissiva de empresa, e enquanto instrumento de distribuição do risco, por ser composto por várias “peças” com essa função, de entre elas, as cláusulas supramencionadas. Será, depois, a partir dessa base introdutória, que iniciaremos o tratamento das mesmas. Irei defini-las, abordando os seus desígnios, origem e evolução, comparando-as com outras cláusulas, igualmente importantes no panorama jurídico-negocial, e assinalando as suas principais modalidades. Por conseguinte, procederemos a uma análise crítica dos elementos que as compõem, atentando, com maior afinco, ao da “materialidade”. A propósito desta, mencionaremos algumas das decisões judiciais mais relevantes no que toca a esta temática, após o que tentaremos estabelecer, com base nas mesmas, um modo de avaliação da existência, ou não, de “materialidade”. Iremos refletir sobre aquele que é o “percurso de vida” de uma cláusula deste tipo, rematando com a relação existente entre esta e o instituto da alteração das circunstâncias. Por fim, concretizaremos as nossas reflexões finais.
This dissertation is about the inclusion of MAC (Material Adverse Change) and MAE (Material Adverse Effect) clauses in contracts for the purchase and sale of companies, and the problematic search for the material force of a given event and its effect/s. The aim of this research is, therefore, an attempt to establish the criteria to be observed in the qualification of a particular change and effect/s, as "materials". We will then start with the context of the clausular type in which MAC and MAE clauses are often included. In effect, we will deal with the purchase and sale contract, as a transmissive form of business, and as an instrument for distributing risk, as it is composed of several "parts" with this function, including the aforementioned clauses. It will then be from this introductory basis that we will begin our treatment of these clauses. I will define them, address their purpose, origin and evolution, comparing them with other clauses, that are equally important in the legal-business area, and pointing out their main modalities. Therefore, we will proceed to a critical analysis of the elements that compose them, paying particular attention to "materiality". In this regard, we will mention some of the most relevant court decisions on the subject, after which we will try to establish, based on them, a way of evaluating the existence, or not, of "materiality". We will reflect on the "life course" of a clause of this type, ending with the relationship between it and the institute of changing circumstances. Finally, we will conclude with our final reflections.
This dissertation is about the inclusion of MAC (Material Adverse Change) and MAE (Material Adverse Effect) clauses in contracts for the purchase and sale of companies, and the problematic search for the material force of a given event and its effect/s. The aim of this research is, therefore, an attempt to establish the criteria to be observed in the qualification of a particular change and effect/s, as "materials". We will then start with the context of the clausular type in which MAC and MAE clauses are often included. In effect, we will deal with the purchase and sale contract, as a transmissive form of business, and as an instrument for distributing risk, as it is composed of several "parts" with this function, including the aforementioned clauses. It will then be from this introductory basis that we will begin our treatment of these clauses. I will define them, address their purpose, origin and evolution, comparing them with other clauses, that are equally important in the legal-business area, and pointing out their main modalities. Therefore, we will proceed to a critical analysis of the elements that compose them, paying particular attention to "materiality". In this regard, we will mention some of the most relevant court decisions on the subject, after which we will try to establish, based on them, a way of evaluating the existence, or not, of "materiality". We will reflect on the "life course" of a clause of this type, ending with the relationship between it and the institute of changing circumstances. Finally, we will conclude with our final reflections.
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Alteração material adversa Efeito material adverso Materialidade Contrato de compra e venda de empresa Material adverse change Material adverse effect Materiality Company purchase and sale agreement