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Seguro de representations & warranties na aquisição de empresas
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A compra e venda de empresas apresenta-se como um processo complexo que envolve uma quantidade significativa de riscos quer para os vendedores, quer para os compradores. Um dos principais desafios destas transações centra-se na problemática da assimetria informativa e na consequente alocação dos riscos inerentes à transação entre as partes no contrato de aquisição. Para resolver esta questão, os vendedores e compradores têm optado pela utilização de mecanismos tradicionais de alocação do risco, tais como escrow accounts e cláusulas de indemnização. No entanto, estes instrumentos apresentam algumas limitações e a sua negociação pode tornar-se morosa e dispendiosa para as partes envolvidas. Nos últimos anos, o seguro de Representations & Warranties surgiu como uma ferramenta complementar, ou até alternativa de gestão do risco, tendo vindo a ser amplamente utilizado nas transações no mercado de M&A. Nesta dissertação, propomo-nos a explorar o papel do seguro de Representations & Warranties na gestão do risco transacional aquisição de empresas, com particular enfoque para as características deste seguro e a sua articulação com o contrato de aquisição, analisando ainda as vantagens da sua contratação, quer para o vendedor, quer para o comprador, em detrimento (ou complemento) dos mecanismos contratuais tradicionais.
The acquisition of companies is a complex process that involves a significant amount of risk for both sellers and buyers. One of the main challenges of these transactions is centred on the problem of information asymmetry and the consequent allocation of the risks inherent in the transaction between the parties in the purchase agreement. To address this matter, sellers and buyers have resorted to using traditional risk allocation mechanisms, such as escrow accounts and indemnity clauses. However, these instruments have certain limitations and their negotiation can become time-consuming and costly for the parties involved. In the last few years, Representations & Warranties insurance has emerged as a complementary or perhaps even an alternative risk management tool and has been widely used in transactions in the M&A market. In this dissertation, we propose to explore the role of Representations & Warranties insurance in managing the transactional risk of company acquisitions, with a particular focus on the characteristics of this insurance and its articulation with the acquisition contract, while also analysing the potential benefits of purchasing this insurance, both for the seller and the buyer, to the detriment of (or in addition to) traditional contractual mechanisms.
The acquisition of companies is a complex process that involves a significant amount of risk for both sellers and buyers. One of the main challenges of these transactions is centred on the problem of information asymmetry and the consequent allocation of the risks inherent in the transaction between the parties in the purchase agreement. To address this matter, sellers and buyers have resorted to using traditional risk allocation mechanisms, such as escrow accounts and indemnity clauses. However, these instruments have certain limitations and their negotiation can become time-consuming and costly for the parties involved. In the last few years, Representations & Warranties insurance has emerged as a complementary or perhaps even an alternative risk management tool and has been widely used in transactions in the M&A market. In this dissertation, we propose to explore the role of Representations & Warranties insurance in managing the transactional risk of company acquisitions, with a particular focus on the characteristics of this insurance and its articulation with the acquisition contract, while also analysing the potential benefits of purchasing this insurance, both for the seller and the buyer, to the detriment of (or in addition to) traditional contractual mechanisms.
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Representations Warranties Declarações Garantia Seguro de R&W Seguro de W&I Responsabilidade Aquisição de empresas Liability Acquisition of companies
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CC License
Without CC licence