律师的基本功-法律研究及法律文书概述课件

律师的基本功——法律研究及文书起草主讲人：谢青律师的基本功1前言——合格律师的三大法宝

学习能力——善于吸收别人的经验和长处

法律思维能力——层次分明，条理清晰，论证严密沟通能力——沟通无处不在前言——合格律师的三大法宝学习能力——善于吸收别人的经2交易律师的三项基础工作进行法律研究

——法律研究是律师工作的基础

提交法律分析报告

——合格交易律师的“试金石”制作合同文本和发表意见

——律师如何见“功底”交易律师的三项基础工作进行法律研究3如何进行法律研究——基本点

明确法律研究的目的注意法规之间的联系、差异当心法律查询和搜索系统的缺陷了解法律规定和实践操作的差距如何进行法律研究——基本点明确法律研究的目的4如何进行法律研究——经验的总结从“大法”入“小法”，从一般到特殊正确的关键词注意法规的时效性、注意发文机关及其之间的关系注意条文背后的含义及对法规内容的提炼他人的研究成果仅可作为参考和背景知识利用官方的解释和答记者问了解背景所有资料必须经过法规研究的验证和确认电话咨询和当面咨询 -正确的机关、正确的部门、正确的人 -事先进行充分的准备：基础法规研究、初步问题和衍生问题的准备如何进行法律研究——经验的总结从“大法”入“小法”，从一般到5如何进行法律研究——成果的归纳、整理和包装“三不”不是法规和咨询记录的简单堆砌不仅是罗列法律规定不仅是对咨询结果的简单引用“二是”法律研究的成果应该是一个系统化的表达视要求如何，进行一定的包装如何进行法律研究——成果的归纳、整理和包装“三不”6如何起草备忘录——起草目的为客户分析整体法律和政策环境,特别是实践中做法和市场先例为客户分析某一/某些特定问题,提供法律意见和建议

为客户策划交易结构,比较各种可选择的方案为尽责目的就现状/方案向客户揭示风险

如何起草备忘录——起草目的为客户分析整体法律和政策环境,7如何起草备忘录——接任务阶段明确客户/合伙人的要求明确起草目的、需解决的问题如何起草备忘录——接任务阶段明确客户/合伙人的要求8如何起草备忘录——准备过程

法律研究/事实调查/实践作法(举例)形成大纲/主要观点并进行充分内部讨论(举例)形成初稿措辞复查、进一步修改、定稿如何起草备忘录——准备过程法律研究/事实调查/实践作法(9如何起草备忘录——基本内容(如为设计交易结构)

提出须解决的问题 --例如,我们理解交易的结构是…,客户需解决的问题是…假设条件或不同情形 --例如,我们假设某些条件已经满足,假设有ScenarioA,B,C在假设条件或情形下讨论各种可能的方案 --Option/AlternativeOne,Two…分别论述每一方案--列出程序和步骤、可能的障碍、风险(举例)如何起草备忘录——基本内容(如为设计交易结构)提出须解决10如何起草备忘录——基本内容(如为设计交易结构)各种方案的利弊比较 --条件具备的难度、审批的障碍、经济利益的考量必要的限制—免除方案提供者的责任 --例如,有赖于政府机关对法规的进一步解释,未经证实是否会被司法机关支持我们的建议/解决方案如何起草备忘录——基本内容(如为设计交易结构)各种方案的利11如何起草备忘录——形式的重要性

层次分割——一段话仅说明一个问题序号的编排(举例)简单问题和复杂问题(举例)小窍门：论述时借助图形,以脚注引述法规,按客户提问的顺序进行回答……(举例)如何起草备忘录——形式的重要性层次分割——一段话仅说明一12如何起草备忘录——初学者应避免的问题

条理不清晰、逻辑性不强内容不够丰富、结论过于轻率同一含义多次重复内容中加入不必要的自己的思维过程如何起草备忘录——初学者应避免的问题条理不清晰、逻辑性不13如何起草和审阅合同熟悉合同条款结构熟悉常见合同条款准确把握特殊条款如何起草和审阅合同熟悉合同条款结构14如何起草和审阅合同——以M&A典型条款为例典型的M&A协议股权收购协议资产收购协议合并协议如何起草和审阅合同——以M&A典型条款为例典型的M&A协议15M&A典型条款基本要件交易机制DealMechanics完成Closing陈述和保证RepresentationsandWarranties承诺事项Covenants完成条件Conditions赔偿Indemnification终止TerminationM&A典型条款基本要件16交易机制Whogetswhatandwhen购买价格和支付方式调价机制交易机制17完成何时&何处基本方式Sign-and-CloseDelayedClosing完成何时&何处18承诺事项一方关于做某事或不做某事的承诺完成前承诺/完成后承诺典型的承诺接触和检查信息进行业务“NoShop”承诺事项一方关于做某事或不做某事的承诺19陈述和保证是卖方关于目标及其业务以及拟议交易产生的影响的书面说明有的时候买方也要做陈述和保证典型的陈述和保证Flat–“Theskyisblue”Qualified,e.g.,:Knowledge:“Tomyknowledge,theskyisblue”Materiality:“Theskyismateriallyblue”Time:“Since31December2003,theskyhasbeenblue”Disclosure:“ExceptassetforthintheDisclosureLetter,theskyisblue”陈述和保证是卖方关于目标及其业务以及拟议交易产生的影响的书面20陈述和保证(续)典型的陈述和保证目标的性质和状态知识产权合同需获得的第三方同意代表买方和代表卖方时审查的不同重点披露函陈述和保证(续)21陈述和保证条款举例“Suchfinancialstatementsfairlypresent(andthefinancialstatementsdeliveredpursuanttoSection5.8willfairlypresent)thefinancialconditionandtheresultsofoperations,changesinshareholders’equityandcashflowsof[Target]asattherespectivedatesofandfortheperiodsreferredtoinsuchfinancialstatements,allinaccordancewithGAAP.”The[Target]FinancialStatementsareaccurateandcompleteinallmaterialrespectsandfairlypresentinallmaterialrespectsthefinancialpositionof[Target]anditsconsolidatedSubsidiariesasoftherespectivedatesthereofandtheresultsofoperationsandcashflowsof[Target]anditsconsolidatedSubsidiariesfortheperiodscoveredthereby.The[Target]FinancialStatementshavebeenpreparedinaccordancewithGAAPappliedonaconsistentbasisthroughouttheperiodscovered(exceptthatthefinancialstatementsreferredtoinSection2.4(a)(ii)donotcontainfootnotes).陈述和保证条款举例“Suchfinancialstate22陈述和保证条款举例(续)Buyer-Favorable“NoUndisclosedLiabilities”Representation“NoUndisclosedLiabilities.ExceptassetforthinPart3.13[oftheDisclosureLetter],[Target]hasnoLiabilityexceptforLiabilitiesreflectedorreservedagainstintheBalanceSheetortheInterimBalanceSheetandcurrentliabilitiesincurredintheOrdinaryCourseofBusinessof[Target]sincethedateoftheInterimBalanceSheet.”“Liability”--withrespecttoanyPerson,anyliabilityorobligationofsuchPersonofanykind,characterordescription,whetherknownorunknown,absoluteorcontingent,accruedorunaccrued,disputedorundisputed,liquidatedorunliquidated,securedorunsecured,jointorseveral,dueortobecomedue,vestedorunvested,executory,determined,determinableorotherwise,andwhetherornotthesameisrequiredtobeaccruedonthefinancialstatementsofsuchPerson.

陈述和保证条款举例(续)Buyer-Favorable“23陈述和保证条款举例(续)Target-FavorableNoUndisclosedLiabilities”Representation“NoUndisclosedLiabilities.ExceptassetforthinPart3.13[oftheDisclosureLetter],[Target]hasnoliabilityofthenaturerequiredtobedisclosedintheliabilitiescolumnofabalancesheetpreparedinaccordancewithGAAPexceptfor…“FullDisclosure.Norepresentationorwarrantyorotherstatementmadeby[TargetoranyTargetShareholder]inthisAgreement,theDisclosureLetter,anysupplementtotheDisclosureLetter,thecertificatesdeliveredpursuanttoSection2.7(a)orotherwiseinconnectionwiththeContemplatedTransactionscontainsanyuntruestatementoromitstostateamaterialfactnecessarytomakeanyofthem,inlightofthecircumstancesinwhichitwasmade,notmisleading.”陈述和保证条款举例(续)Target-FavorableN24完成的先决条件一方完成交易的先决条件(“walkright”)典型的WalkRights陈述和保证的准确性公司内部必要的授权没有重大不利变化尽职调查令一方满意完成的先决条件一方完成交易的先决条件(“walkrigh25完成的前提之一：陈述保证的准确性

“AccuracyofRepresentationsandWarranties.EachoftherepresentationsandwarrantiesmadebytheTargetinthisAgreementshallhavebeenaccurateinallrespectsasofthedateofthisAgreement,andshallbeaccurateinallrespectsasoftheClosingDateasifmadeontheClosingDate.”” “AccuracyofRepresentationsandWarranties.EachoftherepresentationsandwarrantiesmadebytheTargetinthisAgreementshallbeaccurateinallrespectsasoftheClosingDateasifmadeontheClosingDate,exceptforinaccuraciesofrepresentationsorwarrantiesthecircumstancesgivingrisetowhich,individuallyorintheaggregate,donotconstituteandcouldnotreasonablybeexpectedtohaveaMaterialAdverseEffect.” “NoMaterialAdverseChange.SincethedateofthisAgreement,therehasnotbeenanyTargetMaterialAdverseChange.”完成的前提之一：陈述保证的准确性 “Accuracyof26完成的前提之二：无重大不利影响

“MaterialAdverseEffect”meansanychangeoreffectthatisorwouldreasonablybeexpectedtobemateriallyadversetotheassets,properties,Business,operations,liabilities,resultsofoperationorfinancialconditionof[Target]anditsSubsidiaries,takenasawhole;including,withoutlimitation,theoccurrencepriortoClosingofanysingleevent,oranyseriesofrelatedevents,orsetofrelatedcircumstances,whichcouldreasonablybeexpectedtocauseanactual,directnetdecreaseinEBITDAforeitherthe12monthperiodendingJanuary31,2004orEBITDAforany12monthperiodsendingaftertheClosingDatebutpriortothefirstanniversaryoftheClosingDate,inexcessof[****](aftergivingeffecttoanyotheroffsettingincreasesordecreasesaffectingEBITDA);[****]

完成的前提之二：无重大不利影响 “MaterialAdve27完成的前提之二：无重大不利影响(续)

"MaterialAdverseEffect"means,(a)withrespectto[Target]ortheShareholders,anybreachofarepresentationorwarrantyhereunderoracovenanttobeperformedby[Target]ortheShareholderstheeffectofwhichislikelytocause[Target](ortheSurvivingCompany)topayorbecomeliabletopaymorethanFiveHundredThousand($500,000)Dollarstoremedyanysinglesuchevent,violation,breach,defaultortermination(asthecasemaybe)ormorethanOneMillion($1,000,000)Dollarsintheaggregateforallsuchevents,violations,breaches,ordefaultsorterminations(asthecasemaybe),and(b)withrespecttoParent,anybreachofarepresentationorwarrantyhereunderoracovenanttobeperformedbytheParentorAcquisitionSubsidiarytheeffectofwhichislikelytocausetheParent(ortheSurvivingCompany)topayorbecomeliabletopaymorethanFiveHundredThousand($500,000)Dollarstoremedyanysinglesuchevent,violation,breach,defaultortermination(asthecasemaybe)ormorethanOneMillion($1,000,000)Dollarsintheaggregateforallsuchevents,violations,breaches,ordefaultsorterminations(asthecasemaybe).完成的前提之二：无重大不利影响(续) "Material28完成的前提之二：无重大不利影响(续)“[Target]MaterialAdverseEffect”shallmeananychange,event,occurrenceorconditionwhichhashad,orcouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthebusiness,assets,liabilities,financialcondition,resultsofoperationsorprospectsofthe[Target],takenasawhole…"MATERIALADVERSE[CHANGE/]EFFECT"means,whenusedinconnectionwithaPerson,anychange,event,violation,inaccuracy,circumstanceoreffectthatismateriallyadversetothebusiness,assets,liabilities,financialcondition,resultsofoperationsorprospectsofsuchPersontakenasawhole,otherthanasaresultof(i)changesgenerallyadverselyaffectingtheUnitedStateseconomy(solongassuchTargetisnotdisproportionatelyaffectedthereby)(ii)performancebysuchPersonofitsobligationsunderthisAgreementor,withrespectto[Target]only,thefailureofTargettoconsenttoactionsreasonablyrequestedby[Parent]pursuanttoSection4.1ofthisAgreement,(iii)theannouncementorpendencyofthetransactionscontemplatedbythisAgreement,or(iv)warortheoutbreakofhostilities

…完成的前提之二：无重大不利影响(续)29“据某人所知”条款“Knowledgeof[Target]”or“[Target’s]Knowledge”meanstheactualknowledgeof[Target’s]ChiefExecutiveOfficer,ChiefFinancialOfficerorChiefTechnologyOfficer.“Knowledge”means(a)

withrespectto[Target],theactualknowledgeoftheAcquiredCompanies’chiefexecutiveofficer,VicePresidentofFinanceandAdministrationseniorvicepresidents,vicepresidents,RichardKatz,SanjayAnand,andofficershavingresponsibilityforsuchmatter,and(b)

withrespecttoParent,theactualknowledgeofParent’schiefexecutiveofficer,chieffinancialofficerandotherofficersandemployeeshavingresponsibilityforsuchmatter.“据某人所知”条款“Knowledgeof[Target30“据某人所知”条款(续)“Knowledge”means,whenreferringtothe“Knowledge”of[Target],oranysimilarphraseorqualificationbasedonknowledgeorawarenesswithrespectto[Target],(i)theactualknowledgeofanyof[namedindividuals],and(ii)theknowledgethatanysuchPersonreferencedin(i)above,asaprudentbusinessperson,wouldhaveobtainedintheconductofhisorherbusiness.“[k]nowledge"means(i)withrespecttoanynaturalperson,theactualknowledge,ofsuchperson,or(ii)withrespecttoanycorporationorentity,theactualknowledgeofsuchparty'sofficersprovidedthatsuchpersonsshallhavemadedueanddiligentinquiryofthoseemployeesanddirectorsofsuchpartywhomsuchofficersreasonablybelievewouldhaveactualknowledgeofthemattersrepresented."known"or"knowledge"means,withrespecttoanyparty,theactualknowledgeofsuchparty'sexecutiveofficersandseniormanagementandsuchknowledgeaswouldbereasonablyexpectedtobeknownbysuchexecutiveofficersintheordinaryandusualcourseoftheperformanceoftheirprofessionalresponsibilitiestosuchparty.“据某人所知”条款(续)31赔偿完成后买方要求赔偿的权利违反陈述和保证违反承诺事项发生特定事项赔偿的权利在完成后能够存续多久？赔偿32赔偿限制条款“Sandbagging”

(“pro-sandbagging”clauses,i.e.,nolimitationonBuyer’sremediesbasedonBuyer’spre-existingknowledgeofaninaccuracyorbreach)“Therighttoindemnification,reimbursementorotherremedybaseduponsuchrepresentations,warranties,covenantsandobligations

shallnotbeaffectedbyanyinvestigation(includinganyenvironmentalinvestigationorassessment)conductedwithrespectto,oranyKnowledgeacquired(orcapableofbeingacquired)atanytime,whetherbeforeoraftertheexecutionanddeliveryofthisAgreementortheClosingDate,withrespecttotheaccuracyorinaccuracyoforcompliancewithanysuchrepresentation,warranty,covenantorobligation.”赔偿限制条款“Sandbagging”

(“pro-sand33赔偿限制条款(续)“Sandbagging”

(“anti-sandbagging”clauses,i.e.,expresslimitationonBuyer’sremediesbasedonBuyer’spre-existingknowledgeofaninaccuracyorbreach)Noclaimforindemnityforabreachofaparticularrepresentation,warrantyorcovenantshallbemadeaftertheClosing

iftheBuyerhadKnowledge(includingbyvirtueofanyDisclosureSchedule)ofsuchbreachasoftheClosing,exceptforclaimswithrespecttoanyEventsOutsideoftheOrdinaryCourse.

Norepresentationorwarrantyof[Target]containedinthisAgreementshallbeaffectedordeemedwaivedorotherwiseimpairedorlimitedbyreasonofanyinvestigationorduediligenceconductedbyPurchaseroritsrepresentatives,

excepttotheextentthatonorbeforetheClosingDatePurchaserobtainsActualKnowledgeofanyfacts,eventsorcircumstancesthatwouldcausetheparticularrepresentationorwarrantyof[Target]inquestiontobeuntrue.

赔偿限制条款(续)“Sandbagging”

(“anti34赔偿限制条款(续)Survival/TimetoAssertClaimsAllrepresentations,warranties…inthisAgreement,theDisclosureLetter,thesupplementstotheDisclosureLetter,thecertificatedeliveredpursuanttoSection2.4(a)(v),andanyothercertificateordocumentdeliveredpursuanttothisAgreementwillsurvivetheClosing...IftheClosingoccurs,Sellerswillhavenoliability(forindemnificationorotherwise)withrespecttoanyrepresentationorwarranty…unlessonorbefore_______________BuyernotifiesSellersofaclaimspecifyingthefactualbasisofthatclaiminreasonabledetailtotheextentthenknownbyBuyer…赔偿限制条款(续)Survival/TimetoAsse35赔偿限制条款(续)LimitationofAmountTheIndemnifyingPartywillhavenoliability(forindemnificationorotherwise)withrespecttoclaimsunderSection11.4(a)untilthetotalofallDamageswithrespecttosuchmattersexceeds______dollars($______)andthenonlyfortheamountbywhichsuchDamagesexceed______dollars($______).AnIndemnifyingPartyshallnotbeliableforanyclaimforindemnificationpursuanttoSection7.02(a)or7.03(a),unlessanduntiltheaggregateamountofindemnifiableLossesthatmayberecoveredfromtheIndemnifyingPartyequalsorexceeds$12,000,000(the"AggregateThreshold")inwhichcasetheIndemnifyingPartyshallbeliableforallsuchLosses…NoIndemnifiedPartiesshallbeentitledtoindemnificationpursuanttoSection8.2.1(a)foranyDamagesuntiltheaggregateamountofallDamagesunderallclaimsofallIndemnifiedPartiesforallsuchbreachesshallexceedtheThreshold,atwhichtimethefullamountofDamagesincurred(minusadeductibleof$500,000)shallbesubjecttoindemnificationhereunder.The“Threshold”shallbe$1,000,000.赔偿限制条款(续)LimitationofAmount36终止任何一方终止的权利典型的终止事件单方终止的权利违反陈述、保证或承诺未能获得必要的公司内部授权双方终止的权利最迟完成日(LongStopDate)终止任何一方终止的权利37

有关限制补救措施的条款LimitationofRemedies

Thepartiesheretohavevoluntarilyagreedtodefinetheirrights,liabilitiesandobligationsrespectingthesubjectmatterofthisAgreementexclusivelyincontractpursuanttotheexpresstermsandprovisionsofthisAgreement;andthepartiesheretoexpresslydisclaimthattheyareowedanydutiesnotexpresslysetforthinthisAgreement.ThesoleandexclusiveremediesforanybreachofthetermsandprovisionsofthisAgreement(includinganyrepresentationsandwarrantiessetforthherein)shallbethoseremediesavailableatlaworinequityforbreachofcontractonly(assuchcontractremediesmaybefurtherlimitedorexcludedpursuanttotheexpresstermsofthisAgreement);andthepartiesheretoherebywaiveandreleaseanyandalltortclaimsandcausesofactionthatmaybebasedupon,ariseoutoforrelatetothisAgreement,orthenegotiation,executionorperformanceofthisAgreement(includinganytortclaimorcauseofactionbasedupon,arisingoutoforrelatedtoanyrepresentationorwarrantymadeinorinconnectionwiththisAgreementorasaninducementtoenterintothisAgreement).有关限制补救措施的条款LimitationofReme38

“不得依赖”条款Non-RelianceProvisions“AcquiroracknowledgesandagreesthatneithertheCompanynortheSellingStockholderhasmadeanyrepresentationorwarranty,expressedorimplied,astotheCompanyoranyCompanySubsidiaryorastotheaccuracyorcompletenessofanyinformationregardingtheCompanyoranyCompanySubsidiaryfurnishedormadeavailabletoAcquiroranditsrepresentatives,exceptasexpresslysetforthinthisAgreement...andneithertheCompanynortheSellingStockholdershallhaveorbesubjecttoanyliabilitytoAcquirororanyotherPersonresultingfromthedistributiontoAcquiror,orAcquiror’suseoforrelianceon,anysuchinformationoranyinformation,documentsormaterialmadeavailabletoAcquirorinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thetransactionscontemplatedhereby.”“不得依赖”条款Non-RelianceProvisio39

“不得依赖”条款(续)Section6.09NoAdditionalRepresentationsorWarranties.ParentacknowledgesthatneithertheCompanynoranyShareholderhasmadeanyrepresentationorwarranty,expressorimplied,astotheaccuracyorcompletenessofanyinformationregardingtheCompany,exceptasexpresslysetforthinthisAgreementortheCompanyDisclosureSchedules,and,exceptinthecaseoffraud,ParentfurtheragreesthatneithertheCompanynoranyShareholderwillhaveorbesubjecttoanyliabilitytoParentoranyotherpersonresultingfromthedistributiontoParent,orParent'suseof,anysuchinformationinexpectationofthetransactionscontemplatedbythisAgreement…EXCEPTFORTHEREPRESENTATIONSANDWARRANTIESEXPRESSLYSETFORTHINARTICLEIIITHECOMPANYDOESNOTMAKEANYREPRESENTATIONORWARRANTY,EXPRESSORIMPLIED,ATLAWORINEQUITY,INRESPECTOFTHECOMPANYORANYOFTHEASSETS,LIABILITIESOROPERATIONSOFTHECOMPANY,INCLUDING,WITHOUTLIMITATION,ANYIMPLIEDREPRESENTATIONORWARRANTYASTOTHECONDITION,MERCHANTABILITY,SUITABILITYORFITNESSFORAPARTICULARPURPOSE,ANDPARENTEXPRESSLYDISCLAIMSANYSUCHREPRESENTATIONORWARRANTY.

“不得依赖”条款(续)Section6.09NoAd40

买方关于不依赖的免责声明NonRelianceDisclaimerofBuyer

ExceptforthespecificrepresentationsandwarrantiesexpresslymadebytheCompanyoranySellingStockholderinArticle___ofthisAgreement,BuyeracknowledgesandagreesthatneithertheCompanynoranySellingStockholderismakinganyrepresentationorwarranty,expressedorimplied,atlaworinequity,inrespecttotheBusiness,theCompany,theCompany’sSubsidiaries,oranyoftheCompany’soritsSubsidiaries’respectivebusiness,assets,liabilities,operations,prospects,orcondition(financialorotherwise),includingwithrespecttomerchantabilityorfitnessforanyparticularpurposeofanyassets,thenatureorextentofanyliabilities,theprospectsoftheBusiness,theeffectivenessorthesuccessofanyoperations,

ortheaccuracyorcompletenessofanyconfidentialinformationmemoranda,documents,projections,materialorotherinformation(financialorotherwise)regardingtheCompanyoranyCompanySubsidiaryfurnishedtoBuyeroritsrepresentativeormadeavailabletoBuyeranditsrepresentativeinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thetransactionscontemplatedhereby,orinrespectofanyothermatterorthingwhatsoever,…(cont’donnextslide)买方关于不依赖的免责声明NonRelianceDisc41

买方关于不依赖的免责声明(续)Buyer

specificallydisclaimsthatitisrelyinguponorhasrelieduponanysuchotherrepresentationsorwarrantiesandacknowledgesandagreesthattheCompanyandtheSellingShareholdershavespecificallydisclaimedanddoherebyspecificallydisclaimanysuchotherrepresentationorwarrantymadebyanyPerson,andBuyerisacquiringtheCompanyonan“asis,whereis”basis,“withallfaults,”subjectonlythespecificrepresentationsandwarrantiessetforthinArticle__-ofthisAgreementasfurtherlimitedbythespecificallybargained-forlimitationsonremediessetforthinSection___.TheprovisionsofthisSection___,togetherwiththelimitedremediesprovidedinSection___werespecificallybargained-forbetweenBuyer,theCompanyandtheSellingStockholdersandweretakenintoaccountbyBuyer,thecompanyandtheSellingStockholdersinarrivingatthePurchasePrice.BuyerrepresentsandwarrantstotheSellingShareholdersandtheCompanythatbuyerhasconducted,toitssatisfaction,itsownindependentinvestigationofthecondition,operationsandbusinessoftheCompanyanditsSubsidiaries,andBuyerhasbeenprovidedaccesstoandanopportunitytoreviewanyandallinformationrespectingtheCompanyanditsSubsidiariesrequestedbyBuyerinorderforBuyertomakeitsowndeterminationtoproceedwiththetransactionscontemplatedbythisAgreementandwiththelimitedrepresentations,warrantiesandremediesspecificallybargainedforinSection___.买方关于不依赖的免责声明(续)Buyerspecific42

免除非合同方责任条款NoThirdPartyLiability

ThisAgreementmayonlybeenforcedagainstthenamedpartieshereto.Allclaimsorcauseofaction(whetherincontractortort)thatmaybebasedupon,ariseoutoforrelatetothisAgreement,orthenegotiation,executionorperformanceofthisAgreement(includinganyrepresentationorwarrantymadeinorinconnectionwiththisAgreementorasaninducementtoenterintothisAgreement),maybemadeonlyagainsttheentitiesthatareexpresslyidentifiedaspartieshereto;andnoofficer,director,shareholder,employeeoraffiliateofanypartyhereto(includinganypersonnegotiatingorexecutingthisAgreementonbehalfofapartyhereto)shallhaveanyliability

orobligationwithrespecttothisAgreementorwithrespecttoanyclaimorcauseofaction(whetherincontractortort)thatmayariseoutoforrelatedtothisAgreement,orthenegotiation,executionorperformanceofthisAgreement(includingarepresentationorwarrantymadeinorinconnectionwiththisAgreementorasaninducementtoenterintothisAgreement).免除非合同方责任条款NoThirdPartyLiab43律师的基本功——法律研究及文书起草主讲人：谢青律师的基本功44前言——合格律师的三大法宝

学习能力——善于吸收别人的经验和长处

法律思维能力——层次分明，条理清晰，论证严密沟通能力——沟通无处不在前言——合格律师的三大法宝学习能力——善于吸收别人的经45交易律师的三项基础工作进行法律研究

——法律研究是律师工作的基础

提交法律分析报告

——合格交易律师的“试金石”制作合同文本和发表意见

——律师如何见“功底”交易律师的三项基础工作进行法律研究46如何进行法律研究——基本点

明确法律研究的目的注意法规之间的联系、差异当心法律查询和搜索系统的缺陷了解法律规定和实践操作的差距如何进行法律研究——基本点明确法律研究的目的47如何进行法律研究——经验的总结从“大法”入“小法”，从一般到特殊正确的关键词注意法规的时效性、注意发文机关及其之间的关系注意条文背后的含义及对法规内容的提炼他人的研究成果仅可作为参考和背景知识利用官方的解释和答记者问了解背景所有资料必须经过法规研究的验证和确认电话咨询和当面咨询 -正确的机关、正确的部门、正确的人 -事先进行充分的准备：基础法规研究、初步问题和衍生问题的准备如何进行法律研究——经验的总结从“大法”入“小法”，从一般到48如何进行法律研究——成果的归纳、整理和包装“三不”不是法规和咨询记录的简单堆砌不仅是罗列法律规定不仅是对咨询结果的简单引用“二是”法律研究的成果应该是一个系统化的表达视要求如何，进行一定的包装如何进行法律研究——成果的归纳、整理和包装“三不”49如何起草备忘录——起草目的为客户分析整体法律和政策环境,特别是实践中做法和市场先例为客户分析某一/某些特定问题,提供法律意见和建议

为客户策划交易结构,比较各种可选择的方案为尽责目的就现状/方案向客户揭示风险

如何起草备忘录——起草目的为客户分析整体法律和政策环境,50如何起草备忘录——接任务阶段明确客户/合伙人的要求明确起草目的、需解决的问题如何起草备忘录——接任务阶段明确客户/合伙人的要求51如何起草备忘录——准备过程

法律研究/事实调查/实践作法(举例)形成大纲/主要观点并进行充分内部讨论(举例)形成初稿措辞复查、进一步修改、定稿如何起草备忘录——准备过程法律研究/事实调查/实践作法(52如何起草备忘录——基本内容(如为设计交易结构)

提出须解决的问题 --例如,我们理解交易的结构是…,客户需解决的问题是…假设条件或不同情形 --例如,我们假设某些条件已经满足,假设有ScenarioA,B,C在假设条件或情形下讨论各种可能的方案 --Option/AlternativeOne,Two…分别论述每一方案--列出程序和步骤、可能的障碍、风险(举例)如何起草备忘录——基本内容(如为设计交易结构)提出须解决53如何起草备忘录——基本内容(如为设计交易结构)各种方案的利弊比较 --条件具备的难度、审批的障碍、经济利益的考量必要的限制—免除方案提供者的责任 --例如,有赖于政府机关对法规的进一步解释,未经证实是否会被司法机关支持我们的建议/解决方案如何起草备忘录——基本内容(如为设计交易结构)各种方案的利54如何起草备忘录——形式的重要性

层次分割——一段话仅说明一个问题序号的编排(举例)简单问题和复杂问题(举例)小窍门：论述时借助图形,以脚注引述法规,按客户提问的顺序进行回答……(举例)如何起草备忘录——形式的重要性层次分割——一段话仅说明一55如何起草备忘录——初学者应避免的问题

条理不清晰、逻辑性不强内容不够丰富、结论过于轻率同一含义多次重复内容中加入不必要的自己的思维过程如何起草备忘录——初学者应避免的问题条理不清晰、逻辑性不56如何起草和审阅合同熟悉合同条款结构熟悉常见合同条款准确把握特殊条款如何起草和审阅合同熟悉合同条款结构57如何起草和审阅合同——以M&A典型条款为例典型的M&A协议股权收购协议资产收购协议合并协议如何起草和审阅合同——以M&A典型条款为例典型的M&A协议58M&A典型条款基本要件交易机制DealMechanics完成Closing陈述和保证RepresentationsandWarranties承诺事项Covenants完成条件Conditions赔偿Indemnification终止TerminationM&A典型条款基本要件59交易机制Whogetswhatandwhen购买价格和支付方式调价机制交易机制60完成何时&何处基本方式Sign-and-CloseDelayedClosing完成何时&何处61承诺事项一方关于做某事或不做某事的承诺完成前承诺/完成后承诺典型的承诺接触和检查信息进行业务“NoShop”承诺事项一方关于做某事或不做某事的承诺62陈述和保证是卖方关于目标及其业务以及拟议交易产生的影响的书面说明有的时候买方也要做陈述和保证典型的陈述和保证Flat–“Theskyisblue”Qualified,e.g.,:Knowledge:“Tomyknowledge,theskyisblue”Materiality:“Theskyismateriallyblue”Time:“Since31December2003,theskyhasbeenblue”Disclosure:“ExceptassetforthintheDisclosureLetter,theskyisblue”陈述和保证是卖方关于目标及其业务以及拟议交易产生的影响的书面63陈述和保证(续)典型的陈述和保证目标的性质和状态知识产权合同需获得的第三方同意代表买方和代表卖方时审查的不同重点披露函陈述和保证(续)64陈述和保证条款举例“Suchfinancialstatementsfairlypresent(andthefinancialstatementsdeliveredpursuanttoSection5.8willfairlypresent)thefinancialconditionandtheresultsofoperations,changesinshareholders’equityandcashflowsof[Target]asattherespectivedatesofandfortheperiodsreferredtoinsuchfinancialstatements,allinaccordancewithGAAP.”The[Target]FinancialStatementsareaccurateandcompleteinallmaterialrespectsandfairlypresentinallmaterialrespectsthefinancialpositionof[Target]anditsconsolidatedSubsidiariesasoftherespectivedatesthereofandtheresultsofoperationsandcashflowsof[Target]anditsconsolidatedSubsidiariesfortheperiodscoveredthereby.The[Target]FinancialStatementshavebeenpreparedinaccordancewithGAAPappliedonaconsistentbasisthroughouttheperiodscovered(exceptthatthefinancialstatementsreferredtoinSection2.4(a)(ii)donotcontainfootnotes).陈述和保证条款举例“Suchfinancialstate65陈述和保证条款举例(续)Buyer-Favorable“NoUndisclosedLiabilities”Representation“NoUndisclosedLiabilities.ExceptassetforthinPart3.13[oftheDisclosureLetter],[Target]hasnoLiabilityexceptforLiabilitiesreflectedorreservedagainstintheBalanceSheetortheInterimBalanceSheetandcurrentliabilitiesincurredintheOrdinaryCourseofBusinessof[Target]sincethedateoftheInterimBalanceSheet.”“Liability”--withrespecttoanyPerson,anyliabilityorobligationofsuchPersonofanykind,charac