Hypothetically, if someone were to say they sold their company, can they have an NDA that prevents them from speaking about their company name, the buying company's name, and details about what their company does or is this not possible?
1 Answer
An NDA is a contract between parties, hence the "A" which stands for "agreement".
If the buyer asks for an NDA with those terms as a part of the deal and the seller agrees to it, then yes, it's possible. If the seller does not agree to the NDA terms, then further negotiations may lead to an agreement. Otherwise the buyer may choose to not complete the purchase.
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This said, at some point, a contractual term could be held to be void as contrary to public policy. I'm not sure that any of the terms described would app[y (although disclosure notwithstanding the NDA to, for example, tax officials, would still be required). Commented Jul 20, 2023 at 20:02
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@ohwilleke In this situation, would it be possible for someone to verify some of these details via a third party (ex. LLC listings are public until 3 years post LLC closure and thus one may be able to look up "person name + LLC")– wavtCommented Jul 20, 2023 at 23:41
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1@wavt The facts of the question are too sparse to say very much that would be meaningful. The law operates at very low levels of generality based upon rich fact patterns in which many things are relevant, and differs materially from one country or U.S. state to another. Commented Jul 20, 2023 at 23:45
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@ohwilleke is there any website I can go to look into this in more detail, perhaps by state? Would this be worth a separate question and/or updating this one?– wavtCommented Jul 21, 2023 at 1:03