Hello all. I've been looking through broker business listings for a while, but have noticed the terms of a few NDAs are very restrictive. How conservative should I be when it comes to agreeing to these? For example, the text below --
"Buyer shall not contact any Seller, its banker, accountant, attorney, employees, suppliers, competitors, customers or others who might have information concerning Seller for any purpose whatsoever (including the hiring of Seller's employees) without specific prior written authorization by [broker]."
As I read this, I could unwittingly violate the agreement by buying a different business, putting an ad on a job site, and having one of this business's employees respond. Or I could hire the same attorney without knowing, or something similar. I imagine this sort of thing would be difficult for anyone to track, but at the same time I don't know how I should think about the legal risk here, particularly since I'm in the middle of a geographically-restricted search. Thanks for any insights.
NDA Restrictions
by a searcher from The University of Chicago - Booth School of Business
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A buyer and seller HAVE to be able to talk without a broker getting in the middle.
Just my opinion, I view brokers and realtors as one and the same, they bring nothing to the table but a website to advertise your business on and charge insane amounts of money for no real work.