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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12091
Experience:  30 years as a practising solicitor.
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is a due dilligence form binding in law ? can the details on

Customer Question

is a due dilligence form binding in law ? can the details on it be changed after take over ?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.
Due diligence is typically binding as a matter of contract. One party is given the opportunity to examine another's records and can enter into a contract based on those findings.
The details would not generally be changed after a take over as it is for the purchaser to carry out due diligence, although any warranties granted by the seller could be founded upon by a purchaser if found not to be accurate.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.