什么是法律尽职调查&如何进行
What Is Legal Due Diligence & How To Do It
要是想公开或私下交易，该怎么做法律上的尽职调查，并准备好相关事项呢？
How to prepare for and conduct legal due diligence for public or private deals.
1. 什么是法律尽职调查？WHAT IS LEGAL DUE DILIGENCE?
2. 如何进行法律尽职调查?HOW TO PERFORM LEGAL DUE DILIGENCE
3. 法律尽职调查需要多长时间？ HOW LONG DOES LEGAL DUE DILIGENCE TAKE?
4. 法律尽职调查清单.LEGAL DUE DILIGENCE CHECKLIST
并购中的法律尽职调查
Legal due diligence in M&A
尽职调查是决定一笔并购交易成败的关键环节。法律尽职调查的核心在于全面审查和评估目标公司在业务、财务及资产（包括知识产权）方面的法律状况，帮助买卖双方识别潜在漏洞，洞察可能存在的法律风险，为交易决策提供重要依据。
Due diligence can make or break an M&A deal. Legal due diligence reviews and evaluates the legal aspects of the company’s operations, finances and assets, including intellectual property, enabling both the buy and sell-side to identify potential liabilities and understand any legal risks.
在这里，我们将为您详细讲解法律尽职调查的基础知识、所需时间以及需要收集的信息。鉴于法律尽职调查通常是在复杂的交易流程中进行的，我们特别准备了一份清晰明了的清单，无论您是买方还是卖方，都能帮助您更好地做好准备。
Here, we’re going to discuss the basics of this type of due diligence, how long it takes and what information needs to be gathered. Since legal due diligence occurs within a complex transaction workflow, we provide a clear checklist so you can be prepared, whether you’re buy-side or sell-side.
获取法律尽职调查清单
Get the legal due diligence checklist
一份数字化清单，涵盖所有关键文件，为并购过程中的法律尽职调查提供无缝支持。
A digitized checklist containing all the critical documentation for seamless legal due diligence during mergers and acquisitions.
什么是法律尽职调查?
What is legal due diligence?
法律尽职调查是一个收集和评估目标公司相关法律文件和信息的过程。买卖双方都可以在交易完成前仔细审查潜在的法律风险，例如诉讼问题或知识产权细节。
Legal due diligence is the process of collecting and assessing all of the legal documents and
information relating to the target company. It gives both the buyer and seller the chance to scrutinize any legal risks, such as lawsuits or intellectual property details, before closing the deal.
通过深入了解目标公司及其可能存在的负债情况，双方能够在并购交易中做出更加明智的决策，确保对目标公司的评估更加精准。
By understanding the target company and any potential liabilities, both parties can make an informed decision in the M&A transaction, and ensure the target company is accurately evaluated.
如何进行法律尽职调查？
How to perform legal due diligence ？
为了进行法律尽职调查，需要仔细检查以下内容:
To perform legal due diligence, the following will need to be scrutinized:
- 合同(客户、供应、运营和员工合同和许可证) Contracts (customer, supply, operating and employee contracts and licenses)
- 租赁 Leases
- 待决和潜在的诉讼 Pending and potential lawsuits
- 知识产权 Intellectual property
- 财产和税收负债 Property and tax liabilities
- 监管合规性 Regulatory compliance
- 环境法 Environmental laws
- 陈述和保证 Representations and warranties
- 组织文件(公司章程、有限责任协议、股东协议)
Organizational documents (company by-laws, limited liability agreements, stockholder agreements)
法律尽职调查的步骤
Steps in legal due diligence
1. 设定调查的具体参数Set the parameters for due diligence
法律尽职调查的第一步，是由各方共同商定流程的具体安排，包括操作方式、完成时限以及最终报告的呈现形式。
The first step in legal due diligence is for the parties to decide on how the process will proceed, the deadlines and the format of the final report.
2. 确定团队分工和工作流程 Determine team and workflow
第二步是明确负责尽职调查各个环节的团队成员。借助简化的尽职调查工作流程工具，可以大大提高数据收集环节的效率。
The second step is to determine who will be responsible for the different aspects of due diligence. Using a streamlined due diligence workflow tool can bring efficiency to the data collection steps.
3. .收集文件 Collect documentation
在公司收集支持法律程序的文档时，可能会花费不少时间。使用核对表可以帮助确保没有遗漏。需要注意的一些关键点包括：
Gathering the documentation that supports legal processes at the company can be time-consuming. Use a checklist to ensure nothing is missed. Some key aspects to consider include:
- 哪些行为需要董事会同意?Which actions require board consent?
- 政策可以在没有股东投票的情况下改变吗?Can policies be changed without a shareholder vote?
- 谁可以代表目标公司和任何子公司签署文件? Who can sign documents on behalf of the target and any subsidiaries?
- 有没有针对敌意收购的防御措施？Are there any defences to a hostile acquisition?
在这一步，我们需要收集的文件包括所有管理类文件，比如董事会会议记录、公司成立证明等；股票或所有权的相关情况；关于子公司的信息，包括是否完全或部分拥有；以及目标公司的合同，像是许可证、供应商合同和客户合同等。
Documents to gather at this step include all governing documents, such as board meeting minutes, certification of incorporation and so on; status of stock or ownership; information on subsidiaries, including whether they are wholly or partially owned; target company contracts, including licences, supplier contracts and customer contracts.
4. 整理文档并分配访问权限 Organise documents and distribute access
虚拟数据室可以帮助快速整理文件，并与交易双方及相关团队共享。在尽职调查过程中，借助人工智能进行信息的编辑、整理和总结，同时由人工进行监督，可以大大节省时间，减少这一资源密集型环节的工作量。
A virtual data room can help rapidly organize and share documents with the relevant teams on both sides of the deal. Using AI in due diligence, including to redact, organise and summarise information, with human oversight, reduces the time spent on this resource-heavy process.
敏感信息可以通过设置合适的安全措施和访问权限来保护。
Sensitive information can be protected through appropriate security and levels of access.
重要的是，要检查公司的记录保存政策以及相关的保存期限，确保这些操作符合相关的传播、保留和使用要求。
It’s important to review the company’s record retention policy and any mandated retention periods to ensure that these actions align with the dissemination, retention and use directions set out.
5. 审查变更控制权或禁止转让条款Review change of control or anti-assignment clauses
合并或收购可能会触发某些协议条款，赋予特定一方一些权利，例如同意、付款或终止。识别这些条款及其可能带来的后果，是评估交易可行性和价值时法律尽职调查的重要部分。
A merger or acquisition can trigger an agreement to give a particular party rights, such as consent, payment or termination. Identifying any of these clauses and the related consequences is part of legal due diligence to assess the viability and value of the deal.
卖方的法律尽职调查
Legal due diligence for the sell-side
法律尽职调查不仅对买方有益，对卖方同样至关重要。对于卖方来说，进行尽职调查有助于明确公司的真实价值，并为顺利出售做好充分准备。尤其需要注意的是，近一半的交易因尽职调查过程中出现问题而告吹。因此，如果卖方能在买方或投资者介入之前，先对公司进行一次全面的尽职调查，就能及时发现并解决潜在问题，从而提高交易成功的概率。
Legal due diligence is not only beneficial for the buyer, but also for the seller. As the seller, it enables you to identify the worth of your company and prepare it for sale. This is especially crucial since nearly half of deals fail due to issues surfaced during the due diligence process. If the sell-side can perform due diligence on their own company first, issues can be identified and rectified before a buyer or investor gets involved.
对买家来说，这意味着一个更简便、更少让人头疼的过程。对卖家来说，这通常意味着达成更高价值的交易。
The result for the buyer is a more streamlined, less frustrating process. For the seller, it often equates to a higher value deal.
买方的法律尽职调查
Legal due diligence for the buy-side
对于收购方来说，进行尽职调查有四个主要好处。首先，尽职调查可以帮助买方全面了解目标公司的状况和运营情况。这不仅有助于买方合理评估目标公司的价值，确定一个公正的收购价格，还能为制定一份完善且有保障的并购合同提供重要依据。
For the acquiring company, the benefits of this type of due diligence are four-fold. First, it enables the buyer to understand the target company and its operations. This then aids the buyer to not only determine a fair purchase price but helps to prepare a strong M&A contract.
最重要的是，只有在彻底了解目标可能存在的法律风险和责任之后，你才能做出明智的决策，避免在后续的过程中陷入困境。
And most importantly, with a thorough understanding of the target’s potential legal risks and liabilities, you can make an informed decision and avoid falling into hot water later down the track.
尽职调查费用由谁支付?
Who pays for due diligence?
交易双方将商定由谁来承担尽职调查费用。通常情况下，在并购尽职调查过程中，买方和卖方都会分别支付投资银行家、会计师、律师及其他顾问团队的费用。
The parties to a transaction will determine who covers due diligence expenses. Typically, both buyers and sellers will pay for a team of investment bankers, accountants, solicitors and other consultants throughout the M&A due diligence process.
法律尽职调查包括哪些内容?
What does legal due diligence include?
法律尽职调查是指对目标公司所有法律文件和相关信息进行全面的收集与评估，包括合同、租赁协议等内容。这给买家提供了一个确认交易前评估潜在法律风险及知识产权细节的机会。
Legal due diligence involves collecting and assessing all legal documents and information of a target company, including contracts, leases and so on. This is an opportunity for buyers or investors to assess legal risks and intellectual property details before agreeing to a deal.
法律尽职调查的类型
Types of legal due diligence
法律尽职调查将涵盖涉及合同协议的使用、相关外部监管规定以及资产存在等各个方面的业务。这包括但不限于：
Legal due diligence will cover all aspects of the business where contractual agreements are used, external regulation applies or assets exist. This includes, but is not limited to:
- 资产和财产，包括租赁和所有权Assets and property, including leases and ownership
- 银行和贷款Banking and loans
- 所有权结构和相关协议Ownership structures and agreements
- 雇员合同Employee contracts
- 业务政策和程序Operational policy and procedure
- 强制性报告程序Mandatory reporting processes
- 环境法规和合规性Environmental regulation and compliance
- 任何待决或可能发生的诉讼Any litigation pending or likely
- 税收Taxation
- 治理结构和相关文件Governance structure and documentation
为什么法律尽职调查如此重要？
Why legal due diligence is so important？
法律尽职调查有助于识别潜在的隐性负债以及可能影响交易顺利完成的任何条款。它不仅可以验证和确保合规性(类似于专门的监管尽职调查），还能揭示正在进行或潜在的法律诉讼。通过法律尽职调查，卖方和买方能够获得更高的确定性和信心，确保交易过程公平、透明，并且经过充分评估。
Legal due diligence helps to identify hidden liabilities and any clauses that could prevent a successful deal. It helps to verify and ensure regulatory compliance, similar to regulatory due diligence specifically and uncovers any ongoing or potential legal proceedings. Legal due diligence provides certainty and confidence to both the seller and the buyer that the deal is fair, transparent and properly evaluated.
法律尽职调查过程需要多长时间?
How long does the legal due diligence process take?
法律尽职调查通常需要1到2个月的时间。买方通常会利用这段时间对目标企业进行全面评估，其中包括对所有法律事务的详细审查。
Legal due diligence investigations take around 1-2 months. This is usually how long it takes for the buyer to complete a thorough evaluation of the business, including all the legal aspects.
法律尽职调查的过程时间长短，通常取决于交易的复杂程度、目标公司的规模以及买方的情况。除此之外，信息的获取难易程度和各方之间的沟通效率也是影响调查时间的重要因素。
The length of the legal due diligence process will depend on the complexity and scope of the transaction, the size of the target company and the nature of the buyer. Other factors that impact the length of this process include the availability of information and the efficiency of communication between the parties.
法律尽职调查常见问题解答
Legal due diligence FAQ
什么是合同的法定尽职调查?
What is the legal due diligence of a contract?
在与新供应商或第三方建立合作关系时，法律尽职调查通过合同来验证资产、供应商、服务提供商或第三方是否符合预期要求，包括合规性、可持续发展标准、道德规范、质量和可靠性等方面。合同会经过仔细审查，以确保在发生任何意外情况时，能够确保取得可接受的结果。
When entering a relationship with a new vendor or third party, legal due diligence of a contract verifies the asset, supplier, service provider or third party meets expectations, including compliance, sustainability standards, ethical standards, quality and reliability. The contract is reviewed to ensure that it adequately ensures acceptable outcomes if any unexpected events occur.
法律尽职调查的关键组成部分是什么?
What are the key components of legal due diligence?
法律尽职调查的核心内容包括审查公司文件，以确认公司所有权和结构；评估公司是否遵守相关法律法规；分析正在进行或待决的诉讼案件；以及检查具有重要商业意义的合同和协议。通过这一过程，能够识别与公司相关的潜在风险和实际责任。
Legal due diligence key components are to review corporate documents to verify company ownership and structure, assess compliance with applicable laws and regulations, evaluate active and pending litigation, analyze contracts and agreements with business significance. The legal due diligence process helps to identify potential and actual risks and liabilities associated with a company.
谁负责进行法律尽职调查?
Who is responsible for conducting legal due diligence?
潜在买家或投资者会根据卖方提供的信息和文件进行法律尽职调查。包括公司律师在内的法律专业团队将对潜在的投资或收购项目的法律事项进行全面审查。
The prospective buyer or investor will conduct legal due diligence, using the information and documentation provided by the seller. A team of legal professionals, including corporate lawyers, will thoroughly examine the legal aspects of the potential investment or acquisition.
