TFL Vsebine / Pravni letopis

V poslovni praksi sklepanja t. i. transakcij M & A je običajno, da prodajna pogodba vsebuje določena prodajalčeva jamstva glede predmeta prodajne pogodbe. V primeru njihove kršitve lahko prodajalec odškodninsko odgovarja za škodo, ki zaradi tega nastane kupcu. Ker imajo jamstva učinek prenosa tveganj na prodajalca, je razumljivo, da sta pogajalski izhodišči strank z vidika obsega jamstev različni. Kupec si bo skušal zagotoviti širok nabor jamstev, prodajalec pa si bo razumljivo prizadeval njihov obseg čim bolj skrčiti. Ta razkorak je mogoče premostiti s sklenitvijo zavarovanja jamstev. Produkt strankama omogoča prenos rizika škode zaradi kršitve prodajalčevih jamstev na zavarovalnico, kar ima lahko znaten vpliv na dinamiko pogajanj o prodajni pogodbi.

A sale and purchase agreement (SPA) negotiated in the context of an M & A transaction will typically include a set of seller’s representations and warranties (R&W) around the object of sale. A breach of R&W can entitle the purchaser to seek indemnification from the seller for any resulting loss. R&W serve the purpose of allocating certain risks to the seller. Understandably, the parties will have different positions on the scope of R&W. The purchaser will want to see a wide R&W catalogue, while the seller will wish to narrow its scope to the maximum extent possible. Warranty and indemnity (W&I) insurance can assist in bridging the gap between parties’ expectations around the scope of R&W. W&I insurance effectively allows for transferring the risk of liability for breach of R&W to an insurer. This can have a significant impact on the course of SPA negotiations.

Warranty and indemnity (W&I) insurance