1、君合律師事務所Jun He Law Offices律师的基本功律师的基本功 法律研究及文书起草法律研究及文书起草主讲人：谢青君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices前言前言合格律师的三大法宝合格律师的三大法宝 学习能力学习能力 善于吸收别人的经验和长处善于吸收别人的经验和长处 法律思维能力法律思维能力 层次分明，条理清晰，论证严密层次分明，条理清晰，论证严密 沟通能力沟通能力 沟通无处不在沟通无处不在君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices交易律师的三项基础工作交易律师的三项
2、基础工作 进行法律研究进行法律研究 法律研究是律师工作的基础 提交法律分析报告提交法律分析报告 合格交易律师的“试金石”制作合同文本和发表意见制作合同文本和发表意见 律师如何见“功底”君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何进行法律研究如何进行法律研究基本点基本点 明确法律研究的目的明确法律研究的目的 注意法规之间的联系、差异注意法规之间的联系、差异 当心法律查询和搜索系统的缺陷当心法律查询和搜索系统的缺陷 了解法律规定和实践操作的差距了解法律规定和实践操作的差距君合律師事務所Jun He Law Offices君合律師事務所Ju
3、n He Law Offices如何进行法律研究如何进行法律研究经验的总结经验的总结从“大法”入“小法”，从一般到特殊正确的关键词注意法规的时效性、注意发文机关及其之间的关系注意条文背后的含义及对法规内容的提炼他人的研究成果仅可作为参考和背景知识利用官方的解释和答记者问了解背景所有资料必须经过法规研究的验证和确认电话咨询和当面咨询-正确的机关、正确的部门、正确的人-事先进行充分的准备：基础法规研究、初步问题和衍生问题的准备君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何进行法律研究如何进行法律研究成果的归纳、整理和包装成果的归纳、整理和包
4、装“三不三不”不是法规和咨询记录的简单堆砌不仅是罗列法律规定不仅是对咨询结果的简单引用“二是二是”法律研究的成果应该是一个系统化的表达视要求如何，进行一定的包装君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 起草目的起草目的 为客户分析整体法律和政策环境为客户分析整体法律和政策环境,特别是实践中做法和市场先例特别是实践中做法和市场先例 为客户分析某一为客户分析某一/某些特定问题某些特定问题,提供法律意见和建议提供法律意见和建议 为客户策划交易结构为客户策划交易结构,比较各种可选择的方案比较各种可选择的方案 为尽责
5、目的就现状为尽责目的就现状/方案向客户揭示风险方案向客户揭示风险 君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 接任务阶段接任务阶段明确客户明确客户/合伙人的要求合伙人的要求 明确起草目的、需解决的问题明确起草目的、需解决的问题君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 准备过程准备过程 法律研究法律研究/事实调查事实调查/实践作法实践作法(举例举例)形成大纲形成大纲/主要观点并进行充分内部讨论主要观点并进行充分内部讨论(举例
6、举例)形成初稿形成初稿措辞复查、进一步修改、定稿措辞复查、进一步修改、定稿君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 基本内容基本内容(如为设计交易结构如为设计交易结构)提出须解决的问题提出须解决的问题 -例如例如,我们理解交易的结构是我们理解交易的结构是,客户需解决的问题是客户需解决的问题是假设条件或不同情形假设条件或不同情形 -例如例如,我们假设某些条件已经满足我们假设某些条件已经满足,假设有假设有Scenario A,B,C在假设条件或情形下讨论各种可能的方案在假设条件或情形下讨论各种可能的方案 -Op
7、tion/Alternative One,Two 分别论述每一方案分别论述每一方案 -列出程序和步骤、可能的障碍、风险列出程序和步骤、可能的障碍、风险(举例举例)君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 基本内容基本内容(如为设计交易结构如为设计交易结构)各种方案的利弊比较各种方案的利弊比较 -条件具备的难度、审批的障碍、经济利益的考量条件具备的难度、审批的障碍、经济利益的考量必要的限制必要的限制免除方案提供者的责任免除方案提供者的责任-例如例如,有赖于政府机关对法规的进一步解释有赖于政府机关对法规的进一步
8、解释,未经证实是否会被未经证实是否会被司法机关支持司法机关支持我们的建议我们的建议/解决方案解决方案君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草备忘录如何起草备忘录 形式的重要性形式的重要性 层次分割层次分割一段话仅说明一个问题一段话仅说明一个问题 序号的编排序号的编排(举例举例)简单问题和复杂问题简单问题和复杂问题(举例举例)小窍门：论述时借助图形小窍门：论述时借助图形,以脚注引述法规以脚注引述法规,按客户提问的顺序按客户提问的顺序进行回答进行回答(举例举例)君合律師事務所Jun He Law Offices君合律師事務所Jun
9、 He Law Offices如何起草备忘录如何起草备忘录 初学者应避免的问题初学者应避免的问题 条理不清晰、逻辑性不强条理不清晰、逻辑性不强内容不够丰富、结论过于轻率内容不够丰富、结论过于轻率同一含义多次重复同一含义多次重复内容中加入不必要的自己的思维过程内容中加入不必要的自己的思维过程君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices如何起草和审阅合同如何起草和审阅合同熟悉合同条款结构熟悉合同条款结构熟悉常见合同条款熟悉常见合同条款准确把握特殊条款准确把握特殊条款君合律師事務所Jun He Law Offices君合律師事務所Jun He
10、Law Offices如何起草和审阅合同如何起草和审阅合同以以M&A典型条款为例典型条款为例典型的典型的M&A协议协议股权收购协议股权收购协议资产收购协议资产收购协议合并协议合并协议君合律師事務所Jun He Law Offices君合律師事務所Jun He Law OfficesM&A典型条款典型条款基本要件基本要件交易机制Deal Mechanics完成Closing陈述和保证Representations and Warranties承诺事项Covenants完成条件Conditions赔偿Indemnification终止Termination君合律師事務所Jun He Law Off
11、ices君合律師事務所Jun He Law Offices交易机制交易机制Who gets what and when购买价格和支付方式调价机制君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成完成何时&何处基本方式Sign-and-CloseDelayed Closing君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices承诺事项承诺事项一方关于做某事或不做某事的承诺完成前承诺/完成后承诺典型的承诺接触和检查信息进行业务“No Shop”君合律師事務所Jun He Law Offices君合
12、律師事務所Jun He Law Offices陈述和保证陈述和保证是卖方关于目标及其业务以及拟议交易产生的影响的书面说明有的时候买方也要做陈述和保证典型的陈述和保证Flat “The sky is blue”Qualified,e.g.,:Knowledge:“To my knowledge,the sky is blue”Materiality:“The sky is materially blue”Time:“Since 31 December 2003,the sky has been blue”Disclosure:“Except as set forth in the Disclos
13、ure Letter,the sky is blue”君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices陈述和保证陈述和保证(续续)典型的陈述和保证目标的性质和状态知识产权合同需获得的第三方同意代表买方和代表卖方时审查的不同重点披露函君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices陈述和保证条款举例陈述和保证条款举例“Such financial statements fairly present(and the financial statements delivered pursuant
14、to Section 5.8 will fairly present)the financial condition and the results of operations,changes in shareholders equity and cash flows of Target as at the respective dates of and for the periods referred to in such financial statements,all in accordance with GAAP.”The Target Financial Statements are
15、 accurate and complete in all material respects and fairly present in all material respects the financial position of Target and its consolidated Subsidiaries as of the respective dates thereof and the results of operations and cash flows of Target and its consolidated Subsidiaries for the periods c
16、overed thereby.The Target Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the periods covered(except that the financial statements referred to in Section 2.4(a)(ii)do not contain footnotes).君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices陈述和
17、保证条款举例陈述和保证条款举例(续续)Buyer-Favorable “No Undisclosed Liabilities”Representation“No Undisclosed Liabilities.Except as set forth in Part 3.13 of the Disclosure Letter,Target has no Liability except for Liabilities reflected or reserved against in the Balance Sheet or the Interim Balance Sheet and curren
18、t liabilities incurred in the Ordinary Course of Business of Target since the date of the Interim Balance Sheet.”“Liability”-with respect to any Person,any liability or obligation of such Person of any kind,character or description,whether known or unknown,absolute or contingent,accrued or unaccrued
19、,disputed or undisputed,liquidated or unliquidated,secured or unsecured,joint or several,due or to become due,vested or unvested,executory,determined,determinable or otherwise,and whether or not the same is required to be accrued on the financial statements of such Person.君合律師事務所Jun He Law Offices君合
20、律師事務所Jun He Law Offices陈述和保证条款举例陈述和保证条款举例(续续)Target-Favorable No Undisclosed Liabilities”Representation“No Undisclosed Liabilities.Except as set forth in Part 3.13 of the Disclosure Letter,Target has no liability of the nature required to be disclosed in the liabilities column of a balance sheet pre
21、pared in accordance with GAAP except for“Full Disclosure.No representation or warranty or other statement made by Target or any Target Shareholder in this Agreement,the Disclosure Letter,any supplement to the Disclosure Letter,the certificates delivered pursuant to Section 2.7(a)or otherwise in conn
22、ection with the Contemplated Transactions contains any untrue statement or omits to state a material fact necessary to make any of them,in light of the circumstances in which it was made,not misleading.”君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成的先决条件完成的先决条件一方完成交易的先决条件(“walk right”)典型的Walk
23、Rights陈述和保证的准确性公司内部必要的授权没有重大不利变化尽职调查令一方满意君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成的前提之一：陈述保证的准确性完成的前提之一：陈述保证的准确性“Accuracy of Representations and Warranties.Each of the representations and warranties made by the Target in this Agreement shall have been accurate in all respects as of the da
24、te of this Agreement,and shall be accurate in all respects as of the Closing Date as if made on the Closing Date.”“Accuracy of Representations and Warranties.Each of the representations and warranties made by the Target in this Agreement shall be accurate in all respects as of the Closing Date as if
25、 made on the Closing Date,except for inaccuracies of representations or warranties the circumstances giving rise to which,individually or in the aggregate,do not constitute and could not reasonably be expected to have a Material Adverse Effect.”“No Material Adverse Change.Since the date of this Agre
26、ement,there has not been any Target Material Adverse Change.”君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成的前提之二：无重大不利影响完成的前提之二：无重大不利影响“Material Adverse Effect”means any change or effect that is or would reasonably be expected to be materially adverse to the assets,properties,Business,operatio
27、ns,liabilities,results of operation or financial condition of Target and its Subsidiaries,taken as a whole;including,without limitation,the occurrence prior to Closing of any single event,or any series of related events,or set of related circumstances,which could reasonably be expected to cause an a
28、ctual,direct net decrease in EBITDA for either the 12 month period ending January 31,2004 or EBITDA for any 12 month periods ending after the Closing Date but prior to the first anniversary of the Closing Date,in excess of*(after giving effect to any other offsetting increases or decreases affecting
29、 EBITDA);*君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成的前提之二：无重大不利影响完成的前提之二：无重大不利影响(续续)Material Adverse Effect means,(a)with respect to Target or the Shareholders,any breach of a representation or warranty hereunder or a covenant to be performed by Target or the Shareholders the effect of whi
30、ch is likely to cause Target(or the Surviving Company)to pay or become liable to pay more than Five Hundred Thousand ($500,000)Dollars to remedy any single such event,violation,breach,default or termination(as the case may be)or more than One Million ($1,000,000)Dollars in the aggregate for all such
31、 events,violations,breaches,or defaults or terminations(as the case may be),and(b)with respect to Parent,any breach of a representation or warranty hereunder or a covenant to be performed by the Parent or Acquisition Subsidiary the effect of which is likely to cause the Parent(or the Surviving Compa
32、ny)to pay or become liable to pay more than Five Hundred Thousand ($500,000)Dollars to remedy any single such event,violation,breach,default or termination(as the case may be)or more than One Million ($1,000,000)Dollars in the aggregate for all such events,violations,breaches,or defaults or terminat
33、ions(as the case may be).君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices完成的前提之二：无重大不利影响完成的前提之二：无重大不利影响(续续)“Target Material Adverse Effect”shall mean any change,event,occurrence or condition which has had,or could reasonably be expected to have,individually or in the aggregate,a material adverse e
34、ffect on the business,assets,liabilities,financial condition,results of operations or prospects of the Target,taken as a whole MATERIAL ADVERSE CHANGE/EFFECT means,when used in connection with a Person,any change,event,violation,inaccuracy,circumstance or effect that is materially adverse to the bus
35、iness,assets,liabilities,financial condition,results of operations or prospects of such Person taken as a whole,other than as a result of(i)changes generally adversely affecting the United States economy(so long as such Target is not disproportionately affected thereby)(ii)performance by such Person
36、 of its obligations under this Agreement or,with respect to Target only,the failure of Target to consent to actions reasonably requested by Parent pursuant to Section 4.1 of this Agreement,(iii)the announcement or pendency of the transactions contemplated by this Agreement,or(iv)war or the outbreak
37、of hostilities 君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices“据某人所知据某人所知”条款条款“Knowledge of Target”or“Targets Knowledge”means the actual knowledge of Targets Chief Executive Officer,Chief Financial Officer or Chief Technology Officer.“Knowledge”means(a)with respect to Target,the actual knowledge
38、of the Acquired Companies chief executive officer,Vice President of Finance and Administration senior vice presidents,vice presidents,Richard Katz,Sanjay Anand,and officers having responsibility for such matter,and(b)with respect to Parent,the actual knowledge of Parents chief executive officer,chie
39、f financial officer and other officers and employees having responsibility for such matter.君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices“据某人所知据某人所知”条款条款(续续)“Knowledge”means,when referring to the“Knowledge”of Target,or any similar phrase or qualification based on knowledge or awareness with resp
40、ect to Target,(i)the actual knowledge of any of named individuals,and(ii)the knowledge that any such Person referenced in(i)above,as a prudent business person,would have obtained in the conduct of his or her business.“knowledge means(i)with respect to any natural person,the actual knowledge,of such
41、person,or(ii)with respect to any corporation or entity,the actual knowledge of such partys officers provided that such persons shall have made due and diligent inquiry of those employees and directors of such party whom such officers reasonably believe would have actual knowledge of the matters repr
42、esented.known or knowledge means,with respect to any party,the actual knowledge of such partys executive officers and senior management and such knowledge as would be reasonably expected to be known by such executive officers in the ordinary and usual course of the performance of their professional
43、responsibilities to such party.君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices赔偿赔偿完成后买方要求赔偿的权利违反陈述和保证违反承诺事项发生特定事项赔偿的权利在完成后能够存续多久？君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices赔偿限制条款赔偿限制条款“Sandbagging”(“pro-sandbagging”clauses,i.e.,no limitation on Buyers remedies based on Buyers pre-existing
44、knowledge of an inaccuracy or breach)“The right to indemnification,reimbursement or other remedy based upon such representations,warranties,covenants and obligations shall not be affected by any investigation(including any environmental investigation or assessment)conducted with respect to,or any Kn
45、owledge acquired(or capable of being acquired)at any time,whether before or after the execution and delivery of this Agreement or the Closing Date,with respect to the accuracy or inaccuracy of or compliance with any such representation,warranty,covenant or obligation.”君合律師事務所Jun He Law Offices君合律師事務
46、所Jun He Law Offices赔偿限制条款赔偿限制条款(续续)“Sandbagging”(“anti-sandbagging”clauses,i.e.,express limitation on Buyers remedies based on Buyers pre-existing knowledge of an inaccuracy or breach)No claim for indemnity for a breach of a particular representation,warranty or covenant shall be made after the Clos
47、ing if the Buyer had Knowledge(including by virtue of any Disclosure Schedule)of such breach as of the Closing,except for claims with respect to any Events Outside of the Ordinary Course.No representation or warranty of Target contained in this Agreement shall be affected or deemed waived or otherwi
48、se impaired or limited by reason of any investigation or due diligence conducted by Purchaser or its representatives,except to the extent that on or before the Closing Date Purchaser obtains Actual Knowledge of any facts,events or circumstances that would cause the particular representation or warra
49、nty of Target in question to be untrue.君合律師事務所Jun He Law Offices君合律師事務所Jun He Law Offices赔偿限制条款赔偿限制条款(续续)Survival/Time to Assert ClaimsAll representations,warranties in this Agreement,the Disclosure Letter,the supplements to the Disclosure Letter,the certificate delivered pursuant to Section 2.4(a)(
50、v),and any other certificate or document delivered pursuant to this Agreement will survive the Closing.If the Closing occurs,Sellers will have no liability(for indemnification or otherwise)with respect to any representation or warranty unless on or before _ Buyer notifies Sellers of a claim specifyi
