Austria, Czech Republic, Poland and Hungary
In particular, you should check if these contracts can be terminated or amended, require notification, or permit your counterparty a right of first offer or refusal if a buyer takes control of the company (a so-called "change of control" clause). If there is a change of control clause, this may require careful handling depending on the counterparty and importance of the contract. Understanding what is out there and considering how best to deal with it before the buyer unearths it can help to avoid delay and disruption.
Slovakia
In particular, you should check if these contracts can be terminated or amended, require notification, or permit your counterparty a right of first offer or refusal if a buyer takes control of the company (a so-called "change of control" clause). If there is a change of control clause, this may require careful handling depending on the counterparty and importance of the contract. Understanding what is out there and considering how best to deal with it before the buyer unearths it can help to avoid delay and disruption.
For example, if the business in question generates most of its value from property management, in the case of acquiring the real estate, it is necessary to examine ownership rights and their validity. In Slovakia, it is usual to verify good-faith ownership for the past ten years (period of acquisitive prescription of ownership rights to real estate). In the case of lease relationships, the validity of lease agreements is assessed, as these may present challenges arising from the strict provisions of the Slovak Act on the Lease and Sublease of Non-Residential Premises.
In the case of customer contracts or if the business involves consumer relationships, it is necessary to thoroughly assess the risk of unfair terms in standard contracts that could jeopardise a large part of the portfolio of active contracts.