In order to help the members of the company to make a decision that is not only in their best interest, but also well informed, the company should be required to comply with a disclosure obligation – details of negotiations and disclosure of all contacts and correspondence with the owner. This will allow the company to act at any time for the participating tenants and adopt instructions from them and not act solely on the basis of information that is not shared with them. The agreement should define the company`s obligations in the conduct of the negotiations. And controls and procedures by which participants will instruct it in negotiations and settlements. The most important thing is to define procedures so that only the company orders the selected professionals; Some tenants should not be able to contact the professionals themselves. In summary, the agreement should reflect the fact that the participant concluded the participation agreement with all the information it would need, as if it had granted the loan itself. However, leading banks should endeavour to provide the participant with all relevant information it has received from the borrower and in the form in which it was received, in order to assist the participant in fulfilling its obligation to conduct a credit analysis independent of the borrower. This obligation is in line with the rules and guidelines adopted by the banking supervisory authorities. To achieve all this, tenants need a high degree of organization and cooperation. You must be able to bear the costs and respond to the owner`s requests for information within the defined time frames. They must be sufficiently organized to give the legitimate society clear and unequivocal instructions for the conduct and successful conclusion of the negotiations. To do this, there must be a solid basis of the agreement, identified and recognized with responsibilities and obligations, and an integrated assurance that the members of the company will make their contributions at the end of the acquisition. The parties to the agreement are usually the qualified tenants who participate in the initial notification and the authorized company.
However, there are potential participants who may not have originally participated in the original agreement or notification and wish to do so in the future. The more participating tenants there are, the more costs can be spread, so it is in everyone`s interest to include a clause allowing such action. Timeliness is essential for action. Failure by the company to meet deadlines may result in the application being treated as withdrawn, leading to company members assuming responsibility for the lessor`s costs. Therefore, the agreement should provide that the members of the company understand that time is of the essence and that some recourse is provided for undue delays by the company. If the owner requests information relevant to the first notification under the 1993 Act, the agreement should require the members of the company to provide the information to the company as soon as reasonably possible, after the lawyer has received advice on the need to do so. (z.B. Ownership Information) The members of the company must agree on the distribution of costs between the different tenants before agreeing on the conditions. .