Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/17494 |
Resumo: | This master’s dissertation aims at making a thorough, critical and careful analysis of the earn-out clause (contingent price) inserted in purchase and sale agreements of mergers and acquisitions transactions involving the purchase and sale of equity interest or company’s assets. Given the intrinsic characteristics of the earn-out and its great potential for litigation, there is a clear need to verify which key elements should be included in the wording of such clause widely used in the transactions carried out under Brazilian Law in order to meet its nature, its economic rationale and achieve its goals while minimizing at large the potential of future disputes between the contractors. It is expected to provide to the reader, business law operator, the essential elements for the rational drafting of the wording (leaving aside the mere translation of foreign clauses and importation to the contract under Brazilian Law) and, even more, to the counseling to be given to its clients on the functioning of such clause under Brazilian Law and on the measures that the clients must take to avoid unfavorable decisions in future disputes. All the above should influence the reader to inquire on the option of using the earn-out clause in transactions that it may assist, considering the particular characteristics of each party involved, the target company and the other negotiating circumstances. To achieve these goals, this dissertation seeks to first examine the determinability and the legal nature of the earn-out clause under Brazilian Law, specifically on the rules governing the contractual relationship between the parties. Then it will begin a detailed analysis of the earn-out clause, including its typical elements, its operation and the main items to be taken into account in the negotiation and drafting of its wording. Finally, a description of two specific litigation cases discussed and prosecuted by United States courts involving earn-out will be given, followed by an analysis of such cases under the perspective of the principle of objective good faith (boa-fé objetiva) established under the Brazilian legal system to verify whether the judges’ decisions would be the same if the decisions were to be issued in the light of such principle that governs Brazilian contractual relationships. |
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Alves, Daniel RodriguesEscolas::DIREITO SPAraujo, Danilo Borges dos Santos Gomes deSaes, Ricardo MadronaMendes, Rodrigo Octávio BrogliaCarmo, Lie Uema do2016-11-16T19:23:17Z2016-11-16T19:23:17Z2016-10-17ALVES, Daniel Rodrigues. Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva. Dissertação (Mestrado Profissional em Direito dos Negócios Aplicado e Direito Tributário Aplicado) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/17494This master’s dissertation aims at making a thorough, critical and careful analysis of the earn-out clause (contingent price) inserted in purchase and sale agreements of mergers and acquisitions transactions involving the purchase and sale of equity interest or company’s assets. Given the intrinsic characteristics of the earn-out and its great potential for litigation, there is a clear need to verify which key elements should be included in the wording of such clause widely used in the transactions carried out under Brazilian Law in order to meet its nature, its economic rationale and achieve its goals while minimizing at large the potential of future disputes between the contractors. It is expected to provide to the reader, business law operator, the essential elements for the rational drafting of the wording (leaving aside the mere translation of foreign clauses and importation to the contract under Brazilian Law) and, even more, to the counseling to be given to its clients on the functioning of such clause under Brazilian Law and on the measures that the clients must take to avoid unfavorable decisions in future disputes. All the above should influence the reader to inquire on the option of using the earn-out clause in transactions that it may assist, considering the particular characteristics of each party involved, the target company and the other negotiating circumstances. To achieve these goals, this dissertation seeks to first examine the determinability and the legal nature of the earn-out clause under Brazilian Law, specifically on the rules governing the contractual relationship between the parties. Then it will begin a detailed analysis of the earn-out clause, including its typical elements, its operation and the main items to be taken into account in the negotiation and drafting of its wording. Finally, a description of two specific litigation cases discussed and prosecuted by United States courts involving earn-out will be given, followed by an analysis of such cases under the perspective of the principle of objective good faith (boa-fé objetiva) established under the Brazilian legal system to verify whether the judges’ decisions would be the same if the decisions were to be issued in the light of such principle that governs Brazilian contractual relationships.A presente dissertação de mestrado tem por objetivo fazer uma análise aprofundada, crítica e criteriosa da cláusula de earn-out (preço contingente) introduzida em contratos de compra e venda em operações de fusões e aquisições envolvendo compra e venda de participação societária ou de estabelecimento. Dadas as características intrínsecas do earn-out e seu grande potencial de litigiosidade, nota-se uma clara necessidade de se verificar quais os elementos fundamentais devem constar do texto dessa cláusula inserida nos negócios realizados sob a égide do direito brasileiro, de forma a atender à sua natureza, ao seu racional econômico e a atingir os seus objetivos, minimizando ao máximo o potencial de disputa futura entre os contratantes. Espera-se propiciar ao leitor, operador do direito empresarial, os elementos essenciais à elaboração racional de seu texto (deixando de lado a mera tradução de cláusulas estrangeiras e importação ao contrato nacional) e, mais ainda, ao aconselhamento que será dado aos seus clientes sobre o funcionamento do instituto no direito pátrio e sobre as atitudes que estes deverão tomar para evitar futuras decisões desfavoráveis em litígios. Tudo isso deve influenciar o leitor a questionar a própria opção de se utilizar o earn-out no negócio que vier a assessorar, consideradas as características particulares de cada parte envolvida, da sociedade alvo e as demais circunstancias negociais. Para atingir esses objetivos, esta dissertação, inicialmente, fará uma verificação da determinabilidade e da natureza jurídica da cláusula de earn-out no direito brasileiro, especificamente diante das normas que regem a relação contratual entre as partes. Em seguida, terá início uma análise pormenorizada da cláusula de earn-out, incluindo seus elementos típicos, seu funcionamento e os principais itens a serem levados em consideração quando da negociação e elaboração de seu texto. Por fim, a descrição de dois casos concretos de litígios judiciais discutidos e julgados pelas cortes norte-americanas envolvendo earn-out será feita, seguida de uma análise desses casos concretos sob a ótica do princípio da boa-fé objetiva consagrado no sistema jurídico brasileiro de maneira a se verificar se as decisões dos juízes seriam as mesmas caso as sentenças tivessem de ser proferidas à luz desse princípio que rege as relações contratuais locais.porPurchase and saleAgreementMergers and acquisitionsDeterminabilityLegal natureContratoFusões e aquisiçõesDeterminabilidadeDireitoEmpresas - Fusão e incorporaçãoContratosCompra e vendaNegociaçãoBoa-fé (Direito)Ação judicialPreçosDeterminabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé 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dc.title.por.fl_str_mv |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
title |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
spellingShingle |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva Alves, Daniel Rodrigues Purchase and sale Agreement Mergers and acquisitions Determinability Legal nature Contrato Fusões e aquisições Determinabilidade Direito Empresas - Fusão e incorporação Contratos Compra e venda Negociação Boa-fé (Direito) Ação judicial Preços |
title_short |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
title_full |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
title_fullStr |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
title_full_unstemmed |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
title_sort |
Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva |
author |
Alves, Daniel Rodrigues |
author_facet |
Alves, Daniel Rodrigues |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::DIREITO SP |
dc.contributor.member.none.fl_str_mv |
Araujo, Danilo Borges dos Santos Gomes de Saes, Ricardo Madrona Mendes, Rodrigo Octávio Broglia |
dc.contributor.author.fl_str_mv |
Alves, Daniel Rodrigues |
dc.contributor.advisor1.fl_str_mv |
Carmo, Lie Uema do |
contributor_str_mv |
Carmo, Lie Uema do |
dc.subject.eng.fl_str_mv |
Purchase and sale Agreement Mergers and acquisitions Determinability Legal nature |
topic |
Purchase and sale Agreement Mergers and acquisitions Determinability Legal nature Contrato Fusões e aquisições Determinabilidade Direito Empresas - Fusão e incorporação Contratos Compra e venda Negociação Boa-fé (Direito) Ação judicial Preços |
dc.subject.por.fl_str_mv |
Contrato Fusões e aquisições Determinabilidade |
dc.subject.area.por.fl_str_mv |
Direito |
dc.subject.bibliodata.por.fl_str_mv |
Empresas - Fusão e incorporação Contratos Compra e venda Negociação Boa-fé (Direito) Ação judicial Preços |
description |
This master’s dissertation aims at making a thorough, critical and careful analysis of the earn-out clause (contingent price) inserted in purchase and sale agreements of mergers and acquisitions transactions involving the purchase and sale of equity interest or company’s assets. Given the intrinsic characteristics of the earn-out and its great potential for litigation, there is a clear need to verify which key elements should be included in the wording of such clause widely used in the transactions carried out under Brazilian Law in order to meet its nature, its economic rationale and achieve its goals while minimizing at large the potential of future disputes between the contractors. It is expected to provide to the reader, business law operator, the essential elements for the rational drafting of the wording (leaving aside the mere translation of foreign clauses and importation to the contract under Brazilian Law) and, even more, to the counseling to be given to its clients on the functioning of such clause under Brazilian Law and on the measures that the clients must take to avoid unfavorable decisions in future disputes. All the above should influence the reader to inquire on the option of using the earn-out clause in transactions that it may assist, considering the particular characteristics of each party involved, the target company and the other negotiating circumstances. To achieve these goals, this dissertation seeks to first examine the determinability and the legal nature of the earn-out clause under Brazilian Law, specifically on the rules governing the contractual relationship between the parties. Then it will begin a detailed analysis of the earn-out clause, including its typical elements, its operation and the main items to be taken into account in the negotiation and drafting of its wording. Finally, a description of two specific litigation cases discussed and prosecuted by United States courts involving earn-out will be given, followed by an analysis of such cases under the perspective of the principle of objective good faith (boa-fé objetiva) established under the Brazilian legal system to verify whether the judges’ decisions would be the same if the decisions were to be issued in the light of such principle that governs Brazilian contractual relationships. |
publishDate |
2016 |
dc.date.accessioned.fl_str_mv |
2016-11-16T19:23:17Z |
dc.date.available.fl_str_mv |
2016-11-16T19:23:17Z |
dc.date.issued.fl_str_mv |
2016-10-17 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
ALVES, Daniel Rodrigues. Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva. Dissertação (Mestrado Profissional em Direito dos Negócios Aplicado e Direito Tributário Aplicado) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/17494 |
identifier_str_mv |
ALVES, Daniel Rodrigues. Determinabilidade, negociação e elaboração das cláusulas de preço contingente (earn-out) nas operações de compra e venda de participação societária ou de estabelecimento e análise de conflitos à luz do princípio da boa-fé objetiva. Dissertação (Mestrado Profissional em Direito dos Negócios Aplicado e Direito Tributário Aplicado) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
url |
http://hdl.handle.net/10438/17494 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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