披露函（Disclosure Letter）的意义

中文版

披露函，或称“披露信件”，是一种在法律、商业和财务交易中常用的文件。它的主要作用是在交易双方之间明确和详细地披露某些重要信息，这些信息可能对交易的决策或结果产生影响。

披露函通常是在并购、资产交易、贷款、证券发行等金融交易中使用的。在并购交易中，卖方会向买方提供一份披露函，详细列出被收购公司的所有重要信息，如财务状况、法律纠纷、潜在负债等。这样，买方可以在决定是否进行交易、交易价格和交易结构等方面做出更加明智的决策。

披露函的意义在于，它提供了一种机制，使得交易双方可以公平、透明地进行交易。通过披露函，买方可以了解到交易中可能存在的风险和问题，从而避免在交易完成后出现意外的纠纷和损失。同时，卖方也可以通过披露函来明确其责任和义务，避免在交易完成后被追究法律责任。

英文版

The Significance of a Disclosure Letter

A disclosure letter, also known as a "disclosure communication," is a commonly used document in legal, commercial, and financial transactions. Its primary purpose is to clearly and comprehensively disclose certain material information between the parties involved in a transaction, as such information may impact the decision-making or outcome of the transaction.

Disclosure letters are typically utilized in financial transactions such as mergers and acquisitions, asset sales, loans, and securities offerings. In a merger or acquisition transaction, for instance, the seller would provide a disclosure letter to the buyer, outlining all material information regarding the target company, including its financial situation, legal disputes, potential liabilities, and more. This allows the buyer to make more informed decisions about whether to proceed with the transaction, the transaction price, and the transaction structure.

The significance of a disclosure letter lies in its provision of a mechanism for both parties to engage in fair and transparent transactions. Through the disclosure letter, the buyer can become aware of potential risks and issues within the transaction, thus avoiding unexpected disputes and losses after the transaction is completed. Simultaneously, the seller can clarify its responsibilities and obligations through the disclosure letter, shielding itself from legal liability after the transaction.