Victoriya Varenikova has outlined important facets of pre-deal counterparty due diligence

Pre-deal due diligence of a counterparty is where you should not be stingy about either time or money. Your counterparty may conceal some detail because of failing to grasp its importance. Such mistakes can cost you money and sometimes even reputation.

Whether you have found your lucky business partner or just need to sign another contract in the course of your normal business operations, you should always ask yourself: “Should I sign this deal?”. The answer to this question is provided by the due diligence procedure intended to disclose comprehensive information about your counterparty, its assets, facilities, or tax risks.

In order to be able to make the correct decision, you need to keep in mind several important facets of due diligence, in particular:

- public and insider information about the counterparty;

- the signatory’s authority;

- the subject matter of the deal;

- willingness to compromise.

These and other elements of the due diligence procedure are outlined in detail in an article entitled “Legal Due Diligence: an important equation with many variables” written by Sofiya Law Firm’s Associate Partner Victoriya Varenikova for the magazine Chief Financial Officer.

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