Dans cet article paru dans Hospitalitynet, Christopher Boinet, Anne Epinat, Associés Avocats d’In Extenso Avocats, et François-Gérard Mondi, Expert-Comptable et Président de la Région Ile-de-France au sein d’In Extenso expliquent pourquoi il est important d’avoir une bonne garantie d’actifs et de passif lors d’un projet d’investissement hôtelier.
With an asset and liability guarantee agreement (Garantie d’actif et de passif, or GAP, under French law), the buyer obtains a contractual warranty for ensuring that the price it is paying matches the value of the company being sold. A post-sale tax adjustment or industrial tribunal proceedings in favour of an employee? A GAP agreement covers disputes prior to the sale, if these disputes were undeclared or if insufficient provisions were made for them.
With a GAP agreement, the buyer gains a contractual warranty for ensuring that the price it is paying matches the value of the company being sold.
In principle, the GAP amount must be negotiated and set as objectively as possible. To this end, it is necessary to take into account the risk incurred by the buyer, who is seeking security, and the seller’s desire to receive the full sales price and to no longer have to worry about the asset being sold. Based on the many hotel sales that we have handled, the average guarantee ceiling, in our experience, is around 10% of the sales price.
The buyer also often requires that payment of the GAP amount be guaranteed by the seller. This guarantee amount can be negotiated at around 5 to 10% of the sales price.
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