{"ok":true,"canonical_url":"https://dealroom.so/glossary/nondisclosure","api_url":"https://dealroom.so/api/public/glossary/nondisclosure","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"nondisclosure","term":"Nondisclosure","group":"People and paperwork","definition":"Failure to reveal important information that could influence a decision or transaction. In a business sale, this can be as damaging as outright misrepresentation.","what_it_means":"The seller is obligated to disclose all material facts about the business. If they intentionally withhold crucial information during due diligence, it could be grounds to renegotiate or even terminate the deal. Protect yourself with thorough due diligence and clear representations in the purchase agreement.","url":"https://dealroom.so/glossary/nondisclosure","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"},{"slug":"13-cfr-part-120","title":"13 CFR Part 120 — Business Loans","official_url":"https://www.ecfr.gov/current/title-13/chapter-I/part-120","official_label":"View on eCFR","authority_tier":1,"publisher":"Office of the Federal Register","source_guide_url":"https://dealroom.so/sba-7a/sources/13-cfr-part-120"}],"related":[{"slug":"misrepresentation","term":"Misrepresentation","url":"https://dealroom.so/glossary/misrepresentation"},{"slug":"material-information","term":"Material information","url":"https://dealroom.so/glossary/material-information"},{"slug":"due-diligence","term":"Due diligence","url":"https://dealroom.so/glossary/due-diligence"},{"slug":"disclosure-document","term":"Disclosure document","url":"https://dealroom.so/glossary/disclosure-document"}],"related_questions":[]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Nondisclosure","url":"https://dealroom.so/glossary/nondisclosure","source_type":"DealRoom Data"}}