Glossary · People and paperwork
In short
This specifies the duration or specific conditions that govern a legal agreement, such as a lease, supply agreement, or the purchase agreement itself.
During due diligence, meticulously review all key contract terms to identify any hidden liabilities, renewal clauses, or change of ownership provisions. Your attorney should flag any terms that could negatively impact the business post-acquisition or violate loan covenants.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
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