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Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. [1]
The due diligence defense is the defense that most auditors raise, even though it is difficult for auditors to prove their innocence. The standing precedent on interpretation of due diligence is Escott v. BarChris Construction Corporation, decided in 1968.
Fraudulent concealment is a common law doctrine that may be invoked to toll a statute of limitations.Under this doctrine, if a defendant has concealed his misconduct, then the limitations period shall start from the point when the plaintiff discovers his claim, or should have discovered it with due diligence. [1]
Due diligence is the amount of diligence required to avoid negligence in professional activities. It commonly arises in major acquisitions where the legal principle of caveat emptor ("let the buyer beware") requires the purchaser to make diligent inquiries about the property or service being sold. [14]
Less need for due diligence: You may have some extra peace of mind that the home is well-maintained, too. “If you have a good relationship with the family member, you can trust them to be honest ...
Enhanced due diligence [4] is required when initial identity checks have been completed and high-risk factors have been identified for an individual or a business. When these requirements have been met "enhanced" or additional due diligence above and beyond CDD is conducted which identifies the following information: [4] Source of wealth and ...
Typical due diligence includes discussions with management, vendors and customers, as well as proper evaluation of any risk factors that might affect the performance of the company or its securities. The modern interpretation of the "prudent man rule" goes beyond the assessment of each asset individually to include the concept of due diligence ...
Buying a Used Car Without Doing Due Diligence. A man looks stressed out with his car broken down on the side of the road in the dessert. Buying used means your vehicle may not be in optimal ...