Can this form be signed electronically?

Yes. Electronic signatures are legally valid under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure intent, consent, attribution, and retention are documented to meet the four-part validity test.

When is notarization required?

Notarization depends on the requesting party or the governing state law. Some states or use cases require a notarized affidavit; check the request instructions and state notary rules before execution.

Who should sign on behalf of the company?

An authorized officer with corporate signing authority or a designated signatory should sign. Maintain a corporate resolution or power of attorney that evidences the signer’s authority to bind the entity.

How do I correct an error after signing?

If a signed document contains errors, prepare an amendment or corrected disclosure and have it signed following the same authentication and audit trail procedures as the original.

Are there special privacy rules for health-related disclosures?

Yes. Disclosures involving protected health information must comply with HIPAA and include required authorizations. Use business associate agreements and limit access to authorized personnel.

What records should be retained after submission?

Keep the signed disclosure, supporting attachments, and the audit trail per retention requirements (IRS, HIPAA, or state rules). Retain originals for the active term plus applicable federal or state retention periods.

Electronic Signature
Templates
Miscellaneous
Business Disclosure Criteria

Business Disclosure Criteria

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

BUSINESS DISCLOSURE CRITERIA AGREEMENT

This Business Disclosure Criteria Agreement (Agreement) is made effective as of by and between the parties identified below.

Disclosing Party Name: Disclosing Party Address: Receiving Party Name: Receiving Party Address:

WHEREAS

WHEREAS, Disclosing Party possesses certain confidential, proprietary, operational and financial information relevant to its business operations, customers, vendors, and contracts (collectively, the Confidential Information); and

WHEREAS, Receiving Party requests access to certain Confidential Information for the limited purpose of evaluating, soliciting, or performing business activities as set forth in this Agreement and in accordance with the disclosure criteria described herein; and

WHEREAS, the parties agree that disclosures shall be made only when they satisfy the criteria, schedules, and limits set out in this Agreement and that such disclosures will be governed by the terms below.

DISCLOSURE CRITERIA CHECKLIST

The following criteria govern whether particular categories of information may be disclosed by Disclosing Party to Receiving Party. For each criterion selected, the Receiving Party shall be entitled to request disclosure of the corresponding information subject to the limitations and procedures set forth in this Agreement.

Criteria (select applicable items and provide details where required):

Ownership and control information (including beneficial owners, equity interests)

Financial statements and performance metrics

Material contracts and amendments

Pending or threatened litigation, claims, or regulatory actions

Regulatory compliance records and notices

Data privacy and security assessments or incidents

Transactions with related parties or affiliates

Insurance coverage and claims history

Tax filings and tax status disclosures

Other material facts:

SCOPE OF WORK

The parties agree that disclosures made under this Agreement shall be used solely for the following purpose(s). Disclosing Party will make available information that satisfies the selected criteria above and only to the extent necessary for Receiving Party to perform the permitted activities described below.

Permitted Purpose and Scope:

PAYMENT TERMS

If disclosure services or data delivery incur fees, the parties agree to the payment terms below.

Total Fee (if applicable): Payment Schedule and Milestones: Late Payment Fee:

Late payments shall incur interest at on overdue amounts after a grace period of days.

TERM AND TERMINATION

This Agreement commences on and shall continue until unless earlier terminated as provided herein.

Either party may terminate this Agreement for convenience upon written notice delivered at least days prior to the effective termination date. Termination for material breach shall be effective immediately upon written notice if the breaching party fails to cure within thirty (30) days after receipt of notice.

CONFIDENTIALITY

Receiving Party shall maintain the confidentiality of all Confidential Information disclosed under this Agreement, shall not use such Confidential Information for any purpose other than the Permitted Purpose, and shall not disclose Confidential Information to any third party except as expressly permitted by Disclosing Party in writing. Receiving Party shall implement reasonable administrative, technical and physical safeguards to protect Confidential Information from unauthorized access or disclosure.

The obligations of confidentiality shall survive termination of this Agreement for a period of years, except for Confidential Information that constitutes a trade secret under applicable law, in which case protection shall continue for so long as such information remains a trade secret.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of , without regard to conflict of law principles. Exclusive jurisdiction for any disputes arising under this Agreement shall lie with the state or federal courts located within that jurisdiction, subject to the parties' right to seek injunctive relief in any competent court where necessary to protect Confidential Information.

ENTIRE AGREEMENT

This Agreement, including the Disclosure Criteria Checklist and any attachments or written amendments executed by the parties, constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, representations, and understandings, whether written or oral. No amendment or waiver shall be effective unless in writing and signed by authorized representatives of both parties.

ACKNOWLEDGMENTS AND CERTIFICATIONS

Each party represents and warrants that: (a) it has full power and authority to enter into and perform its obligations under this Agreement; (b) the person signing below on its behalf is duly authorized; and (c) any disclosures made pursuant to this Agreement will be true and accurate to the best of the Disclosing Party's knowledge at the time of disclosure.

Disclosing Party (Print):

By:

Date:

Receiving Party (Print):

By:

Date:

What the Business Disclosure Criteria Is and when it applies

The Business Disclosure Criteria is a formal document that collects standardized information about an entity’s ownership, conflicts, material relationships, and other facts required by regulators, counterparties, or funding sources. It organizes declarations and attachments so reviewers can assess compliance, conflicts of interest, and reporting obligations. Use it whenever a third party requests documented disclosures for due diligence, contract award, licensing, financing, or regulatory review. The form is typically completed by an authorized officer or compliance representative of the business.

Why a clear Business Disclosure Criteria matters

Accurate disclosures reduce legal risk, speed approval, and support audit readiness. A complete form helps counterparties and regulators verify compliance, identify conflicts early, and avoid downstream delays or penalties.

Which roles typically prepare or sign this document

Ensure the person who signs has authority to bind the entity and access to underlying records for verification.

Chief Compliance Officers and legal counsels who verify regulatory and contract obligations and confirm disclosures are complete and supported.
Finance or accounting leaders who attest to ownership percentages, material transactions, and tax-related disclosures required by payers or investors.
Authorized officers or company secretaries who are empowered to sign corporate attestations and certify the accuracy of responses.

Stepwise process to complete and certify the disclosure

Follow these steps sequentially to compile, validate, and sign the disclosure efficiently.

01

Gather records: Collect formation, ownership, transaction, and contract documents.
02

Populate fields: Enter data per the fillable fields guide and attach schedules.
03

Internal review: Have legal or compliance verify accuracy and completeness.
04

Execute signature: Authorized officer signs and dates the final document.

Typical routing and approval flow for the completed form

A standard routing path ensures accountability and a complete audit trail for reviewers.

Submit to Requester: Send the completed form and attachments to the requesting party.
Counterparty Review: Reviewer checks disclosures and asks follow-up questions if needed.
Internal Archive: Store a signed copy with supporting records for retention requirements.
Periodic Update: Update the disclosure when material changes occur.

How to configure a repeatable digital workflow

Use a consistent workflow template to ensure every required field and attachment is included before routing.

Field	Configuration
Required Fields	Mark key fields mandatory to prevent submission with blanks.
Attachments	Require document upload fields for formation and ownership records.
Reviewer Step	Add an approval step for legal or compliance review.
Signer Authentication	Set signer verification level (email, SMS, or KBA) per risk.

Digital delivery and signing requirements

Ensure the chosen platform can export a tamper-evident PDF and store an audit trail that captures signer attribution, timestamps, and IP addresses for compliance.

File formats: Accept PDFs and DOCX for editable templates and locked PDF for final records.
Authentication options: Support email, SMS code, and stronger methods for high-risk disclosures.
Integrations: Connectors for CRM, ERP, and cloud storage simplify record linking.

Comparing eSignature vendors for Business Disclosure Criteria workflows

Basic vendor capabilities and starting price vary; choose a plan that matches required authentication, bulk send, and compliance needs.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes	Yes	Yes	Yes	Varies
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Practical tips to complete the Business Disclosure Criteria accurately

Adopt consistent preparation and review practices to reduce follow-up requests and support faster approvals.

Start with a master template

Maintain a single authoritative template with required fields and attachments. Templates reduce omissions and ensure every disclosure includes supporting schedules and consistent language for reviewers and auditors.

Use exact legal names and identifiers

Always enter entity names, EINs, and individual names exactly as on formation or tax documents. Small mismatches cause identity verification failures and can trigger backup withholding or delays.

Document the source of each answer

For each affirmative response, attach or cite the underlying document (contract, board minutes, cap table). Clear sourcing speeds verification and avoids repeated information requests.

Periodic review and updates

Schedule regular reviews for material changes in ownership, contracts, or relationships. Maintaining an up-to-date disclosure file prevents retroactive compliance gaps and supports transaction readiness.

Common preparation errors to avoid

Incomplete owner schedules that omit indirect ownership through holding companies or trusts.
Entering informal or DBA names instead of registered legal names, causing verification failures.
Failing to attach supporting documents such as formation certificates, contracts, or board resolutions.
Using ambiguous language for material relationships rather than providing names, roles, and dates.

Key penalties and legal risks from incorrect disclosures

1099 Filing Penalties: $60–$330 per form (IRC §6721)

I-9 Violations: $281–$2,789 per violation (8 CFR §274a.2)

Intentional Misstatement: Civil and criminal exposure

Contractual Remedies: Rescission or termination clauses enforceable

Regulatory Fines: Agency fines and administrative penalties

Reputational Harm: Loss of trust with partners

Security and compliance controls to expect for electronic disclosures

Transport Encryption: TLS 1.2/1.3

Data at Rest: AES-256 encryption

Audit and Logs: Detailed timestamped audit trail

Certifications: SOC 2 Type II

Regulatory Compliance: ESIGN and UETA adherence

Health Data: HIPAA — BAA available

Real-world examples of Business Disclosure Criteria in use

Two representative customer examples show how organizations structure disclosures and manage execution.

Optica Ventures LLC (Brian Fitzgibbons)

Optica centralized ownership schedules and attachments to speed investor diligence.

Implemented a single template for related-party disclosures.
"The interface is simple and easy-to-use for our team; more importantly, it is just as easy for our customers." The result reduced follow-up questions and shortened review cycles.

Tech Data (Bob Dutkowsky)

Tech Data converted manual forms to a templated digital workflow to ensure consistency.

Added legal review and mandatory attachment checks.
"Tech Data uses airSlate SignNow to improve our internal and external customer service while increasing our speed to revenue." This standardized approach improved routing and recordkeeping for audits.

Timelines, typical deadlines, and processing expectations

Processing times vary by requester; plan for internal review and possible follow-up requests when setting deadlines.

Provide on Request:

Deliver the disclosure promptly when requested; many counterparties expect same-week responses.

Internal Review Time:

Allow 3–10 business days for legal and finance verification depending on complexity.

Amendments Effective Date:

Amendments take effect on the execution date unless otherwise specified.

Regulatory Filing Windows:

Comply with any regulator-specific submission deadlines tied to applications or renewals.

Retention Start:

Retention begins on the final execution date of the document.

Frequently asked questions about completing and submitting the Business Disclosure Criteria

Answers to common execution, validity, and handling questions when preparing the disclosure form.

Need help? Contact support

Can this form be signed electronically?
Yes. Electronic signatures are legally valid under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted. Ensure intent, consent, attribution, and retention are documented to meet the four-part validity test.
When is notarization required?
Notarization depends on the requesting party or the governing state law. Some states or use cases require a notarized affidavit; check the request instructions and state notary rules before execution.
Who should sign on behalf of the company?
An authorized officer with corporate signing authority or a designated signatory should sign. Maintain a corporate resolution or power of attorney that evidences the signer’s authority to bind the entity.
How do I correct an error after signing?
If a signed document contains errors, prepare an amendment or corrected disclosure and have it signed following the same authentication and audit trail procedures as the original.
Are there special privacy rules for health-related disclosures?
Yes. Disclosures involving protected health information must comply with HIPAA and include required authorizations. Use business associate agreements and limit access to authorized personnel.
What records should be retained after submission?
Keep the signed disclosure, supporting attachments, and the audit trail per retention requirements (IRS, HIPAA, or state rules). Retain originals for the active term plus applicable federal or state retention periods.

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