Clause guide

Customer Concentration Clause

Customer concentration disclosures and the indemnification language that protects buyers when a top customer leaves.

High attentionM&A Diligence
Inkvex checks
  • Customer concentration disclosure (top 10)
  • Renewal status of top customer contracts
  • Material adverse change definition (does customer loss trigger MAC)
  • Indemnification trigger language for customer departure
Next move

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Overview

What this clause actually does

Customer concentration is the percentage of revenue from the top customers. SBA lenders care: any customer over 20% triggers extra scrutiny, and 50% or more can disqualify the loan. The clause covers what happens if a concentrated customer leaves before, during, or after close.

Why it matters

Why people get burned by this clause

A target with 60% revenue from one customer is not the same business after that customer churns. Indemnity language for customer departure can be the difference between recovering purchase price and eating the loss.

Red flags

What should make you slow down

  • No specific indemnification trigger for top customer departure
  • Seller has not disclosed contract renewal status of top customers
  • Customer concentration disclosed only at the top 5 level (not top 10)
  • Reps about customer satisfaction are vague or aspirational
  • No interview rights with top customers during diligence
Where it appears

Where you usually see it

  • Asset purchase agreements
  • Disclosure schedules
  • SBA loan packages
Inkvex review

What the platform checks in the live contract

  • Customer concentration disclosure (top 10)
  • Renewal status of top customer contracts
  • Material adverse change definition (does customer loss trigger MAC)
  • Indemnification trigger language for customer departure
  • Interview rights during diligence period
Healthier version

What stronger language usually looks like

  • Customer interview rights pre-close
  • Specific indemnification trigger if top customer terminates within 12 months post-close
  • Material adverse change definition includes top customer loss
  • Top 10 customer concentration disclosed with renewal dates
The bottom line

Customer concentration is one of the top 3 reasons SBA-backed acquisitions blow up post-close. Get interview rights and write specific indemnification triggers.

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