沙袋条款（Sandbagging Clause）与反沙袋条款（Anti-Sandbagging Clause）都是并购协议中的常见条款。但二者不会同时出现。Sandbagger（someone who deceives you about his true nature or intent in order to take advantage of you.）通常指为占你便宜而隐瞒其真实意图的人。在并购协议中，sandbagging通常指买方获悉某项陈述或保证有误或不准确，但仍然继续签署协议或者完成交易，随后又就卖方违约行为起诉买方。沙袋条款通常对买方有利，因为这一条款规定，即使买方在交割前知悉卖方违反了收购协议中的陈述与保证或者该等陈述与保证有任何不准确仍然选择交割，交割后买方依然有权就卖方违反陈述与保证的部分提起索赔。而反沙袋条款则刚好相反，对卖方有利。反沙袋条款一般规定，如买方在交割前通过尽职调查已知悉卖方在并购协议中所作的声明与保证事项不实且买方因此遭受损失，则买方无权就该等损失向卖方索赔。以下为部分并购协议中的相关双语条款，供参考：

沙袋条款

示例一：

Sandbagging. The rights of the Purchaser to indemnification or any other remedy under this Agreement shall not be impacted or limited by any knowledge that the Purchaser may have acquired, or could have acquired, whether before or after the Closing Date, nor by any investigation or diligence by the Purchaser. The Seller hereby acknowledges that, regardless of any investigation made (or not made) by or on behalf of the Purchaser, and regardless of the results of any such investigation, the Purchaser has entered into this transaction in express reliance upon the representations and warranties of the Seller made in this Agreement. The waiver of any condition based upon the accuracy of any representation or warranty, covenant, condition or other agreement herein shall not affect the Purchaser’s right to indemnification based upon such representation or warranty, covenant, covenant, condition or other agreement.

沙袋。买方在本协议项下获得赔偿或任何其他救济的权利不受买方在交割日之前或之后获悉或可能获悉的任何信息的影响或限制，亦不受买方开展的任何调查或尽职调查的影响或限制。因信赖本协议项下的任何陈述或保证、承诺、条件或其他约定准确无误而对任何条件作出豁免的，不影响买方就该等陈述或保证、承诺、条件或其他约定获得赔偿的权利。

示例二：

Sandbagging. The Parties agree and acknowledge that no review by Buyer shall affect the representations and warranties made by Seller Members, Sellers or the Target Company pursuant to this Agreement or the right to indemnification, payment of Losses, or any other remedy of Buyer for breaches of those representations and warranties. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or agreement, will not affect the right to indemnification, payment of Losses, or any other remedy based on any such representation, warranty, covenant or agreement.

沙袋。双方同意并承认，买方的任何审查都不会影响卖方成员、卖方或目标公司在本协议项下作出的陈述和保证或买方因卖方违反该等陈述和保证而享有的赔偿、弥补损失权或任何其他救济。基于任何陈述或保证的准确性、基于任何契约或协议的履行或遵守而对任何条件的放弃，均不会影响买方基于该等陈述、保证、契约或协议而享有的赔偿、弥补损失权或任何其他救济。

示例一：

Anti-Sandbagging. (a) If, before the Closing, Purchaser Parent or the Purchaser receives a notice from the Seller under Section 6.05(a), or Purchaser Parent or the Purchaser identifies that any of the Seller’s Warranties is untrue, inaccurate or misleading, and the matters described in such notice or such untrue, inaccurate or misleading warranties (without giving effect to any materiality thresholds in such warranties) gives rise to a Material Adverse Effect, then Purchaser Parent or the Purchaser may, by written notice to the Seller, terminate this Agreement, the TAHM Share Purchase Agreement and NewCo2 Subscription Agreement without prejudice to any other remedy available to it. If this Agreement is so terminated then the provisions of Article X shall apply. If Purchaser Parent and the Purchaser elect not to terminate this Agreement, the TAHM Share Purchase Agreement and NewCo2 Subscription Agreement, then, from and after the Closing and notwithstanding Section 9.02(a) (but without prejudice to any other provisions of this Agreement), neither Purchaser Parent nor the Purchaser shall have any claim against the Seller for breach of any of the Seller’s representations and warranties contained in Article III of the Original MPA or the Seller’s Warranties under this Agreement with respect to the disclosed fact, matter or circumstance that caused such representation or warranty to be untrue, inaccurate or misleading, unless the Seller has failed to fully and fairly disclose any matters in the Disclosure Schedule or the Original Disclosure Schedule.

反沙袋。（a）如果交割前，买方母公司或买方收到卖方根据第6.05(a)条发出的通知，或者买方母公司或买方发现卖方的任何保证不实、有误或存在误导，并且该通知中所述的事项或者该等不实、有误或存在误导的保证（不考虑该等保证中有任何与重大程度有关的条件）导致重大不利影响。则买方母公司或买方可向卖方发出书面通知，终止本协议，但买方母公司或买方可获得的任何其他救济不受影响。本协议因此终止的，第X条的规定应适用。买方母公司和买方选择不终止本协议、TAHM购股协议和NewCo2认购协议的，则自交割之日起，且尽管存在第9.02(a)条的规定（但不影响本协议的任何其他规定），买方母公司和买方均不应针对导致该等陈述或保证不真实、不准确或具有误导性的已披露事实、事项或状况就卖方违反原MPA第三条中的任何卖方陈述和保证或本协议项下的卖方陈述向卖方提起任何索赔，除非卖方未能在披露清单或原披露清单中完整且适当地披露任何事项。