More importantly, the agreement can define more specific and important rules regarding the company and shareholder relations, and unlike the Constitution which is available for advertising, the agreement is a private document that can thus maintain the confidentiality of the parties. Any shareholders` pact would quickly become unenforceable and worthless if a new shareholder were not bound by the same agreement to which the original shareholders were still bound. To ensure that all new shareholders are in compliance with the original agreement, the shareholders` agreement generally contains a provision requiring any new shareholder to sign a declaration of commitment (and thus become a party to the shareholders` agreement) before a transfer or allocation takes place. It determines the extent to which shareholders are responsible for the guarantees granted by the company. In addition, it determines the commitment of shareholders and the company when a shareholder has sold the entirety of his investment, any guarantee or pledge issued and compensates the outgoing shareholder for any liabilities resulting from such a guarantee or its amount. The management of share transfers is often the main element of any shareholder pact. Restrictions or qualifications in reserved cases are usually a matter of negotiation: in fact, the idea that a shareholders` pact can be a sign of suspicion, it simply cannot be the case. By ironing out any future problems from the outset, I hope that a shareholders` pact can pave the way for a smooth and prosperous path. What are the reservations in some typical shareholder agreements, but not overall? Shareholder agreements govern the relationship between shareholders within a company and present the different aspects of their action in a private document. In the event of the inclusion of new shareholders in the company to ensure that all new shareholders are in compliance with the original agreement, the shareholders` pact generally contains a provision requiring any new shareholder to become a party to the shareholder contract by signing a loyalty statement prior to the allocation/transfer of shares.