| Commentary

112.1 Pre-contract

| Commentary

112 Basic timetable

112.1 Pre-contract

Once the parties have reached an appropriate stage in their negotiations, the main points of commercial agreement will be put into writing under a heads of agreement1. The buyer will then, through his various advisers, launch an audit of the target company and its business as time and money allow, a process known as ‘due diligence’. The buyer’s advisers take a major role in amassing the necessary information on the target company, making many specific enquiries of the seller through replies to the draft warranties and the draft disclosure letter. Sometimes the seller will have prepared

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