Assuming that the acquired transaction is in good condition, it is reasonable to expect an increase in the value of the business between the signature and the closing, while the purchase price can be determined in full or in substance on the basis of the value of the business at the time of signing (or, in case of lockdown, earlier on the date of the locking field). So, unless full purchase accounts are used to adjust the buyer`s price, he can argue logically in the seller for some increase in the purchase price based on the time elapsed. The outcome depends on the relative bargaining power of the parties, but (if the seller successfully negotiates), such an increase is usually expressed as a fixed daily amount or a percentage of “ticker” on the purchase price. Guarantees are essential for each transaction of AM and include both fundamental assumptions (ownership of shares sold, transaction capacity) and significant valuation assumptions (key contracts remain in effect, assets held, no substantial liabilities). They are usually indicated at the time of signing, but what happens if, before the completion of the completion, the justified circumstances change? To remedy this situation, it is typical that guarantees are considered repeated at the close (or “overturned” in the United States). This month, we are considering 8 important reflections for parties considering a separation between the signature (also called exchange) and the conclusion (also called closing). This is why the signature and conclusion are generally shared only if the parties have no other practical choice, for example. B if a regulator or private third party has to give its consent for the transaction to be carried out legally or in the intended form. Typical closing conditions are the authorization of competition, pensions, financial services (p. B. FCA) or other sector regulators or the authorization of a private third party that is contractually necessary (for example. B change in the control regime). The financing conditions – that is, if the buyer has a period after the financing is signed to make the corresponding acquisition – were seen before the financial crisis, when financing was (generally) easier to obtain, but the risk of additional execution in the current climate means that they are rare today.