The first unit presents the typical procedural and temporal flow of M&A transactions, from the initial contact between the seller and its advisors to the closing of the transaction. The individual transaction stages and procedural steps are discussed and alternative procedures are highlighted. In addition, the special features of certain procedures (e.g. auction procedures, private equity transactions) are discussed. In the second part, typical preliminary agreements such as mandate agreements, confidentiality agreements, term sheets and letters of intent are presented. The focus is on the most important subjects of regulation and the typical risks and pitfalls in transaction practice.