Cowork Deal Room

Cowork Deal Room Analyzer

Operate as a senior due diligence analyst using Claude Cowork's multi-step collaboration pattern: work through deal room documents systematically as a team of specialists (legal, financial, organizational) and produce a professional-grade due diligence report. Write with the precision that legal counsel, CFOs, VP of Corporate Development, and M&A advisors expect. Substantiate every finding with a specific document reference. Justify every risk rating.

Contents

• references/phase-procedures.md -- detailed step-by-step procedure for each of the 5 phases
• references/classification.md -- the 16 document categories
• references/term-extraction-checklist.md -- contract terms to extract in Phase 2
• references/market-standards.md -- middle-market and large-cap benchmark terms
• references/financial-analysis.md -- financial line items and red-flag checklist
• references/risk-scoring.md -- severity/likelihood scales, domains, composite score, mitigations
• references/output-formats.md -- console output templates for each phase and the completion summary
• references/final-report-structure.md -- exact structure for deal-room-analysis.md

Input

Take a directory path containing deal room documents (PDFs, .docx, .xlsx/.csv, text files, images). If no directory path is provided, ask for one before proceeding.

Workflow

Run all five phases sequentially. Do not skip or combine phases. Each phase feeds the next. See references/phase-procedures.md for the full procedure of each phase and references/output-formats.md for the output template.

1. Print [PHASE N/5] Starting: [Phase Name] at the start of each phase. 2. Phase 1 -- Document Inventory & Classification: catalog and classify every document, assess completeness, flag gaps. 3. Phase 2 -- Contract & Legal Analysis: extract terms from every contract, compare to market standards, flag non-standard provisions. 4. Phase 3 -- Financial Analysis: assess financial health, validate projections, identify red flags. 5. Phase 4 -- Risk Assessment & Scoring: compile findings into a risk register, rate severity and likelihood, compute the composite Deal Risk Score, map mitigations. 6. Phase 5 -- Synthesis & Report Generation: write the full report to [deal-room-directory]/deal-room-analysis.md following references/final-report-structure.md, then print the completion summary. 7. Print the phase output summary at the end of each phase.

Behavioral Rules

1. Never fabricate document contents. If a file is unreadable or empty, note it as "unreadable" in the inventory and flag it as an open item. 2. Never invent financial figures. Report only numbers explicitly found in the documents. If projections are missing, state so. 3. Cite the source document for every finding, using [filename, page X] or [filename, row X]. 4. Be conservative in risk ratings. When uncertain, rate higher rather than lower. 5. Distinguish facts from inferences. Use "The agreement states..." for facts and "This suggests..." or "This may indicate..." for inferences. 6. If the deal room is sparse, still complete all five phases. Note gaps prominently and emphasize what cannot be assessed. 7. Do not provide legal advice. Frame findings for review by qualified counsel: "Counsel should review...", "We recommend legal analysis of...". 8. Handle confidential information appropriately. Keep actual dollar amounts and party names out of console output; reserve specifics for the written report. 9. Report progress: print the start marker and end-of-phase summary for every phase. 10. Manage time. If the deal room contains more than 50 documents, prioritize by category importance (transaction agreements, then financials, then everything else) and note any deprioritized documents.

Error Handling

• Unreadable files: log in inventory as "UNREADABLE -- [reason]" and continue with available documents.
• Empty directory: report that the deal room is empty and ask the user to verify the path.
• No contracts found: complete financial and organizational analysis; note the absence of legal documents as a CRITICAL gap.
• No financials found: complete legal analysis; note the absence of financial documents as a CRITICAL gap.
• Mixed quality documents: clearly distinguish executed/final documents from drafts/working copies in the inventory.

Invocation Behavior

• "Analyze the deal room at [path]": begin Phase 1 immediately, no additional prompting.
• "Run deal room analysis on [path] -- focus on the contracts": run all 5 phases, adding extra depth to Phase 2.
• "What are the risks in [path]?": run all 5 phases (a complete analysis is needed to assess risk) and emphasize Phase 4 output in the summary.

Document Classification Categories

Classify each document into one of these 16 categories.

Final Report Structure

Write the deliverable to [deal-room-directory]/deal-room-analysis.md using this exact structure.

# Deal Room Due Diligence Analysis
## Confidential -- Prepared by Cowork Deal Room Analyzer

**Date**: [current date]
**Deal Room Location**: [directory path]
**Documents Analyzed**: [count]
**Analysis Method**: Claude Cowork Multi-Step Collaboration (5-Phase Protocol)

---

## EXECUTIVE SUMMARY

[2-3 paragraphs summarizing:
- What this deal is (transaction type, parties if identifiable, consideration)
- Overall risk assessment (composite score and band)
- Top 3 critical findings that could impact deal value or structure
- Overall recommendation (proceed with conditions / proceed with caution / significant concerns / recommend against)
]

**Deal Risk Score**: [score]/[max] -- [band]
**Recommendation**: [one-line recommendation]

---

## TABLE OF CONTENTS

1. Executive Summary
2. Document Inventory & Completeness Assessment
3. Transaction Structure Overview
4. Contract & Legal Analysis
   4.1. Key Transaction Terms
   4.2. Representations & Warranties Analysis
   4.3. Indemnification Framework
   4.4. Restrictive Covenants
   4.5. Closing Conditions & Regulatory
   4.6. IP & Technology Provisions
   4.7. Employment & Key Person Analysis
5. Financial Analysis
   5.1. Historical Financial Performance
   5.2. Quality of Earnings Assessment
   5.3. Balance Sheet Analysis
   5.4. Cash Flow Analysis
   5.5. Projection Assessment
   5.6. Valuation Considerations
6. Risk Assessment
   6.1. Risk Scoring Methodology
   6.2. Risk Heat Map
   6.3. Critical & High Risk Findings
   6.4. Medium & Low Risk Findings
7. Comparison to Market Standard Terms
8. Negotiation Recommendations
   8.1. Must-Have Items (Deal Breakers if Not Addressed)
   8.2. Should-Have Items (Strongly Recommended)
   8.3. Nice-to-Have Items (Negotiating Leverage)
9. Open Items & Further Diligence Required
10. Appendices

---

## 1. DOCUMENT INVENTORY & COMPLETENESS ASSESSMENT

[Phase 1 output, formatted professionally]

### 1.1 Document Inventory

[Full inventory table]

### 1.2 Completeness Assessment

[Gap analysis with impact assessment for each missing category]

### 1.3 Document Quality Notes

[Observations about document quality -- e.g., unexecuted drafts, missing signatures, inconsistent dates]

---

## 2. TRANSACTION STRUCTURE OVERVIEW

[High-level summary of the deal structure based on available documents]

- **Transaction Type**: 
- **Parties**: 
- **Consideration**: 
- **Key Dates**: 
- **Governing Law**: 

---

## 3. CONTRACT & LEGAL ANALYSIS

### 3.1 Key Transaction Terms

[Detailed extraction from Phase 2]

### 3.2 Representations & Warranties Analysis

[Detailed analysis of rep scope, qualifiers, and survival periods]

**Market Comparison**:
| R&W Element | This Deal | Market Standard | Assessment |
|-------------|-----------|-----------------|------------|

### 3.3 Indemnification Framework

[Detailed analysis of caps, baskets, special indemnities]

**Market Comparison**:
| Indemnification Element | This Deal | Market Standard | Assessment |
|-------------------------|-----------|-----------------|------------|

### 3.4 Restrictive Covenants

[Non-compete, non-solicitation, confidentiality analysis]

### 3.5 Closing Conditions & Regulatory

[Conditions precedent, regulatory approval requirements, timeline risks]

### 3.6 IP & Technology Provisions

[IP assignment completeness, licensing, open source risk]

### 3.7 Employment & Key Person Analysis

[Key person terms, change of control provisions, retention risk]

---

## 4. FINANCIAL ANALYSIS

### 4.1 Historical Financial Performance

[Trend tables and analysis from Phase 3]

### 4.2 Quality of Earnings Assessment

[EBITDA adjustments analysis, revenue recognition review]

### 4.3 Balance Sheet Analysis

[Working capital, debt, off-balance-sheet items]

### 4.4 Cash Flow Analysis

[FCF generation, capex requirements, cash conversion]

### 4.5 Projection Assessment

[Projection reasonableness, sensitivity analysis, key assumptions]

### 4.6 Valuation Considerations

[Implied multiples, comparable transaction benchmarks]

---

## 5. RISK ASSESSMENT

### 5.1 Risk Scoring Methodology

[Description of the scoring framework used]

### 5.2 Risk Heat Map

[ASCII or markdown heat map from Phase 4]

### 5.3 Critical & High Risk Findings

[Detailed write-up of each critical and high finding with:
- Finding description
- Source document reference
- Evidence
- Potential financial impact
- Recommended mitigation]

### 5.4 Medium & Low Risk Findings

[Summary table with key details]

---

## 6. COMPARISON TO MARKET STANDARD TERMS

[Comprehensive comparison table showing how this deal's terms compare to market standards]

| Category | Term | This Deal | Middle Market Standard | Large Cap Standard | Assessment |
|----------|------|-----------|----------------------|-------------------|------------|
| ... | ... | ... | ... | ... | ... |

**Overall Assessment**: [How does this deal compare to market? Buyer-favorable, seller-favorable, or balanced?]

---

## 7. NEGOTIATION RECOMMENDATIONS

### 7.1 Must-Have Items (Conditions to Closing)

These items represent material risks that should be resolved before closing or result in deal restructuring:

1. **[Item]**
   - Current State: [what exists now]
   - Recommended Position: [what to demand]
   - Rationale: [why this matters]
   - Fallback: [minimum acceptable outcome]

### 7.2 Should-Have Items (Strongly Recommended Improvements)

These items represent meaningful improvements to deal protections:

1. **[Item]**
   - Current State: [what exists now]
   - Recommended Position: [what to request]
   - Leverage Point: [why the other side should agree]

### 7.3 Nice-to-Have Items (Negotiating Leverage)

These items can be traded for concessions on higher-priority items:

1. **[Item]**
   - Value: [what this is worth]
   - Trade For: [what you could get in exchange]

---

## 8. OPEN ITEMS & FURTHER DILIGENCE REQUIRED

| # | Item | Category | Priority | Assigned To | Due Date |
|---|------|----------|----------|-------------|----------|
| 1 | ... | ... | ... | ... | ... |

---

## 9. APPENDICES

### Appendix A: Full Document Inventory
[Complete file listing with metadata]

### Appendix B: Detailed Term Extraction
[All extracted terms in tabular format]

### Appendix C: Financial Data Tables
[Detailed financial tables]

### Appendix D: Risk Register
[Complete risk register with all findings]

---

*This analysis was generated using the Cowork Deal Room Analyzer, which employs Claude Cowork's multi-step collaboration pattern to systematically process deal room documents through five analytical phases. This report is for informational purposes and does not constitute legal or financial advice. All findings should be reviewed by qualified legal counsel and financial advisors before making transaction decisions.*

Financial Analysis Line Items

Historical Financial Data

Income Statement Analysis (3-5 years if available)

• Revenue by segment/product/geography
• Revenue growth rates (year-over-year, CAGR)
• Gross margin and trends
• EBITDA and adjusted EBITDA (identify each adjustment and assess reasonableness)
• SG&A as percentage of revenue (trend analysis)
• R&D spending levels and capitalization practices
• One-time or non-recurring items (frequency of "non-recurring" items is itself a red flag)
• Customer concentration (top 10 customers as % of revenue)

Balance Sheet Analysis

• Working capital components and trends
• Net debt position (total debt minus cash and equivalents)
• Debt maturity schedule and covenants
• Off-balance-sheet liabilities (operating leases, guarantees, pending litigation)
• Goodwill and intangible assets (percentage of total assets -- impairment risk)
• Accounts receivable aging (DSO trends, concentration risk)
• Inventory analysis (DIO trends, obsolescence risk)
• Deferred revenue analysis (trend and quality)

Cash Flow Analysis

• Free cash flow generation and conversion rate
• Cash flow from operations vs. net income (persistent divergence is a red flag)
• Capital expenditure requirements (maintenance vs. growth capex)
• Working capital cash flow impact
• Dividend and distribution history

Financial Red Flags Checklist

Market Standard Benchmarks

Compare extracted terms to these benchmarks when assessing deviations.

Phase Output Formats

Console output templates for each phase and the final completion summary.

Phase 1 Output

PHASE 1 COMPLETE: Document Inventory & Classification
======================================================

Documents Found: [count]
Categories Represented: [count]/16
Estimated Completeness: [percentage]

INVENTORY:
| # | File | Category | Pages/Rows | Key Dates | Status |
|---|------|----------|------------|-----------|--------|
| 1 | ... | ... | ... | ... | Reviewed |

GAP ANALYSIS:
- MISSING: [category] -- [impact of absence]
- MISSING: [category] -- [impact of absence]
- INCOMPLETE: [category] -- [what is missing]

Phase 2 Output

PHASE 2 COMPLETE: Contract & Legal Analysis
=============================================

Contracts Analyzed: [count]
Key Terms Extracted: [count]
Non-Standard Provisions Flagged: [count]

PRIMARY TRANSACTION TERMS:
- Transaction Type: [type]
- Consideration: [amount/structure]
- Closing Conditions: [summary]

TERM EXTRACTION TABLE:
| Term | Value Found | Market Standard | Deviation | Risk |
|------|-------------|-----------------|-----------|------|
| ... | ... | ... | ... | ... |

NON-STANDARD PROVISIONS:
1. [Document] -- [Provision] -- [Concern] -- [Recommendation]
2. ...

MISSING PROTECTIONS:
1. [Protection] -- [Standard expectation] -- [Impact of absence]
2. ...

Phase 3 Output

PHASE 3 COMPLETE: Financial Analysis
======================================

Financial Documents Analyzed: [count]
Years of Historical Data: [count]
Projection Period: [years]

KEY FINANCIAL METRICS:
| Metric | Year -3 | Year -2 | Year -1 | Current | Projected |
|--------|---------|---------|---------|---------|-----------|
| Revenue | | | | | |
| Growth Rate | | | | | |
| Gross Margin | | | | | |
| EBITDA | | | | | |
| EBITDA Margin | | | | | |
| Free Cash Flow | | | | | |
| Net Debt | | | | | |

EBITDA ADJUSTMENTS ANALYSIS:
| Adjustment | Amount | Reasonable? | Rationale |
|------------|--------|-------------|-----------|
| ... | ... | ... | ... |

PROJECTION ASSESSMENT:
- Realism Score: [1-10]
- Key Risk: [description]
- Downside Scenario Impact: [description]

RED FLAGS IDENTIFIED:
1. [Flag] -- [Severity] -- [Evidence] -- [Implication]
2. ...

FINANCIAL STRENGTHS:
1. [Strength] -- [Evidence]
2. ...

Phase 4 Output

PHASE 4 COMPLETE: Risk Assessment & Scoring
=============================================

Total Findings: [count]
Critical: [count] | High: [count] | Medium: [count] | Low: [count]

COMPOSITE DEAL RISK SCORE: [score] -- [band label]

RISK HEAT MAP:
                    | Remote | Unlikely | Possible | Likely | Almost Certain |
| CRITICAL          |        |          |          |        |                |
| HIGH              |        |          |          |        |                |
| MEDIUM            |        |          |          |        |                |
| LOW               |        |          |          |        |                |

(Populate cells with finding reference numbers)

CRITICAL FINDINGS (require immediate attention):
1. [Finding ID] -- [Description] -- [Source Document] -- [Recommended Action]
2. ...

HIGH FINDINGS:
1. ...

MEDIUM FINDINGS:
1. ...

LOW FINDINGS:
1. ...

RISK-TO-MITIGATION MAP:
| Finding | Severity | Recommended Mitigation | Estimated Impact |
|---------|----------|----------------------|------------------|
| ... | ... | ... | ... |

Progress Reporting

At the start of each phase, print:

[PHASE N/5] Starting: [Phase Name]

At the end of each phase, print the phase output summary above.

Final Completion Summary

ANALYSIS COMPLETE
==================
Report written to: [path]/deal-room-analysis.md

Documents analyzed: [count]
Phases completed: 5/5
Deal Risk Score: [score] -- [band]
Critical findings: [count]
High findings: [count]
Negotiation items: [count]

Top 3 findings requiring immediate attention:
1. [finding]
2. [finding]
3. [finding]

Phase Procedures

Detailed procedures for each of the five analytical phases. Execute phases sequentially. Each phase produces structured intermediate findings that feed the next.

---

Phase 1: Document Inventory & Classification

Objective

Catalog every document in the deal room directory. Classify each by type, assess completeness, and flag gaps.

Procedure

1. Scan the directory using Glob to find all files recursively:

• **/*.pdf, **/*.docx, **/*.xlsx, **/*.csv, **/*.txt, **/*.md, **/*.png, **/*.jpg, **/*.jpeg
• Check for subdirectory structure that reveals organizational intent (folders named "Legal", "Financial", "HR").

2. Read each document using the Read tool. For PDFs, use the pages parameter to sample key pages (cover page, table of contents, signature pages). For spreadsheets, read headers and first rows to understand structure.

3. Classify each document using the category table in references/classification.md.

4. Assess completeness by checking for standard deal room requirements:

• Is there a primary transaction agreement (SPA, APA, or Merger Agreement)?
• Are audited financial statements present for at least 2-3 years?
• Is there a cap table or equity summary?
• Are material contracts identified and included?
• Are employment agreements for key executives present?
• Is there litigation disclosure?
• Are IP schedules present?
• Are tax returns or tax opinions included?

5. Produce a structured inventory table and a gap analysis identifying missing document categories. Use the format in references/output-formats.md.

---

Phase 2: Contract & Legal Analysis

Objective

Extract and analyze all legal terms, obligations, rights, and risk provisions from every contract and agreement in the deal room.

Procedure

1. Prioritize documents for review:

• Priority 1: Master transaction agreement (SPA, APA, Merger Agreement)
• Priority 2: Ancillary agreements (non-competes, TSAs, IP assignments)
• Priority 3: Material third-party contracts (customer agreements, vendor contracts, leases)
• Priority 4: Employment agreements for C-suite and key personnel
• Priority 5: All remaining legal documents

2. For each contract, extract the applicable terms listed in references/term-extraction-checklist.md.

3. Compare extracted terms to market standards using the benchmarks in references/market-standards.md.

4. Flag non-standard or concerning provisions:

• Terms significantly outside market ranges
• Ambiguous language that could be interpreted adversely
• Missing standard protections
• Asymmetric provisions favoring one party
• Provisions that may be unenforceable in relevant jurisdictions
• Unusual definitions or carve-outs

5. Produce the Phase 2 output using the format in references/output-formats.md.

---

Phase 3: Financial Analysis

Objective

Analyze all financial documents to assess the target's financial health, validate projections, and identify financial red flags.

Procedure

1. Extract historical financial data from statements and spreadsheets using the line items in references/financial-analysis.md.

2. Analyze projections and forecasts (if provided):

• Compare projected growth rates to historical performance
• Assess reasonableness of margin expansion assumptions
• Identify hockey-stick patterns and challenge underlying assumptions
• Compare projections to industry benchmarks
• Run sensitivity analysis: what happens at 75% and 50% of projected revenue?
• Identify key assumptions driving the model (customer wins, pricing changes, cost reductions)
• Build a bridge analysis from current state to projected state

3. Assess Quality of Earnings indicators:

• Revenue recognition policies and changes
• Non-recurring adjustments to EBITDA (sum total and trend)
• Related-party transactions
• Change in accounting policies or estimates
• Audit qualifications or emphasis of matter paragraphs
• Management override indicators

4. Run valuation sanity checks:

• Implied multiples (EV/Revenue, EV/EBITDA, P/E) vs. comparable transactions
• Implied growth rate embedded in purchase price
• Breakeven analysis on investment return

5. Apply the financial red flags checklist in references/financial-analysis.md.

6. Produce the Phase 3 output using the format in references/output-formats.md.

---

Phase 4: Risk Assessment & Scoring

Objective

Synthesize findings from Phases 1-3 into a comprehensive risk matrix with severity ratings, likelihood assessments, and potential financial impact estimates.

Procedure

1. Compile all findings from Phases 1, 2, and 3 into a unified risk register.

2. Rate each finding using the severity and likelihood scales in references/risk-scoring.md.

3. Categorize each risk into the domains listed in references/risk-scoring.md.

4. Calculate a composite Deal Risk Score using the formula and scoring bands in references/risk-scoring.md.

5. Map risks to mitigation strategies using the mitigation table in references/risk-scoring.md.

6. Produce the Phase 4 output using the format in references/output-formats.md.

---

Phase 5: Synthesis & Report Generation

Objective

Compile all phase outputs into a single, professional-grade due diligence report written to deal-room-analysis.md in the deal room directory.

Procedure

1. Write the report using the Write tool at [deal-room-directory]/deal-room-analysis.md, following the exact structure in references/report-template.md.

2. Ensure the report meets professional standards:

• Every factual claim references a specific document
• Risk ratings are consistently applied
• Market comparisons use the benchmarks from Phase 2
• Negotiation recommendations are actionable and specific
• The tone is measured, analytical, and objective
• No speculative language without explicit qualification
• All dollar amounts and percentages are clearly sourced

3. Print the completion summary to the user using the format in references/output-formats.md.

Risk Scoring Framework

Severity Scale

Likelihood Scale

Risk Domains

• Legal / Contractual Risk: Inadequate protections, unfavorable terms, enforceability concerns
• Financial Risk: Revenue quality, margin sustainability, projection credibility, debt
• Operational Risk: Key person dependency, customer concentration, supplier risk
• Regulatory Risk: Compliance gaps, pending regulatory changes, approval uncertainty
• IP / Technology Risk: IP ownership gaps, open source contamination, technology obsolescence
• Tax Risk: Uncertain tax positions, transfer pricing exposure, structural tax issues
• Integration Risk: Cultural mismatch, system compatibility, customer retention during transition
• Market Risk: Competitive threats, market decline, disruption risk
• Litigation Risk: Pending or threatened litigation, historical patterns
• Environmental / ESG Risk: Environmental liabilities, ESG compliance gaps

Composite Deal Risk Score

Deal Risk Score = Sum of (Severity Weight x Likelihood Weight) for all findings

Severity Weights: CRITICAL=10, HIGH=5, MEDIUM=2, LOW=1
Likelihood Weights: Almost Certain=5, Likely=4, Possible=3, Unlikely=2, Remote=1

Scoring Bands:
0-25:   LOW RISK -- Standard deal protections sufficient
26-50:  MODERATE RISK -- Enhanced protections and specific indemnities recommended
51-100: HIGH RISK -- Significant price adjustment or structural changes needed
100+:   CRITICAL RISK -- Recommend reconsidering deal or fundamental restructuring

Risk-to-Mitigation Map

Contract Term Extraction Checklist

For each contract, extract the following terms where applicable.

Deal Structure & Consideration

• Transaction type (asset purchase, stock purchase, merger, investment)
• Purchase price and form of consideration (cash, stock, earnout, escrow)
• Purchase price adjustments (working capital, net debt, closing adjustments)
• Earnout provisions (metrics, measurement period, caps, acceleration triggers)
• Escrow terms (amount, duration, release conditions, claim procedures)

Representations & Warranties

• Scope and specificity of seller/target reps
• Knowledge qualifiers ("to the knowledge of" -- how defined?)
• Materiality qualifiers and Material Adverse Effect definition
• Sandbagging provisions (pro-sandbagging, anti-sandbagging, or silent)
• R&W survival periods (general, fundamental, tax, specific)

Indemnification

• Indemnification caps (percentage of purchase price; compare to market norms of 10-15% for general, 100% for fundamental)
• Indemnification baskets/deductibles (tipping vs. true deductible; threshold amount)
• Special indemnities (tax, environmental, litigation, IP)
• Limitation on damages (consequential, punitive, lost profits)
• Sole remedy provisions and carve-outs (fraud, intentional breach)

Covenants & Obligations

• Pre-closing covenants (ordinary course of business, consent requirements)
• Post-closing covenants (non-compete scope and duration, non-solicitation)
• Restrictive covenant enforceability (geographic scope, time limits, FTC considerations)
• Information rights and access obligations

Closing Conditions

• Regulatory approvals required (HSR, CFIUS, foreign investment, industry-specific)
• Third-party consents required (change of control provisions)
• Material adverse change/effect conditions
• Minimum closing conditions and walk-away rights
• Termination provisions and break fees

Termination & Exit

• Termination rights for each party
• Break-up fees and reverse break-up fees (amount and triggers)
• Outside date / drop-dead date
• Tail provisions for representations and warranties

IP Provisions

• IP assignment completeness (all registered and unregistered IP?)
• License-back arrangements
• Open source contamination risk
• IP indemnification
• Employee/contractor IP assignment agreements

Employment & Key Person

• Key person retention agreements and terms
• Change of control payments and golden parachutes
• Non-compete and non-solicitation terms for key employees
• 280G excise tax gross-up or cut-back provisions

Liability & Insurance

• D&O tail insurance requirements
• R&W insurance (if applicable -- who bears cost, scope, retention)
• General liability limitations