In a typical M & A transaction, the buyer will usually try to make the seller liable wherever possible by asking for a lengthy catalog of representations, warranties and indemnities. Depending on the bargaining outcome, the economic risks for the seller associated with such provisions can be significant and long lasting even after the successful completion of a transaction.

In M & A practice, various contractual techniques have been developed through the application of which the seller tries to limit the possible consequences of a breach of the representations, warranties or indemnities.

Disclosure schedules are a common method for achieving this. They are used as schedules to the Share Purchase Agreement, restricting the scope of a specific provision. The issues listed in a disclosure schedule are disclosed to the buyer and can no longer be used as justification for an allegation of breach of representations, warranties or indemnities.

Working with disclosure schedules causes a considerable effort in implementing a transaction because the disclosure schedules are incorporated into the Share Purchase Agreement. Any change to the disclosure schedules therefore always requires a change to the Share Purchase Agreement. Monitoring the development of various disclosure schedules and aligning the disclosure schedules with the due diligence reports are extremely time-consuming exercises. For example, if shares in a GmbH, a German limited company, are to be transferred, the use of various disclosure schedules results in follow-up issues because of the mandatory notarization of the Share Purchase Agreement.

When disclosure letters are used, the Share Purchase Agreement will contain a provision confirming that all matters listed in the disclosure letter will not be regarded as breaches of representations, warranties or indemnities.

Usually, the seller will disclose in the disclosure letter all matters known to him which could possibly establish liability. This gives the seller the option to exclude any liability that may otherwise exist. Of course, the disclosure of risks will also cause the buyer to enter into negotiations to reduce the purchase price.

Since a seller in a business sale is in any event obliged to inform the buyer about all material facts relevant to the transaction, a seller cannot be advised to withhold any material facts as it could otherwise be subject to a charge of fraudulent deception and all associated risks.

If a disclosure letter is used in M & A transactions, the seller must take care that when the disclosure letter is published, all material facts are disclosed at the latest. At the same time, the buyer must make sure that it constantly compares the disclosure letter with its due diligence reports. In particular, the buyer must assess and evaluate all disclosed risks in good time - that is, not wait until the day of signing.

http://www.gvw.com/en/news/newsletter/gvw-international/augu...

Surprisingly, while the disclosure schedule (or disclosure letter) is one of the most significant
documents in any M&A transaction, with important consequences for both the buyer and the seller,
it is often prepared at the last minute and without a full understanding by the parties of its
strategic and lasting importance to the deal. Whether for an asset sale or stock sale, every
definitive agreement is going to contain representations of fact from the seller to the buyer
regarding key aspects of the business being sold. A buyer will want those representations to cover
the broadest possible spectrum of issues in a very specific way. A seller will want to give as few
representations as possible, limited to key issues for the particular business being sold, and
qualified in such a way that those representations only cover “material” or very important issues
from a financial perspective. Negotiating the specific representations in the definitive agreement is
time consuming and a high art, which is why the seller may breathe a sigh of relief when the form
of the representations has been agreed and the definitive agreement seems to be approaching its
final form. In reality, the hard work for the seller has only just begun. Each of those
representations, once agreed with various qualifications as to materiality and scope, must be
reviewed again and the disclosure schedule or disclosure letter prepared.
Why is Disclosure Important?
For the buyer, the disclosure schedule serves as the last but critical part of the due diligence
process and, where the disclosures reveal some new fact or circumstance, it may also give the
buyer a chance to renegotiate the price, require the seller to correct some perceived deficiency or,
in extreme circumstances, walk away from the deal entirely. In deals with very short fuses (and
many distressed deals need to be done virtually overnight to preserve going concern value), the disclosure schedule or disclosure letter is the best chance for the buyer to get visibility into key
issues.

For the seller, the disclosure schedule, if drafted properly, can be valuable protection against
future misrepresentation claims by the buyer.

http://www.bryancave.com/files/Publication/297bd0c7-d256-46d...

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Note added at 2 hrs (2014-12-15 22:09:33 GMT)
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List Ujawniający - Disclosure Letter

List Ujawniający – komu służy i kogo chroni…

 „Wszystko co powiesz (nie) może byd użyte przeciwko Tobie…”,
ale nie gdy chodzi o cenę…,
 papierek lakmusowy procesu Due diligence,
 „lista grzechów głównych” sprzedającego,
 uzupełniany przez strony w trakcie prowadzenia badania Due
diligence,
 Przyznad się od razu, a może poczekad…,
 warto podzielid się ze sprzedającym wnioskami z Due
diligence… jeśli mogą one wpływad na obniżenie ceny…,
 Jeśli się przyznasz – to w przyszłości - nie będziesz za to
odpowiadał…,

http://rkkw.pl/pdf/082_krzysztof_rapala_dokumenty_transakcyj...

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Note added at 3 hrs (2014-12-15 22:29:46 GMT)
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List ujawniający – disclosure letter

Disclosure letter, to swego rodzaju spowiedź sprzedającego. W umowie sprzedaży kupujący, po przeprowadzeniu badania, zazwyczaj wymaga od sprzedającego złożenia listy zapewnień co do kondycji sprzedawanej spółki, kompletności przekazanych informacji i wielu innych aspektów, na występowaniu których kupujący opiera się przystępując do transakcji. Do tego typu zapewnień dołącza się zazwyczaj właśnie tzw. list ujawniający, w którym sprzedający wskazuje na okoliczności niezgodne ze złożonymi zapewnieniami lub doprecyzowuje ich znaczenie. Dzięki takiemu zabiegowi kupujący nie będzie mógł pociągnąć sprzedającego do odpowiedzialności za złożenie fałszywych zapewnień w umowie sprzedaży, gdyż został o wyjątkach od zapewnień sprzedającego poinformowany.

http://www.korporacyjnie.pl/dylizansem-po-transakcji-sprzeda...

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Note added at 3 hrs (2014-12-15 22:48:16 GMT)
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what is a schedule:

One of the most common questions in Legal English is what to call the material that supplements a contract. The terms appendix, exhibit, annex and attachment all refer to something which is attached or added to a document and thus are often used interchangeably and represent only a matter of style or personal preference. However, there are some subtle differences and/or settings in which one of the terms is more commonly used.

Same Basic Meaning; Subtle Differences

An appendix (plural=appendices) is a collection of supplementary material, usually at the end of a contract (or, in the literary world, books).

An exhibit is a supplement to either a contract or, more often, a brief or other submission to a court.

Note that supplementary materials to contracts are more commonly referred to as “appendices” in England, whereas “exhibits” is the preferred term in the US. In both jurisdictions, “exhibits” are far more common in court pleadings, given that such supplements are often used as exhibits at trial.

An annex is another term used to refer to something that is attached, appended or added to a record or other document. In practice, the term can be used interchangeably with the terms “appendix” and “exhibit”. However, the term “annex” is used less frequently than either “appendix” or “exhibit” in most legal agreements with the exception of International Treaties (or similar documents with an international effect) in which the word “annex” is commonly used to refer to materials which supplement the Treaty.

An attachment also refers to items or documents that are appended to a main document. However, the term has recently become more commonly used to refer to files that are “attached” to an e-mail and may be opened separately by the recipient.

Specific Meanings
A schedule generally refers to materials that could be in the main contract but are instead moved to the end (usually due to their length) in an effort to achieve clarity and brevity in the main contract. For this reason, schedules are often considered to be part of the main contract and are sometimes required to be separately signed by both parties.,

An enclosure refers to documents which are actually inserted (often with other documents) in the same envelope, package, etc. For this reason, it is only appropriate to use the term “Enclosure” when the document is physically contained within an envelope or other packaging (and is mailed to the recipient, rather than e-mailed).

The term supplement is not often used to refer to materials which are appended to a main contract, but instead generally refers to an entirely separate document which adds to, or amends, the original contract (example: a “Supplement to the Lease Agreement” would normally consist of a new document which refers to the original Lease Agreement, rather than being an addendum to the Lease Agreement upon execution).

Drafter’s Tip

When drafting a contract use the terms commonly used in your jurisdiction, e.g. “exhibit” in the US and “appendix” in the UK. Regardless of the term you employ, use it consistently throughout the documents and any correspondence surrounding them.

http://www.translegal.com/drafter/supplements-to-legal-docum...

http://www.lexology.com/library/detail.aspx?g=4b86cf0a-d9a4-...

taki troche strzal, stad niski poziom pewnosci, ale po przeczytaniu powyzszego artykulu, mysle, ze to moze byc polski odpowiednik;
w umowie sprzedazy na wstepie mamy opis przedmiotu umowy; w zalczniku znajdziemy szczegolowy opis przedmiotu umowy/zamowienia
tu przyklady:
https://www.google.co.nz/search?q=szczegolowy opis przedmiot...