Jurisdiction(s):
United Kingdom

Key definition

Preliminaries definition

What does Preliminaries mean? In construction procurement, Preliminaries (prelims) are the part of the bills of quantities/tender documents that state the project’s general requirements and the contractor’s obligations that are not measured as specific works. They usually outline the construction contract framework and information (site conditions, constraints and procedures) and contain priced requirements for site establishment and running costs, for example: site offices and welfare, supervision, scaffolding and other temporary works, temporary power, water and telecoms, security and access, plant, traffic management, insurances/bonds, programme and reporting, testing/records and as-built information, health and safety compliance, utilities connections, cleaning, and waste removal. Preliminaries are...

Early-stage planning for UK private equity buyouts (MBOs): heads of terms, confidentiality, exclusivity, timing and lawyer roles

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit.

Timing

A private equity buyout (MBO) typically opens with discussions aimed at settling the key commercial principles in outline. In contrast to a routine share or asset acquisition, three groups are at the table: the investor/private equity fund, the seller, and management, who may, in certain cases, have interests in the seller and/or the target. The fundamental points to confirm to determine if a deal can proceed are the price for the business (commonly via a share sale) and the allocation of management equity after completion. Beyond these, a number of early commercial and legal considerations must be addressed at the outset of any prospective transaction. After the principal commercial terms have been agreed in principle, consideration of the main legal issues is underway and a transaction structure has been settled, the parties are...

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Web page updated on 21/05/2026

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