Current operating assets minus current operating liabilities — the cash a business ties up to run, and a key driver of the <em>closing price adjustment</em>.
The access-controlled online repository where a seller shares diligence documents with buyers — the platform a transaction is <em>underwritten and closed</em> on.
The seller's contractual statements of fact about the business — the <em>promises a buyer relies on</em>, backed by indemnities if they turn out untrue.
The balance sheet drawn up as of the closing date — the document that <em>measures the final price adjustment</em> for working capital, cash, and debt.
The detailed sell-side document that presents a target to qualified buyers — the <em>full pitch</em> a process is launched on, sent after an NDA.
An insurance policy that covers losses from a breach of the seller's reps — letting the buyer <em>claim against an insurer instead of the seller</em>.