The purpose of this paper is threefold. Firstly, it presents to the broader European audience the thesis of lawyers being the “transaction cost engineers”, with a particular focus on acquisition agreements. Secondly, it applies the terminology of value-creation and value-distribution to the operation of warranty clauses and contractual indemnities. These contractual clauses typically form a significant part of an acquisition agreement and they are frequently among those most heavily negotiated between the parties. Therefore, it is interesting to analyze the value considerations underlying these negotiations. Finally, the paper discusses the interplay between a contract’s pricing terms, non-pricing terms (like warranty clauses and contractual indemnities) and the bargaining power of the parties. Again, the focus is on acquisition agreements, where the interplay between these factors is determined by the structure of an M&A transaction process.

中文翻译：

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合同担保和赔偿谈判中的价值创造

本文的目的是三方面的。首先，它向广大欧洲观众介绍了律师的观点，即“交易成本工程师”，特别着重于收购协议。其次，它将价值创造和价值分配的术语应用于保修条款和合同赔偿的执行。这些合同条款通常构成收购协议的重要组成部分，并且经常在各方之间最频繁协商的条款中。因此，分析这些谈判背后的价值考虑因素很有趣。最后，本文讨论了合同的定价条款，非定价条款（例如保修条款和合同赔偿）与当事方的议价能力之间的相互作用。同样，重点是收购协议，