Materiality in representations — how is it quantified (e.g., by a USD amount)?
Frequency/market practice: Fairly common; materiality qualifiers commonly seen but are often not quantified (other than specific warranties, e.g., contract value). Very common to see “de minimis” trigger (tipping basket) to warranty (and other contractual) claims.
How is knowledge qualified (e.g., specific people, actual/constructive knowledge)?
Frequency/market practice: Knowledge qualifiers are often limited to the actual knowledge and reasonable enquiry of a specified list of members of senior management. We have seen deals involving multiple sellers where the purchase agreement separately defines the knowledge of each of the sellers.