Frequency/market practice: Fairly common, but depends on the deal.
Frequency/market practice: Cash free/debt free, working capital and NAV adjustments are all fairly common.
Frequency/market practice: Collars on the adjustment of a purchase price are common. Parties often agree on a floor or a cap on the adjustment.
Frequency/market practice: Either party may prepare the closing balance sheet, however this depends on whether the closing balance sheet is delivered pre or post the completion of the transaction. Often the target company may prepare this given that it has the relevant financial information easily at hand. The party not involved in preparing the closing balance sheet is provided with the opportunity to review the balance sheet and annual financial statements, with referral to an independent expert in the event of a dispute.