When a business is sold at an auction, the seller`s lawyers usually draw up a draft contract for the sale of shares and make them available to those interested bidders for consultation. After negotiating the terms of the SPA and the due diligence process, the parties each sign the SPA, the buyer pays the purchase price and the shares are formally transferred to the buyer through a transfer form. As a rule, this takes place on the same day. In principle, transfers of shares in UK limited liability companies will usually involve a two-step process. First, buyers and sellers enter into a contract of sale, often referred to as a share purchase agreement, in which they agree on the price at which the shares are sold and the other terms of the transfer. As a general rule, sellers want definitions of confidential information to be formulated as broadly as possible in order to protect proprietary information. . . .