Target Market
The class of customers for whom a product or service is designed.

Target Operating Model (TOM)
The intended future structure, processes, systems and governance of the combined business.

Tax Covenant/Tax Deed
The part of a Share Purchase Agreement, or a separate deed, allocating specified tax liabilities between Buyer and Seller.

Tax Due Diligence
Review of historic and prospective tax exposures.

Technology Due Diligence
Review of systems, licences, cybersecurity, resilience and technical debt.

Technology Stack Rationalisation
Reducing systems into a unified set.

Third-Party Rights
Rights that a person who is not a contracting party may have under the contract or legislation.

Threshold Conditions
Minimum conditions a firm must continue to satisfy to be authorised.

Tipping Basket
A threshold which, once exceeded, permits recovery of the full amount of qualifying claims.

Transaction Bonus
A payment linked to the successful completion of the sale.

Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE)
Rules that may transfer employees and associated rights automatically when a business or service transfers.

Transitional Operating Model
The interim operating state between Day 1 and full integration.

Transitional Services Agreement (TSA)
An agreement under which the Seller or another group company temporarily supplies services after Completion.

TUPE Transfer
The transfer of affected employees to the Buyer by operation of TUPE.