Section 988(5)

An agreement is an “excluded agreement”— if it is not legally binding, unless it involves mutuality in the undertakings, expectations or understandings of the parties to it, or if it is an agreement to underwrite or sub-underwrite an offer of shares in a company, provided the agreement is confined to that purpose and any matters incidental to it.

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Source: legislation.gov.uk · retrieved 2026-09-04