Antitrust regulators have been adopting an increasingly strict view of competition issues, raising the stakes not only on deal certainty and calendars, but also on contractual provisions governing the process and outcomes. After briefly surveying the latest major evolutions in European competition law practice, this panel will drill down into the line-by-line challenges of negotiating antitrust conditions precedent, cooperation and calendar provisions (including drop dead and filing dates) as well as risk sharing arrangements (including varieties of hell or high-water clauses, agreed remedies and reverse break fees).