“Hot” documents are a real threat to the smooth closing of a transaction. Even worse, hot documents may be evidence of a criminal price fixing conspiracy, that may be subject to penalties for individuals of up to $1 million and 10 years’ imprisonment and for corporations of up to $100 million. The irony is that most of these documents have little connection with reality.

Avoiding the pitfalls of “hot” documents generally and for transactions particularly is not difficult. Here are some tips, as well as a checklist for avoiding the creation of documents that can fan the antitrust flames.