A schedule that is attached to a definitive agreement that describes exceptions to the representation and warranties being made by one of the parties. In a typical investment or acquisition agreement, the investor or acquiror permits the issuing company or target company to disclose information, including exceptions to the representations and warranties, in the disclosure schedule. Sometimes this is instead called a schedule of exceptions. It is the issuer's or the acquired company's obligation to prepare appropriate, complete, and responsive disclosure schedules. This scheduling process is part of the investor's due diligence investigation. The disclosure schedule will form part of the definitive agreement and usually exculpates the issuing company or acquired company from liability or obligation on account of the disclosed item.