The disclosure and fact-finding process by which a potential investor (sometimes a lead investor) or acquiror will investigate, directly or through its agents, the company that intends to issue and sell securities to the potential investor or intends to be acquired by the potential acquiror. The process includes the making of information requests and the checking of the accuracy of the material information provided by the issuer. This process typically involves a review of the issuer's review of other pertinent documents and information concerning its business, operations, financial statements and projections, the available accounting information, personnel records, customer relationships, regulatory matters, technology, intellectual property matters, contracts, corporate books, and stock records. The process involves multiple discussions with management and visits to offices and facilities. Due diligence is usually confidential and should be conducted only if a signed confidentiality agreement is in place.