The purpose of the underwriting agreement is to ensure that all actors understand their responsibilities in this process and thus minimize potential conflicts. The subscription agreement is also called a subscription contract. A subscription agreement is a contract between a group of investment bankers forming a subscription group or consortium and the company issuing a new issue of securities. Stand-by-underwriting, also known as strict underwriting or old-fashioned underwriting, is a form of stock insurance: the issuer instructs the songwriter to buy the shares that the issuer did not sell as part of the subscription and shareholder demands.  In the event of universal or non-universal underwriting, the issuer stipulates that it must receive the proceeds from the sale of all securities. Investors` funds are held in trust until all securities are sold. This information is generally limited to the contact details of insurers and the distribution and stabilisation methods envisaged. Underwriters often undertake to release the issuer from all claims resulting from the use of certain information or all of the information on the list. Insurers will want to establish a very limited list of the information they will provide to the issuer, either by the sub-authors or by third parties selected by them, in order to clearly define the scope of the compensation. Since this information is used for the prospectus and road show presentations, the issuer will, as far as possible, organize the sculpture of the information in order to protect itself against claims caused by disinformation or false information provided by the songwriter. There are three main phases of the underwriting or capital raising process: planning, timing and demand assessment, and issuance structure. The planning phase includes identifying investor questions, understanding the reasons for investment, and estimating the demand or interests expected of investors….