The authors discuss the use of break or termination fees, such as those utilised in US takeover arrangements, and consider their applicability for UK corporate law, regulatory issues and market practice. Article by Jerry Walter and Helen Shilling (of Simmons and Simmons solicitors) published in Amicus Curiae - Journal of the Institute of Advanced Legal Studies and its Society for Advanced Legal Studies. The Journal is produced by the Society for Advanced Legal Studies at the Institute of Advanced Legal Studies, University of London