This book comprehensively addresses the previously overlooked shoot-out clauses. These internal, open-ended procedures serve the radical separation of shareholders and have long been popular in the Anglo-American legal sphere. In Germany and Europe, their recognition has only increased in recent years. Practical guidance for their proper implementation is sporadically available, and comprehensive treatises on these clauses are completely lacking. The author fills this gap in the literature. He illuminates the goals, effects, and potential risks of shoot-out clauses and examines their legal effectiveness both domestically and abroad. Finally, he makes the findings useful for clause drafting and provides legal practitioners with extensive design guidelines. This book also serves as a handbook for practical drafting.