Step 1

The paper

Board paper: approving a financingFor the board or investment committee, before signing a facility or closing a raise.Legal memo: government contract reviewFor the CFO or programme team, on what a government contract allows and whether it can be financed.Regulatory update for the boardFor the board or risk committee, on rules that affect the business or a deal.

Step 2

The facts

CompanyCounterpartyTransaction or contractPrepared byDate

Purpose and background

Step 3

The points (56 to choose from)

Contract terms: the key terms (14)

Contract clauses: the contract library (11)

BasicsWhat kind of agreement it isIs it a FAR contract, and which rules come with it?

TerminationTermination and stop workCan the government end it, and on what terms?

MoneyObligated funds and appropriationsIs the money actually there, and what if Congress does not provide it?How payment worksHow and when is the company paid?

RevenueOfftake, price floors and pricing promisesWhat does the government commit to buy, at what price, and what does it ask in return?Follow-on productionCan a prototype lead straight to a production award?

AssetProperty bought with government moneyWho owns the equipment, and can it be charged to a lender?

IPIP, data and march-inWhat rights does the government take in the company's inventions and data?

RegulatoryForeign transfers and foreign ownershipWhat happens if technology or ownership goes abroad?

TransferAssignment, change of control and securityCan the agreement move with a sale, or be used as security for a loan?

DisputesDisputes, damages caps and governing lawWho decides a dispute, and how much can be claimed?

Regulation: the tracker (15)

UKProcurement Act 2023In force since 24 February 2025Single source pricing: 2026 amendmentsIn force since 5 June 2026National Security and Investment Act: sector reviewConsultation concluded; regulations pendingUK strategic export controlsIn force; lists amended regularlyStrategic Defence Review and Defence Industrial StrategyPublished; being implemented

USRevolutionary FAR OverhaulProposed rules, comments closedCMMC: cyber certification for DoD contractorsPhasing inITAR: review of the US Munitions ListProposed rule, comments openUS outbound investment rules (COINS Act)Proposed rule, comments open

EUSAFE: EU defence loansIn force since May 2025European Defence Industry Programme (EDIP)In force; corrigendum October 2026New EU foreign investment screening regulationAdopted; applies from 17 January 2028Defence readiness omnibus: procurement and transfersProposed June 2025EU dual-use export controlsIn force; Annex I updatedDefence Readiness 2030 and the industry roadmapPublished; being implemented

Lender and investor policies: the policy tracker (16)

The rules: EU and UKEuropean CommissionConventional weapons: No limit: assess case by case. Nuclear weapons: Outside the SFDR definition of controversial weapons.EU climate benchmarksConventional weapons: Not excluded. Nuclear weapons: Not in the exclusion.Financial Conduct AuthorityConventional weapons: No restriction in FCA rules. Nuclear weapons: Not addressed.HM Treasury and the Investment AssociationConventional weapons: Compatible with ESG. Nuclear weapons: Not addressed.

Public lenders and export creditEuropean Investment BankConventional weapons: Will not finance weapons and ammunition; the borrower may make them. Nuclear weapons: Not stated separately.EIB Group (EIF) defence fundsConventional weapons: Up to a third of a fund, EU and EFTA companies only. Nuclear weapons: Not stated separately.Nordic Investment BankConventional weapons: Permitted, including weapons and ammunition. Nuclear weapons: Not stated separately.UK Export FinanceConventional weapons: Supports UK defence exports. Nuclear weapons: Not stated.National Wealth FundConventional weapons: Dual-use within its priority sectors. Nuclear weapons: Not stated.

BanksBarclaysConventional weapons: Case by case, with enhanced due diligence. Nuclear weapons: Direct finance only if authorised by the US, UK or French government.HSBCConventional weapons: Restricted: no finance or advice for clients that make, trade, buy or sell weapons for military use. Nuclear weapons: Excluded.Standard CharteredConventional weapons: Enhanced due diligence for higher-risk clients. Nuclear weapons: Goods banned by or used for purposes banned by the Nuclear Non-Proliferation Treaty.INGConventional weapons: Supports defence funding aimed at Europe's resilience. Nuclear weapons: Does not finance nuclear weapons; may finance non-nuclear activities of companies in NPT countries.Danske BankConventional weapons: Finances and invests in the defence industry. Nuclear weapons: Excludes nuclear weapons outside the Non-Proliferation Treaty.

InvestorsNorges Bank Investment ManagementConventional weapons: Not excluded. Nuclear weapons: Earlier exclusions for production of nuclear weapons remain.SEB Asset ManagementConventional weapons: Selected funds may invest. Nuclear weapons: Excluded.

Step 4

Your draft

The draft updates as you go. Sections marked [to complete] are for your own analysis.

Draft

Choose a paper and tick at least one point to see a draft. This needs JavaScript; without it, use the linked pages for each point.

A first draft for the board.

The paper

The facts

The points (56 to choose from)

Your draft

The week in defence finance, read from the filings.