Your agent has found a publisher who is interested in your manuscript. Now all you have to do is wait for it to be published. Wrong.
This may be the most important, and labor intensive, part of your agent's job. She, or he, will contact other publishers who specialize in similar books or who your agent feels might do a better job for you and begins to negotiate.
You have no responsibilities during this phase except to remain in contact to answer questions or make final decisions.
A lot of things need to be nailed down rather quickly and your agent will be working for you to get the best deal possible. At the successful conclusion of this phase we will mark your manuscript SOLD.
Find out what SOLD means on the next page.