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Britain's Conservative Party is holding a contest to replace Prime Minister Theresa May, who stepped down from the party helm last week after failing to deliver Brexit.

All Conservative lawmakers can run to lead the party if they have the backing of at least eight of their colleagues. The winner will become both party leader and prime minister.

Here's a look at how the contest will unfold:

MONDAY JUNE 10:

The contenders have until 5 p.m. Monday (1600GMT) to submit nomination papers. So far, 11 lawmakers have declared that they will run.

THURSDAY JUNE 13:

The 313 Conservative lawmakers vote in the first elimination round. Any candidates who get less than 5% of the votes leave the race; if all meet the threshold, the lowest-scoring candidate is eliminated.

JUNE 18:

Lawmakers hold a second round of votes, with the last-placed contender — or any who fail to secure 10% support — dropping out.

JUNE 19 AND 20:

Further rounds are held if needed, with the last-placed candidate eliminated each time until only two remain. The final two candidates are put to a postal vote of the full party membership across the country — about 160,000 people.

WEEK OF JULY 22:

The winner is announced. The new party leader will also become Britain's prime minister.