Submitted by christian on Mon, 04/26/2021 - 16:11
Commercial agreements typically specify specific standards in describing the degree of effort that a party is expected to undertake in order to carry out certain contractual obligations. For example, in many contracts, reference is made to one or the other party to the contract undertaking its "best efforts," "reasonable efforts" or "commercially reasonable efforts." Often, much time and attention is devoted to negotiating which of these standards will apply. Nevertheless, ambiguities remain as to the precise meaning of each of such standards.
