What does commercially reasonable mean?
Legal Definition of commercially reasonable
: fair, done in good faith, and corresponding to commonly accepted commercial practices after default a secured party may sell… the collateral in its present condition or following any commercially reasonable preparation — Uniform Commercial Code.
What is the difference between best efforts and commercially reasonable efforts?
Though “commercially reasonable efforts” requires some level of an industry standard to compare against, “best efforts” also requires good faith efforts on behalf of contracting parties. In Maestro W.
What is the difference between best efforts and reasonable efforts?
“Best efforts” imposes a higher obligation than a “reasonable effort”. “Best efforts” means taking, in good faith, all reasonable steps to achieve the objective, carrying the process to its logical conclusion and leaving no stone unturned.
What does commercially practicable mean?
Practicable means available and capable of being done after taking into consideration cost, existing technology and logistics in light of overall project purposes. Commercially available means that the choice between domestic and imported products is unrestricted and depends only on commercial considerations.
What is the legal definition of reasonable?
adj., adv. in law, just, rational, appropriate, ordinary or usual in the circumstances. It may refer to care, cause, compensation, doubt (in a criminal trial), and a host of other actions or activities.
What does commercially acceptable mean?
Definition & Citations:
A work that is not pefect but will due according to the commercial standards.
What does commercially reasonable Endeavours mean?
Related Definitions
Commercially Reasonable Endeavours means the efforts that a prudent Person would use in similar circumstances to ensure that its obligations are fulfilled expeditiously without incurring additional costs beyond what it would have had to incur in the usual circumstances.
What is the reasonableness rule in law?
A reasonableness standard provides that an individual or firm engages in a reasonable way with others, especially with clients. In court cases, reasonableness standards define whether an action was taken in a reasonable or unreasonable manner, which will play into the outcome of the case.
What is the difference between reasonable and reasonably?
Use of reasonable is straightforward enough, but reasonably raises some issues. Reasonably can be paraphrased as “in a reasonable manner/way.” But that works only when reasonably is used with a verb.
What does best reasonable efforts mean in a contract?
Best Reasonable Efforts means taking, in good faith, all required steps to achieve a particular result and to ensure that such result is achieved as expeditiously as possible.
What is the definition of reasonable effort or duty of care?
a requirement that a person act toward others and the public with the watchfulness, attention, caution and prudence that a reasonable person in the circumstances would use.
What does commercially prudent mean?
All reasonable but commercially prudent endeavours
When the promisor had to decide whether to take a certain course of action it was permitted to consider its own commercial interests but not its political interests, to the extent that they differed from its commercial interests.
What is reasonable Endeavour clause?
a party subject to a “best endeavours” obligation is required to do all it can reasonably do to act in the same manner as a reasonable and prudent party would if it was acting in its own interests to achieve a certain object.
How do you prove reasonableness?
To prove the reasonably prudent person standard, you must do two things: First, you must prove what the actions of the other party were. You must present evidence to show what the other party did. Second, you must argue to the jury that those actions fall below the standard of a reasonable person.
What does reasonable mean legally?
What is another word for reasonably?
What is another word for reasonably?
| well | kindly |
|---|---|
| openheartedly | moralistically |
| acceptingly | temperately |
| sparingly | commiseratively |
| intimately | astutely |
What are commercial efforts?
Best Commercial Efforts means documented efforts that are consistent with those utilized by companies of similar size and type that have successfully developed and brought to market products and services similar to Licensed Products and Licensed Processes.
How do you determine reasonable care?
Reasonable care is “the degree of caution and concern for the safety of the self and others an ordinarily prudent and rational person would use in the same circumstances.” It acts as a minimum standard that must be met, and failure to provide reasonable care in a situation can leave a defendant in a position to be …
What is commercially reasonable Endeavours?
Commercially Reasonable Endeavours means the efforts that a prudent Person would use in similar circumstances to ensure that its obligations are fulfilled expeditiously without incurring additional costs beyond what it would have had to incur in the usual circumstances.
What is commercial Endeavour?
Best Commercial Endeavours means, in respect of a Party doing any act or thing or signing or executing any document or instrument, using all means reasonably necessary or desirable to do such act or thing or sign or execute such document or instrument.
What is the opposite for reasonable?
Opposite of having sound or fair judgment based on good sense. irrational. illogical. nonrational. unreasonable.
Can I say reasonable reason?
“A reasonable reason”, although sounding awkward, is valid English. For both words, the core element “reason” does not mean the exact same thing. I can understand why someone would want to avoid this combination in favor of something that sounds better.
What clause in a contract requires the parties to perform their obligations in a reasonable amount of time?
One contractual term commonly used to help manage this uncertainty is the diligence clause, which often takes the form of a clause requiring a party to use commercially reasonable efforts (CRE).
What are diligence obligations?
Licensee will use commercially reasonable efforts to develop, commercialize, market, promote, and sell Licensed Products in the Field.
What is the legal definition of reasonable care?
The level of care that a reasonable person would exercise in such circumstances. Failure to exercise reasonable care may lead to liability, if such a failure caused an injury; while exercise of reasonable care can establish that a party acted reasonably and is not liable.