What is a best effort clause?
Thus, in many jurisdictions, a “best efforts” clause requires a contract party to do only that which is reasonable under the circumstances in light of the party’s capabilities— the same obligation imposed by a “reasonable efforts” provision.
What does best reasonable efforts mean in a contract?
Best Reasonable Efforts means the diligent, good faith efforts that a reasonably prudent Person desirous of achieving a result in an economically reasonable manner would use in similar circumstances to achieve the desired result.
What is a performance clause?
1. Contract performance clauses are included in the contract that has to be signed between the contracting entity and the winning bidder and specify the way in which a contract should be carried out, these clauses can include green considerations.
What does best effort basis mean?
Best effort basis is an agreement that something will be attempted without any guarantee provided that it will succeed. The term implies use of an improvised approach and extraordinary efforts in the context of challenging conditions or constraints.
What is an action for specific performance?
As the Supreme Court ascertained in this case, the action is essentially for specific performance – a personal action – over which the court a quo had jurisdiction, it was therefore erroneous for it to have treated the complaint as a real action which prescribes after 30 years under Article 1141 of the New Civil Code.
How do you use best effort basis in a sentence?
Sentence examples for best effort basis from inspiring English sources
- An OD request is executed on a best effort basis .
- Without deadlines, the proposed system will accept all the requests and schedule them on a best effort basis.
What is an example of specific performance in contract law?
Specific Performance: Overview When a contract is for the sale of a unique property, for instance, mere money damages may not remedy the purchaser’s situation. Example: Rina offers to buy Beth’s house and Beth accepts, but later decides to keep the property. Real estate is considered to be unique.
What best efforts mean?
“Best efforts” is at the top of the scale and is generally perceived to mean that a party must do all that can possibly be done to seek and obtain an end, even if the impact would be materially adverse to the seeking party and even if there is a material monetary cost to the action.
Which of the following best defines the term best efforts underwriting?
What is “Best Efforts”? In a securities offering, “best efforts” refers to a contractual term in which the underwriter. This article aims to provide readers with a better understanding of the capital raising or underwriting process promises to do the best it can to sell as much of a securities offering as possible.