What does it mean to use commercially reasonable efforts?
“Commercially reasonable efforts” is at a level below “best efforts” and is generally interpreted as requiring the party to exert substantial effort without requiring that the party take any action that would be commercially unreasonable under the circumstances.
What does commercially reasonable terms mean?
Commercially reasonable terms means both financial and commercial terms that are consistent with concepts of good faith and fair dealing and are no less favorable to ComEd than those contained in this Agreement, if any, or to the extent no such terms exist under this Agreement, reasonably consistent with the principles …
What is the difference between best efforts and commercially reasonable efforts?
If a party promises “best efforts”, everything that can be done should be done, but not to the point of that party bankrupting itself. By contrast, “reasonable efforts” implies that what can be done should be done, in the context and purpose of the contract, but without requiring a party to leave “no stone unturned”.
What does commercially reasonable manner mean?
Commercially Reasonable Manner or “Commercially Reasonable” means, with respect to a given goal or requirement, the manner, efforts and resources a reasonable person in the position of the promisor would use, in the exercise of its reasonable business discretion and industry practice, so as to achieve that goal or …
What does it mean to use commercially?
What is commercial use? Commercial use describes any activity in which you use a product or service for financial gain. This includes whenever you use software to create marketing materials, since those materials are used for business purposes with the intention of increasing sales.
What are reasonable efforts?
The Core Definition of Reasonable Efforts is: “means, with respect to give an obligation, the efforts that a reasonable person in [the promisor’s] position would use to comply with that obligation as promptly as possible.”
What is the definition of reasonable effort?
Reasonable Efforts means, with respect to an action required to be attempted or taken by a Party under this Agreement, efforts that are timely and consistent with Good Utility Practice and are otherwise substantially equivalent to those a Party would use to protect its own interests.
How does UCC foreclosure work?
UCC-1 filings explained This is just a legal form that allows the lender to announce a lien on a secured loan. That means the lender is free to seize, foreclose upon or even sell the underlying collateral if you fail to repay your loan.
Which is the best definition of commercially reasonable?
Commercially reasonable efforts: Those efforts that reasonable business people would expect to be made, but again not necessarily all such efforts. Or, again colloquially, “I’ll do what professionals would normally do.”
What does commercial reasonable efforts mean in Delaware?
Delaware – Delaware courts have described “commercially reasonable efforts” or “best efforts” as obligating the parties to cooperate in challenging circumstances.
Which is the best definition of reasonable efforts?
Reasonable efforts:One or more reasonable actions reasonably calculated to achieve a stated objective, but with no expectation that all possibilities are to be exhausted. Commercially reasonable efforts:Those efforts that reasonable business people would expect to be made, but again not necessarily all such efforts.
When to use ” commercially reasonable efforts ” in a contract?
If your client is going to contractually commit to using “commercially reasonable efforts” to do something — but expects that obligation to require something less than “ all reasonable efforts” — then you’ll want to make the client’s expectation clear in the contract language itself.