Commercially reasonable efforts defined
WebOct 18, 2024 · After surveying relevant New York jurisprudence, the court ultimately defined “commercially reasonable efforts” as requiring “at the very least some conscious … WebAug 2, 2024 · If contracting parties agree to use “best efforts” or “reasonable efforts” or “diligent efforts” to perform an obligation under a contract and a dispute arises concerning performance, the parties are essentially asking for a court to tell them what level of effort is actually required to meet the standard and then to decide whether the standard …
Commercially reasonable efforts defined
Did you know?
Web“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 … WebA collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved: (1) in a judicial proceeding; (2) by a bona fide creditors' committee; (3) by a representative of creditors; or (4) by an assignee for the benefit of creditors.
WebMay 29, 2014 · “Commercially Reasonable Efforts” means efforts consistent with the past practice of Buyer related to research and development, regulatory approval, commercialization, sales and marketing... WebCommercially reasonable efforts. Including an efforts term to qualify a promise can be particularly useful when: The promisor's ability to achieve a goal is beyond its exclusive control, such as a promise to: sell a certain amount of goods; obtain regulatory approval; or obtain approval for a loan or other financing.
WebMar 30, 2024 · "Reasonable efforts" imposes a duty to act in good faith toward the other party. It does not require the party owing the duty to sacrifice the benefits it gains from the contract. "Commercially reasonable efforts" should only be used where there is an accepted trade usage defining the scope of the effort obligation. WebIn submissions, the parties referred to the definition of "Close-Out Amount" in the ISDA 2002 Master Agreement which provides that "Close-Out Amount" is to be "…determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result".
WebAug 24, 2024 · Since the IP agreement did not define "commercially reasonable efforts," the plaintiff had to establish the meaning of the term using objective standards. Based on …
WebEfforts Provisions in Commercial Contracts: Best Efforts, Reasonable Efforts, and Commercially Reasonable Efforts. This Practice Note discusses the use of efforts … mjo comedy nightWebAttorneys frequently use efforts language, such as "best efforts," "reasonable efforts" and "commercially reasonable efforts," to qualify a party's contractual obligation to perform … mjoffthehookdesignsWebCommercially Reasonable Efforts means, for purposes of selling APM Qualifying Securities, commercially reasonable efforts to complete the offer and sale of APM Qualifying Securities to third parties that are not Subsidiaries of the Corporation in public offerings or private … Examples of Commercially Reasonable in a sentence. A Party whose performance is … Examples of Best Efforts in a sentence. As soon as practicable following the … Commercially available off-the-shelf (COTS) item,” “construction material,” “domestic … Examples of Affiliates in a sentence. In any case, the number of outstanding shares … Examples of Commercially Useful Function in a sentence. Definition of … ingyenes casinoWebCommercially reasonable efforts refer to efforts which use a standard of reasonableness defined by what a similar person would do as judged by the standards of the … mjo cricketingyenes cuccokWebA commercially reasonable efforts clause is a contractual term varying depending on the context in which it is used; they can be indefinite, but generally not so vague as to be … ingyenes chromeWebReasonable Commercial Efforts means efforts and resources commonly used in the pharmaceutical industry for a drug of similar commercial potential at a similar stage in … ingyenes cnc programok