Take the Time to Negotiate What Is Expected When parties negotiate ongoing obligations in a contract, the parties typically make reference to a particular standard of effort. A number of different terms or phrases are used, such as “best efforts,”  “reasonable efforts,” “commercially reasonable efforts,” “commercially reasonable best efforts,” and “diligent efforts.” But what exactly do these phrases mean, and how are they different from each other? In the push to get contracts negotiated and signed, the use of these terms, without properly defining them, is common. Also common in reviewing legacy contracts is that the same contract can use… Read more