Law360, New York (January 16, 2018, 3:21 PM EST) -- Many commercial contracts use some variation of “efforts” in qualifying a party’s obligation to perform an obligation. For instance, a contract may require a party to use its “best efforts” to satisfy various closing conditions, use “commercially reasonable efforts” to secure various regulatory approvals or exercise “reasonable best efforts” in entering into an agreement with a third party.
However, it is often unclear what exactly these efforts commitments entail. This is particularly true when a contract is silent as to how a party is required to act in order to comply with an efforts covenant. Several recent cases from Delaware have...
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