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Simple English definitions for legal terms

best-efforts contract

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A quick definition of best-efforts contract:

A best-efforts contract is an agreement between two or more parties that creates obligations that can be enforced by law. It is a promise to do the best one can to fulfill the terms of the contract, but there is no guarantee of success. The contract can be in writing or verbal, and it outlines the rights and duties of each party. It is important to understand that a contract is not just a piece of paper, but a legal relationship between the parties involved.

A more thorough explanation:

A best-efforts contract is a type of agreement between two or more parties that creates enforceable obligations. It is a legal document that outlines the responsibilities and duties of each party involved.

For example, a company may enter into a best-efforts contract with a supplier to ensure that the supplier will make every effort to deliver goods on time and in the agreed-upon condition. The contract may also specify the consequences if the supplier fails to meet these obligations.

Another example of a best-efforts contract is between an employer and an employee. The contract may outline the employee's responsibilities and duties, such as showing up to work on time and completing assigned tasks to the best of their ability. The employer, in turn, may promise to provide a safe working environment and fair compensation.

These examples illustrate how a best-efforts contract can help ensure that all parties involved fulfill their obligations and responsibilities. It provides a legal framework for resolving disputes and enforcing the terms of the agreement.

best efforts | best-efforts underwriting

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19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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