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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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JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
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