Best Efforts’ Vs. ‘Reasonable Efforts’: Why One Word Can Shift Millions in Liability

Introduction Parties entering into contracts in any scenario have the aim of achieving the final result to its finest form, and to accomplish the required task, the contract imposes obligations on the parties to perform and deliver it in a certain way, as per their ability. So where precision matters, a single word in such a commercial contract can represent the nature and level of the obligation and set a standard for the parties, which can lead to consequences, whether it be legal or...