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Best Efforts, Reasonable Care, Due Diligence And General Trade Standards In International Contracts

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Chapter Summary

For the purposes of this chapter the Working Group concentrated on four major criteria: &t;best efforts,&t; &t;reasonable efforts&t;, &t;due diligence&t; and references to &t;general trade standards&t; in all their varying formulations. The four criteria tend to appear mainly in certain types of contracts or clauses. Some typical examples encountered by the Group will give the reader an insight into the practice of contractual drafting. The chapter analyzes that practice and synthesizes the main conclusions. The chapter ends with the usual advice to negotiators. The basis is around 150 sample clauses, gleaned from a variety of international contracts.

Keywords: due diligence; general trade standards; international contracts



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