What is the difference between commercially reasonable and reasonable?
Reasonable efforts: still weaker standard, not requiring any action beyond what is typical under the circumstances. Commercially reasonable efforts: not requiring a party to take any action that would be commercially detrimental, including the expenditure of material unanticipated amounts or management time.
What is commercially reasonable discretion?
Related to Buyer Commercially Reasonable Discretion. Commercially Reasonable means sound and prudent practices in a manner commercially reasonable for an onshore Product gathering system operator and in a manner consistent with industry standards at the applicable point in time.
What is commercially acceptable?
A work that is not pefect but will due according to the commercial standards.
What is commercially reasonable time?
Related Definitions Commercially Reasonable Period of Time means at least twelve months for a willing buyer and a willing seller to agree on price and terms, plus the time necessary to complete the sale.
What does commercially reasonable Endeavours mean?
Commercially Reasonable Endeavours means the efforts that a prudent Person would use in similar circumstances to ensure that its obligations are fulfilled expeditiously without incurring additional costs beyond what it would have had to incur in the usual circumstances.
What are commercially reasonable efforts under New York law?
With regard to “commercially reasonable efforts”, New York courts generally evaluate a party’s performance in light of an objective standard of reasonableness as opposed to a party’s subjective belief of what the contract requires.
What does reasonable discretion mean?
Related Definitions Reasonable Discretion means, as to any Person, a determination or judgment made by such Person in good faith in the exercise of reasonable (from the perspective of a secured lender) business judgment.
What does sole and absolute discretion mean?
Saying “sole” discretion suggests that only one party can exercise that discretion. Saying “sole and absolute” discretion means that only one party can exercise that discretion in an unfettered way.
What does commercially responsible mean?
Commercially Responsible Bid means a bid made in good faith, at the current market value, which is timely submitted by an entity that demonstrates the ability to meet all project requirements at the price for which the bid is submitted.
What is the difference between best efforts and commercially reasonable efforts?
Though “commercially reasonable efforts” requires some level of an industry standard to compare against, “best efforts” also requires good faith efforts on behalf of contracting parties. In Maestro W.
What are examples of reasonable time?
For example, if a contract does not fix a specific time for performance, the law will infer (and impose) a reasonable time for such performance. This is defined as that amount of time which is fairly necessary, conveniently, to do what the contract requires to be done, as soon as circumstances permit.
What is a commercial endeavor?
Best Commercial Endeavours means, in respect of a Party doing any act or thing or signing or executing any document or instrument, using all means reasonably necessary or desirable to do such act or thing or sign or execute such document or instrument.
What is a commercially reasonable manner?
The meaning of COMMERCIALLY REASONABLE is fair, done in good faith, and corresponding to commonly accepted commercial practices. How to use commercially reasonable in a sentence.
What does commercially astute mean?
Astute means showing or having an ability to correctly asses a person or situation and turn it to your advantage. They are, however, important food in the chain for many of the commercially harvested fish. What does scale the operation mean? Operation Astute happened on 2006-05-25. Recruitment Services.
What is the definition of the term ‘commercially viable’?
What is another word for commercially viable? commercially viable. Adjective. Worth enough to try to sell. saleable.
What is COMMERCIALLY ACCEPTABLE? definition of COMMERCIALLY ACCEPTABLE (Black’s Law Dictionary) Definition of COMMERCIALLY ACCEPTABLE: A work that is not pefect but will due according to the commercial standards. The Law DictionaryFeaturing Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.