Best Efforts Contract – wherein a party undertakes to use best efforts to fulfill the promises made rather than to achieve a specific result

best-efforts contract:
(1956)

1. A contract in which a party undertakes to use best efforts to fulfill the promises made rather than to achieve a specific result; a contract in which the adequacy of a party’s performance is measured by the party’s ability to fulfill the specified obligations.  *  Although the obligor must use best efforts, the risk of failure lies with the obligee. To be enforceable, a best-efforts term must generally set some kind of goal or guideline against which the efforts may be measured.  See BEST EFFORTS.

References:

Disclaimer: All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

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