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Let’s TalkBest Efforts
A legal term that obligates the parties to make their best attempts to accomplish an objective outlined in a contract.
Example
“The buyer will use its best efforts to obtain financing for the acquisition of the company.”
See Also
Bad faith .
Tips
Using best efforts is important in many M&A contracts because an offer may be contingent on the buyer taking a specific action. Without best efforts, the buyer could walk away from a deal by simply doing nothing.
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