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Commercially Reasonable Efforts definition: Copy, customize, and use instantly

Introduction

The term "Commercially Reasonable Efforts" refers to the level of effort a party must exert to fulfill an obligation in a manner consistent with industry standards, available resources, and practical constraints. It is commonly used in contracts to balance diligence with feasibility, ensuring that parties take reasonable steps to achieve a goal without imposing undue hardship.

Below are various examples of how "Commercially Reasonable Efforts" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.

Definition of "Commercially Reasonable Efforts" as general business efforts

This definition ties "Commercially Reasonable Efforts" to the standard level of effort in business transactions.

"Commercially Reasonable Efforts" means the efforts that a prudent and diligent business entity would undertake in similar circumstances, considering the nature of the obligation and prevailing industry standards.

Definition of "Commercially Reasonable Efforts" as financial obligations

This definition connects "Commercially Reasonable Efforts" to fulfilling financial commitments.

"Commercially Reasonable Efforts" refers to the exertion of reasonable financial and operational resources to satisfy obligations, provided that such efforts do not materially impair the financial stability of the party.

Definition of "Commercially Reasonable Efforts" as regulatory compliance

This definition links "Commercially Reasonable Efforts" to legal and regulatory adherence.

"Commercially Reasonable Efforts" means taking reasonable steps to comply with applicable laws, regulations, and governmental orders, provided that such compliance does not result in undue burden or economic hardship.

Definition of "Commercially Reasonable Efforts" as technology development

This definition applies "Commercially Reasonable Efforts" to software and technology development.

"Commercially Reasonable Efforts" refers to the level of diligence a technology provider would apply in developing, testing, and implementing a product, considering industry best practices and resource availability.

Definition of "Commercially Reasonable Efforts" as contract performance

This definition ties "Commercially Reasonable Efforts" to fulfilling contractual duties.

"Commercially Reasonable Efforts" means taking reasonable measures to meet contractual obligations in good faith, considering time constraints, cost, and practicality.

Definition of "Commercially Reasonable Efforts" as intellectual property enforcement

This definition connects "Commercially Reasonable Efforts" to protecting intellectual property rights.

"Commercially Reasonable Efforts" refers to the steps a company would typically take to protect, enforce, and defend its intellectual property, including legal actions when deemed necessary.

Definition of "Commercially Reasonable Efforts" as mergers and acquisitions

This definition links "Commercially Reasonable Efforts" to due diligence in mergers.

"Commercially Reasonable Efforts" means conducting due diligence, negotiating terms, and securing necessary approvals in a manner consistent with prevailing business practices in mergers and acquisitions.

Definition of "Commercially Reasonable Efforts" as supply chain management

This definition applies "Commercially Reasonable Efforts" to logistics and supply chain functions.

"Commercially Reasonable Efforts" means making reasonable attempts to secure supplies, meet delivery deadlines, and manage logistics disruptions in line with industry norms.

Definition of "Commercially Reasonable Efforts" as data protection and cybersecurity

This definition ties "Commercially Reasonable Efforts" to data security obligations.

"Commercially Reasonable Efforts" refers to implementing industry-standard security measures to protect data and mitigate cyber threats while balancing cost and feasibility.

Definition of "Commercially Reasonable Efforts" as real estate transactions

This definition connects "Commercially Reasonable Efforts" to property sales and leasing.

"Commercially Reasonable Efforts" means making reasonable attempts to secure financing, negotiate lease terms, and complete real estate transactions in good faith.

Definition of "Commercially Reasonable Efforts" as employment agreements

This definition links "Commercially Reasonable Efforts" to HR and employment policies.

"Commercially Reasonable Efforts" refers to the steps an employer takes to hire, train, and retain employees while considering business needs and market conditions.

Definition of "Commercially Reasonable Efforts" as dispute resolution

This definition applies "Commercially Reasonable Efforts" to resolving disputes before litigation.

"Commercially Reasonable Efforts" means making a good faith attempt to resolve disputes through negotiation, mediation, or other alternative dispute resolution mechanisms before resorting to litigation.

Definition of "Commercially Reasonable Efforts" as environmental compliance

This definition ties "Commercially Reasonable Efforts" to environmental regulations.

"Commercially Reasonable Efforts" means taking reasonable steps to comply with environmental laws, minimize pollution, and reduce carbon footprint within economically viable limits.

Definition of "Commercially Reasonable Efforts" as insurance procurement

This definition connects "Commercially Reasonable Efforts" to obtaining insurance coverage.

"Commercially Reasonable Efforts" refers to securing insurance policies at commercially viable rates while ensuring adequate risk protection.

Definition of "Commercially Reasonable Efforts" as government contracting

This definition links "Commercially Reasonable Efforts" to fulfilling government contracts.

"Commercially Reasonable Efforts" means taking reasonable steps to meet governmental procurement standards, comply with bidding regulations, and fulfill contractual terms.

Definition of "Commercially Reasonable Efforts" as licensing agreements

This definition applies "Commercially Reasonable Efforts" to licensing negotiations.

"Commercially Reasonable Efforts" means using good faith negotiations and reasonable resources to obtain, maintain, or enforce licensing rights in accordance with industry standards.

Definition of "Commercially Reasonable Efforts" as pharmaceutical research

This definition ties "Commercially Reasonable Efforts" to medical and pharmaceutical developments.

"Commercially Reasonable Efforts" refers to the scientifically and economically feasible steps taken to develop, test, and gain regulatory approval for pharmaceutical products.

Definition of "Commercially Reasonable Efforts" as media and entertainment contracts

This definition connects "Commercially Reasonable Efforts" to entertainment industry obligations.

"Commercially Reasonable Efforts" means taking reasonable steps to fulfill production, distribution, and marketing obligations within financial and operational constraints.