Commercial contracts often include obligations carrying the qualification “as soon as reasonably practicable”. A case earlier this month has given some insight into how the courts will interpret and apply such obligations.
The 2008 financial crisis generated a significant amount of litigation, much of it about complicated financial products. One such case is Goldman Sachs –v- Videocon Global. The precise details of that dispute, involving a currency swap transaction are not important. The point of interest, however, is that the Court of Appeal had to consider the impact of a failure by one party to serve a statement setting out details of the calculation of certain charges “as soon as reasonably practicable”.
The paying party argued that, because the statement had not been provided as soon as reasonably practicable, the obligation to pay, which was dependent on the provision of the statement, had never arisen. The payee, on the other hand, argued that although the statement had indeed been delivered later than was “reasonably practicable” this did not invalidate the statement once it had eventually been delivered.
The Court of Appeal agreed with the payee: even though it had failed to deliver the statement as soon as “reasonably practicable” that did not, in this case, invalidate the statement and the payor was still required to pay.
The usual health warning applies to this Judgment, in that the construction of the meaning of any commercial agreement will be particular to that agreement. There are, of course, also ways that a clause of this sort could be worded in order to give a real remedy to the payor if it was not complied with. However the case does provide an insight into how the courts will approach such provisions in commercial agreements and apply commercial common sense to these types of arguments.
reasonably practicable means practicable having regard to-
Practicable means available and capable of being done after taking into consideration cost, existing technology, and logistics in light of overall project purposes.
As low as is reasonably achievable [ALARA] means making every reasonable effort to maintain exposures to radiation as far below the dose limits in these regulations as is practical, consistent with the purpose for which the licensed or registered activity is undertaken, taking into account the state of technology, the economics of improvements in relation to state of technology, the economics of improvements in relation to benefits to the public health and safety, and other societal and socioeconomic considerations, and in relation to utilization of nuclear energy and licensed or registered sources of radiation in the public interest.
after means "from but excluding," the words "to" and "until" mean "to but excluding," and the word "through" means "to and including." Likewise, in setting deadlines or other periods, "by" means "by." The words "preceding," "following," and words of similar import, mean immediately preceding or following. References to a month or a year refer to calendar months and calendar years.
Business Days means days when banks are open for business in the State of Delaware.
Notification Date means 30 days from an Account statement date [see section 6.3].
Days means calendar days.
Latest Practicable Date means a date which is the latest practicable in the context of the applicable requirement in these Regulations and which —
Step-In Date means 5 Business Days after delivery of a Step-In Notice;
Prior to 10:00 a.m., New York City time, on the Redemption Date specified in the notice of redemption given as provided in Section 11.4, the Company will deposit with the Trustee or with one or more Paying Agents [or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3] an amount of money sufficient to pay the Redemption Price of, and any accrued interest [including Additional Interest] on, all the Securities [or portions thereof] that are to be redeemed on that date.
Reasonably available means able to be contacted by a procurement organization without undue effort and willing and able to act in a timely manner consistent with existing medical criteria necessary for the making of an anatomical gift.
Deadline means a final date or time:
Deadline Date has the meaning set forth in Section 4.1[f].
Notification Time means 11:00 a.m., New York time, on a Local Business Day.
Practical examination means a demonstration through application of the safety rules and principles in industrial radiography including use of all procedures and equipment to be used by radiographic personnel.
Date of Practical Completion means the date certified in the QBCC Form 7 - Certificate of Practical Completion in accordance with Condition 28.
Certification Date means with respect to Securities of any series [i], if Bearer Securities of such series are not to be initially represented by a temporary global Security, the date of delivery of the definitive Bearer Security and [ii], if Bearer Securities of such series are initially represented by a temporary global Security, the earlier of [A] the Exchange Date with respect to Securities of such series and [B], if the first Interest Payment Date with respect to Securities of such series is prior to such Exchange Date, such Interest Payment Date.
Ending Date means the last day of each Offering Period.
Flip-in Date means the tenth business day after any Stock Acquisition Date or such earlier or later date as the Board of Directors of the Company may from time to time fix by resolution adopted prior to the Flip-in Date that would otherwise have occurred. "Flip-over Entity," for purposes of Section 3.2, shall mean [i] in the case of a Flip-over Transaction or Event described in clause [i] of the definition thereof, the Person issuing any securities into which shares of Common Stock are being converted or exchanged and, if no such securities are being issued, the other party to such Flip-over Transaction or Event and [ii] in the case of a Flip-over Transaction or Event referred to in clause [ii] of the definition thereof, the Person receiving the greatest portion of the [A] assets or [B] operating income or cash flow being transferred in such Flip-over Transaction or Event, provided in all cases if such Person is a subsidiary of a corporation, the parent corporation shall be the Flip-Over Entity.
Unreasonably impracticable means that the measures necessary to comply with the regulations require such a high investment of risk, money, time, or any other resource or asset that the operation of a marijuana establishment is not worthy of being carried out in practice by a reasonably prudent businessperson.
Feasible means capable of being accomplished in a successful manner within a reasonable period of time, taking into account economic, environmental, social, and technological factors.
Objection Date means the date by which Settlement Class Members must mail their objection to the Settlement for that objection to be effective. The postmark date shall constitute evidence of the date of mailing for these purposes.
Trigger Date shall have the meaning set forth in Section 11[a][iii] hereof.
Applicable Anniversary of the Commencement Date means the fifth [5th] anniversary of the Commencement Date.
Administratively complete means a determination by the Department that all elements of an application, as specified in the applicable regulation and including but not limited to all required signatures and tender of the application fee, where required, have been received.
Specified Time means [a] with respect to the LIBO Rate, 11:00 a.m., London time, and [b] with respect to the EURIBO Rate, 11:00 a.m., Brussels time.
1. Bồi thường/ Indemnity 1.1. Bên B phải bồi thường cho Bên A tất cả các thiệt hại và mất mát trực tiếp và gián tiếp. Bên B phải chịu trách nhiệm bồi thường cho Bên A những thiệt hại và mất mát nếu liên quan đến.
Party B shall indemnify Party A against all damages and losses [direct and indirect]. Party B shall be responsible for compensation for the demages and losses to Party A in connection with:
[a] Bất kỳ thiệt hại, mất mát nào được xác định là do Bên B gây ra;
Any damages, losses would be determined to caused by Party B;
[b] Việc thực thi thỏa thuận này;
The enforcement of this agreement;
[d] Bất kỳ khiếu nại nào của bên thứ ba đối với một bên về quyền sở hữu trí tuệ phát sinh hoặc liên quan đến những thỏa thuận để sử dụng các tài sản sở hữu trí tuệ do bên đó cung cấp ;
Any claim against one Party for actual or alleged infringement of intellectual property rights arising out of or in connection with agreement made by a third Party;
[e] Bất kỳ khiếu nại nào của bên thứ ba đối với Bên A phát sinh hoặc liên quan đến việc cung cấp hàng hóa và cung cấp dịch vụ không đúng thời hạn của Bên B hoặc do những vi phạm và sai sót trong quá trình thực hiện thỏa thuận này của Bên B;
Any claim made against Party A by a third party arising out of or in connection with the provision of the Services or provision of the Goods, or by the breachs and negligent performance
[f] Bất kỳ khiếu nại nào của bên thứ ba đối với những thiệt hại về tính mạng, sức khỏe phát sinh từ những hàng hóa, dịch vụ do Bên B cung cấp;
Any claims made against one Party by a third party for life and health damages arising out of the Services and the Goods provided by the other Parties..
1.2. Ngay khi có thể, một bên phải đưa ra thông báo khiếu nại bằng văn bản Bên B nếu có những thiệt hại mất mát xảy ra/ as soon as reasonably practicable, a Party shall give written notice of the Claim to the other Party if there are damages and losses;
[b] Bên A phải cung cấp đầy đủ cho Bên B các tài liệu gốc có liên quan đến để xác định số lượng, giá trị của các thiệt hại
A Party shall provide the other Party with full original documents related to quantify the value of the damage.
[c] Bên A không được thực hiện bất kỳ trách nhiệm hay thỏa thuận nào liên quan đến các yêu cầu bồi thường của bên thứ ba mà không có sự đồng ý bằng văn bản của Bên B
Party A do not make any admission of liability, agreement or compromise in relation to the Claim without the prior written consent of Party B.
[d] Cho phép Bên B và các cố vấn chuyên môn của Bên B có thể đến trụ sở của Bên A và được sử dụng các tài sản, tài liệu, hồ sơ có liên quan dưới sự kiểm soát của Bên A nhằm mục đích đánh giá, thực hiện cái yêu cầu bồi thường của bên thứ ba và của Bên A;
Give Party B and its professional advisers access at Party’s the headquarters used assets, documents and records within the power or control of Party A for the purpose of assessing the Claim;
1.3. Việc bồi thường thiệt hại được tính theo giá thị trường vào thời điểm xảy ra những thiệt hại. Trong vòng 30 ngày kể từ khi nhận được tài liệu kê khai tài sản bị thiệt hại do bên A cung cấp, nếu bên B chưa hoàn tất việc bồi thường thì phải chịu phạt chậm thanh toán với mức phạt được tính bằng 0.05%/ngày trên số tiền chậm trả tương ứng với số ngày chậm thanh toán;
The compensation shall be calculated according to the market price at the time of the damage. Within 30 days from receiving the document which declaratates of property damage if party B has not yet completed the compensation shall be subject to a penalty payment delay with the fine is calculated by 0.05%/day on the slow amount paid corresponds to the number of days of delay of payment;
1.4. Một bên không chịu trách nhiệm bồi thường nếu đã thông báo trước bằng văn bản về những những nguy cơ đối với Bên A và Bên A không thực hiện khắc phục triệt để. B is not responsible for compensation if they have prior notice in writing of the recommendations, or suspected dangerous thing will happen to Party A and Party A has not completely overcome;
1.5. Bên B tuyệt đối không thực hiện yêu cầu bồi thường nào của bên A nếu xét thấy yêu cầu đó vi phạm pháp luật.
Party B shall not absolutely implement any claim if it deems that the request breachs the Law.
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Đây là văn bản biểu mẫu do Công ty tự soạn thảo, nếu Anh/Chị muốn sử dụng dịch vụ vui lòng liên lạc với chúng tôi để được nâng cấp tài khoản VIP. Xin cám ơn.