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“A verbal contract isn’t worth the paper it is written on”- Sam Goldwyn Sam Goldwyn recognised the importance of a written contract. A recent Supreme Court case (Vector Gas Limited v. Bay of Plenty Energy Limited) highlights the importance of careful and accurate drafting of contracts.

When a party to an agreement for sale and purchase doesn’t want to be under an absolute obligation to have to do something, it is usual to add a clause which requires a party to use “best endeavours” or “reasonable endeavours” to do that thing. But what do those phrases mean?