The Forthright Negotiator Principle and the Legitimate Role of Ambiguity in Contracts

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Common sense suggests that contracts should be clearly drafted. However, owing to social and economic factors, ambiguities may be not only rational, but desirable. Many courts, including those in Delaware, have adopted rules of construction to help minimize the transaction costs associated with ambiguous contracts. The forthright negotiator principle is one such rule.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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