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How much is a word worth?
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The parties to a finance transaction are understandably focussed on the commercial deal but the words used in the relevant contracts for the transaction really do matter. The choice, order or absence of words can in some circumstances have a direct monetary impact on the contracting parties’ positions. In this article, the authors consider principles of contractual construction, with recent illustrations from the world of finance and suggestions as to steps parties can take to avoid ambiguity and uncertainty.
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