How is custom and usage defined in a legal contract?
- Custom and usage means the customs and rules generally regarded as effective and valid. Seen in 8 SEC filings
- Custom and usage has been used as a method to resolve ambiguities, not as a primary approach but as an interpretive resource when required. Seen in 3 SEC filings
- Custom and usage or ""Samoan custom and usage"" means practices and principles widely accepted, as well as specific norms recognized as functional in specific contexts. Seen in 1 SEC filing
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of custom and usage' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Custom and usage means commonly accepted practices and norms in a specific context.
Relevant Contract Types
Relevant Circumstances
- Determining standard conditions in a market or industry
- Interpreting rules established by common practice
- Negotiating terms based on sector norm
Relevant Sectors
Genie Definition 2
- Custom and usage is a tool for resolving ambiguities in [governing law].
Relevant Contract Types
Relevant Circumstances
- Clarifying unresolved areas within a contract
- Enforcing rules derived from common practice
- Settling disputes in contract interpretation
Relevant Sectors
Custom and usage means commonly accepted practices and norms in a specific context.
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