Define: Best in Class

How is Best in Class defined in a legal contract?

• Best in Class means top-tier service levels, product development and related services within the context of their industry or market.
  Seen in 3 SEC filings
• Best in Class means the price of a service or its service levels falling within the top quartile, deemed most favourable to customers. Adjustments to the services, pricing and/or service levels may be required to ensure the services stay the best in class.
  Seen in 1 SEC filing
• Best in Class means provision comparable to or superior to that defined as best in class in terms of connections with other types of public transport in a [national transport survey].
  Seen in 1 SEC filing
• Best in Class means selling a product at a top-tier price while hitting sales volume targets within one’s market share range. Adjustments are necessary if there are deviations from expected outcomes.
  Seen in 1 SEC filing

Please note that specific organizations, appendixes and clauses have had their names removed for global applicability and simplicity. Any specific names will need to be replaced as per your specific contract or legal situation.

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 best in class’ yourself to verify these results. We are always keen to point people to source documents.

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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.

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Genie Definition 1

• Best in Class means attaining the top-tier quality in service, product development, performance, or price in a specific industry or market.

Relevant Contract Types

• Service Level Agreement
• Product Development Agreement
• Vendor Agreement

Relevant Circumstances

• Establishing requirements for a service provider.
• Setting performance benchmarks in an agreement.
• Stipulating conditions for a vendor.

Relevant Sectors

• Technology
• Manufacturing
• Retail

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Genie Definition 2

• Best in Class means consistently hitting top-tier benchmarks while adjusting to maintain superior standards.

Relevant Contract Types

• Franchise Agreement
• Consulting Agreement
• Partnership Agreement

Relevant Circumstances

• Preparing terms for a consulting project.
• Setting up performance standards in a franchise.
• Establishing mutual obligations in a partnership.

Relevant Sectors

• Franchise Operations
• Consulting
• Partnerships and Alliances

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