Define: Industry Best Practices

How is Industry Best Practices defined in a legal contract?

• Industry Best Practices means the generally accepted and followed practices, methods, standards, and procedures employed by diligent and expert operators in the exploration, appraisal, development, extraction and abandonment of hydrocarbons, aiming to maximize the recovery factor of hydrocarbons throughout the lifespan of the reservoirs, without causing a significant reduction in pressure or energy. Seen in 15 SEC filings
• Industry Best Practices means a concept in management asserting that within a specific industry, there exists a selection of techniques, methods, processes, activities, incentives and rewards that are most effective in achieving a desired outcome when compared to any other techniques, methods, etc. In other words, a well-structured system of processes and checks can deliver the desired outcome with fewer complications. Seen in 1 SEC filing
• Industry Best Practices means methods or techniques that have been generally accepted as superior to any alternatives because they produce superior results or because they have become standard practice within the industry. 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 industry best practices' 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

Industry Best Practices means universally accepted methods delivering superior results.

Relevant Contract Types

• Business Partnership Agreements
• Consultancy Agreements
• Vendor Agreements
• Non-disclosure Agreements
• Software Development Contracts

Relevant Circumstances

• Process and procedure setup in a new business entity.
• When entering into an agreement involving service delivery.
• In negotiations involving business strategy and standards.

Relevant Sectors

• Information Technology
• Healthcare
• Energy
• Finance
• Manufacturing

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Genie Definition 2

Industry Best Practices means processes, widely recognised for excellence.

Relevant Contract Types

• Franchise Agreements
• Licensing Agreements
• Supply Contracts
• Outsourcing Contracts

Relevant Circumstances

• When establishing a new franchise or licensing agreement.
• Business outsourcing deals for service provision.
• Drafting of manufacturing or distribution agreements.

Relevant Sectors

• Retail
• Food and Beverage
• Logistics
• Construction & Real Estate

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