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While transaction agreements can vary widely from deal to deal, they usually contain surprisingly similar “boilerplate” provisions that receive little attention during negotiations but significant attention in the event of a later dispute. Sophisticated parties with ties to multiple states may have some flexibility in choosing the governing law of the contract and the jurisdiction where disputes arising under the contract will be resolved. When it comes to the so-called “boilerplate,” how much does the selection of one state over another matter?

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