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In terms of both quality and process, the drafting of business contracts is dysfunctional. Consider quality. One example is the merger agreement between JPMorgan and Bear Stearns. What might first catch your eye is the centered heading after the introductory clause and before the recitals: "WITNESSETH," followed by a colon and featuring, as a pompous flourish, a space between each letter. And it's entirely representative — any given business contract is likely to be a mess that could do with a major overhaul.
September 08, 2008 at 12:00 AM
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