Occasionally, IP Draughts provides a link to another blog article that he has found interesting. The link below is to an article by Ken Adams, reviewing the book: The Three and a Half Minute Transaction: Boilerplate and the Limits of Contract Design.
The book focuses on a contract clause that is commonly used in financing transactions, known as a pari passu clause, which was the subject of a famous court case. The authors research and discuss why this clause has remained in common use, mostly unchanged, despite the court case seeming to establish that the clause had a different meaning to what everyone in the industry thought.
If you are interested in understanding the dynamics of contract drafting and how “Big Law” goes about preparing and negotiating contracts, IP Draughts recommends that you read both the book and Ken’s article reviewing it. The book has been sitting on IP Draughts’ desk for some months, and he has contemplated writing a review of it, but now there is no need to do so.
Link to Ken’s blog post (with review article embedded): here.
The book can be bought from Amazon here.
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