Glossary · Doing the deal
In short
This is a legal standard requiring parties to a contract to make genuine, good-faith efforts to fulfill their obligations without going to extreme lengths or incurring unreasonable costs. It protects both buyer and seller.
You'll see this phrase in the LOI and purchase agreement, often regarding obtaining financing or securing necessary third-party consents. It means you can't just passively wait for an SBA loan; you must actively pursue it. If a party fails to meet this standard, it could be a breach of contract.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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