diligence

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Diligence

Vigilant activity; attentiveness; or care, of which there are infinite shades, from the slightest momentary thought to the most vigilant anxiety. Attentive and persistent in doing a thing; steadily applied; active; sedulous; laborious; unremitting; untiring. The attention and care required of a person in a given situation; the opposite of Negligence.

There may be a high degree of diligence, a common degree of diligence, and a slight degree of diligence, with their corresponding degrees of negligence. Common or ordinary diligence is that degree of diligence which persons generally exercise in respect to their own concerns; high or great diligence is, of course, extraordinary diligence, or that which very prudent persons take of their own concerns; and low or slight diligence is that which persons of less than common prudence, or indeed of any prudence at all, take of their own concerns.

Special diligence is the skill that a good businessperson exercises in his or her specialty. It is more highly regarded than ordinary diligence or the diligence of a nonspecialist in a given set of circumstances.

diligence

n. reasonable care or attention to a matter, which is good enough to avoid a claim of negligence, or is a fair attempt (as in due diligence in a process server's attempt to locate someone).

diligence

1 the degree of care required in a given situation. Often encountered in the phrase due diligence which denotes a defence to many statutory crimes and which also denotes the process by which a purchaser of or an investor in a company investigates the target. To this end accountants, solicitors and other professionals may need to be instructed.
2 in Scotland, the body of law relating to the enforcement of obligations.

DILIGENCE, contracts. The doing things in proper time.
     2. It may be divided into three degrees, namely: ordinary diligence, extraordinary diligence, and slight diligence. It is the reverse of negligence. (q.v.) Under that article is shown what degree of negligence, or want of diligence, will make a party to a contract responsible to the other. Vide Story, Bailm. Index h.t.; Ayl. Pand. 113 1 Miles, Rep. 40.

DILIGENCE. In Scotland, there are certain forms of law, whereby a creditor endeavors to make good his payment, either by affecting the person of his debtor, or by securing the subjects belonging to him from alienation, or by carrying the property of these subjects to himself. They are either real or personal.
     2. Real diligence is that which is proper to heritable or real rights,. and of this kind there are two sorts: 1. Inhibitions. 2. Adjudication, which the law has substituted in the place of apprising.
     3. Personal diligence is that by which the person of the debtor may be secured, or his personal estate affected. Ersk. Pr. L. Scotl. B. 2, t. 11, s. 1.

References in periodicals archive ?
There are several types of due diligence processes carried out in an acquisition scenario (depending on the size of the transaction) and these are:
Business Due Diligence: this involves reviewing the operational aspects of the target's business.
Financial Due Diligence: this process enables the buyer to assess all financial aspects (i.e.
Legal Due Diligence: this entails a review of the target's business to identify potential legal exposure and non compliance issues that could be inherited by the buyer as a result of its purchase of a stake in the business.
Legal due diligence is undertaken by legal practitioners retained by the buyer.
Why is Due Diligence indispensable in the Middle East?
Undertaking a legal due diligence process assists the buyer in evaluating the target's business to determine a suitable purchase price for procuring a stake in the said business.
Increasingly, international clients question the need to commence the legal due diligence process when contemplating a potential acquisition.
In the case of any potential exposure (not identified due to the absence of a due diligence), these can be protected against by the inclusion of broad representations and warranties by the seller's and/or the target, as well as the inclusion of broad indemnities in favour of the buyer in the transaction documents.
Conducting legal due diligence enables the buyer to make an informed decision to proceed with a prospective acquisition.