fiduciary out
C2CEFR level
90/100Rarity: very rare
TechnicalRegister
Law noun
A clause freeing directors to abandon a signed deal for a superior proposal without breaching their agreement.
When the higher bid landed, the board invoked the fiduciary out, paid the break fee, and switched horses.
Business noun
A carve-out permitting a target's board to abandon an agreed deal to accept a superior proposal without breaching its duties.
Their fiduciary out is narrow: it only triggers on a genuinely superior proposal, not on a fishing expedition.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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