Usually means: Maximum feasible diligence and commitment.
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We found 9 dictionaries that define the word best efforts:

General (5 matching dictionaries)
  1. best-efforts: Merriam-Webster
  2. best-efforts: Wordnik
  3. best efforts: Wiktionary
  4. best efforts: Dictionary.com
  5. best efforts: Longman Dictionary of Contemporary English

Business (4 matching dictionaries)
  1. MoneyGlossary.com (No longer online)
  2. Best Efforts: Investopedia
  3. Best Efforts: Financial dictionary
  4. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (best efforts)

noun:  (law) An assurance of good-faith effort to achieve best results under prevailing circumstances.
noun:  (finance) An effort to sell securities without a firm underwriting.

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