08/08/16 Use of “Substantial” & “Substantially”
The words substantial and substantially indicate an order of magnitude:
If Holdings declines the Offer, the Seller may transfer the Offer Interests on substantially the same or more favorable (as to the Seller) terms as were in the Offer Notice at a price not less than the Offer Price.
But how big does something have to be before it is substantial or can be said to do something substantially? More than 50% of its maximum potential magnitude? More than 70%? 90%? It’s not clear.
Both words are vague, but the problem goes beyond that – they’re also imprecise. Better alternatives might be material and materially, if they’re purged of their ambiguity.