Principles of Contractual Interpretation

Richard Calnan is a partner at Norton Rose Fulbright LLP in London and an Honorary Professor at University College London. His practice involves a broad range of corporate and financial transactions, restructurings, and insolvencies. He has written a number of books, articles, and chapters on commercial law, including Proprietary Rights and Insolvency (2nd edn OUP 2016) and Principles of Statutory Interpretation (OUP 2023).Paul S. Davies is Professor of Commercial Law at University College London and a Barrister at Essex Court Chambers. He is the author of Accessory Liability (Hart Publishing, 2015; revised paperback edition, 2017) and JC Smiths The Law of Contract (3rd edn, OUP, 2021), and a co-author of Equity and Trusts: Text, Cases and Materials (4th edn, OUP, 2025) and Ansons Law of Contract (32nd ed, OUP, 2026). Paul is also the General Editor of Chitty on Contracts.

• Prologue I. The Guiding Principle 1: Principle 1: Objective Intention II .Text and Context 2: Principle 2: The Text 3: Principle 3: The Whole Text 4: Principle 4: The Context III. Understanding Words 5: Principle 5: Natural Meaning 6: Principle 6: Ambiguity 7: Principle 7: Unnatural Meaning IV Adding Words 8: Principle 8: Implied Terms V Changing Words 9: Principle 9: Rectification 10: Principle 10: Estoppel by Convention Epilogue, Principles of Drafting, An Interpretation Clause