Interpretation of contracts is said to make up a half of an English commercial lawyer’s diet. This statement seems to be hardly conceivable unless interpretation is understood in broad terms so as to encompass, among other things, the application of widely used clauses. The book highlights, based on the relevant case law, some of the important practical issues connected with contractual interpretation. This consideration determines the structure of the book: Part I outlines general approaches to interpretation prevalent in the legal systems under consideration; Part II analyses problems related to the rules of admissibility of extrinsic evidence as a means of aid for interpretation; Part III examines the potential pitfalls of the application of business common sense and, finally, Part IV treats legal implications of interpretation of certain types of exculpation clauses which are all closed by final conclusions. The book will be useful for students and practicing lawyers in the area of commercial law.