Section 515: Interpretation of contract

1) A contract shall be interpreted according to the common intention of its parties.

2) If the intention cannot be established pursuant to sub-section (1), a contract shall be interpreted according to the meaning of general understanding that a reasonable person of the same prudence as a party to the contract would give to it in normal circumstances.

3) If one party to a contract knows or is deemed to know a statement or conduct of the other party, the contract shall be interpreted according to the intention of such a party.

4) The terms and expressions used in a contract shall be interpreted in the light of the entire contract or the context in which such terms and expressions are used.

5) A contract shall be interpreted in a manner so that all the terms used in the contract are given effect without separating some terms from others.