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This degree of proof stands as an intermediate stage among the "preponderance on the proof" and the extent of certainty demanded to establish an issue "further than a reasonable question," which is the conventional used in criminal scenarios.
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Even so, you will discover cases wherein a better threshold is required to arrive in a verdict. In eventualities demanding "distinct and convincing proof," the prevailing party will have to substantiate their account from the points by using a superior standard of chance.
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