Is the contraction of the term "well have" to "well've" grammatically correct?
For example, can a sentence beginning "I may as well have . . . " be contracted to "I may as well've . . . "?
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One may speak like that but it is not an accepted orthographical convention.
There are instances of people using it but it is very informal, essentially just transcription of informal speech.
Contractions after adverb such as "well" are not grammatically usual. However, contractions before "will" are acceptable. Example: I will've completed the task is a contraction for "I will have completed the task.