The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
The 1992 and 2002 ISDA Master Agreements (the Master Agreements) are standard form documents produced by the International Swaps and Derivatives Association, Inc. (ISDA). Amendments and elections to the Master Agreements are made in a schedule to that Master Agreement. The Master Agreement governs the credit relationship between two parties who are trading derivatives with each other. The terms of each transaction are set out in trade confirmations which will be subject to the terms of the Master Agreement, as may be amended by the schedule. It is important to note that the Master Agreement and schedule do not relate to the terms of any particular transaction but instead relate to the credit terms on which two parties agree to do business with each other.
Users of the Master Agreements are free to choose to between the 1992 or 2002 versions. See Practice Note: ISDA documentation—comparison of the 1992 and 2002 master agreements for the key differences between the two ISDA master agreements.
It is open to the parties to an Master Agreement to make substantial amendments through the schedule. For information on negotiating the Schedule, see Practice Notes: A negotiation guide for the 2002 ISDA Schedule and Guide to completing the ISDA Schedule. However, if a party wishes to rely on the close-out netting legal opinions issued by ISDA, it
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Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
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