Legal News

1992 or 2002 Master Agreement and long form confirmations

Published on: 10 March 2016
Published by: LexisPSL
  • 1992 or 2002 Master Agreement and long form confirmations
  • What are the facts of the case?
  • What did the judge rule?
  • Mistake in the contract
  • Construction or rectification?
  • Why did it matter which ISDA Master Agreement applied?
  • What should practitioners take away from the case?

Article summary

Banking & Finance analysis: This analysis will discuss LSREF III Wight Limited v Millvalley Limited, in which the parties argued whether a swap confirmation was governed by International Swaps and Derivatives Association’s (ISDA) 1992 or 2002 Master Agreements. The case contains a particularly interesting discussion about the difference between construction and rectification. It also highlights the potential pitfalls of using long-form confirmations. or take a trial to read the full analysis.

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