Jurisdiction - ISDA Provision: Difference between revisions

Latest revision as of 14:11, 5 January 2024

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-{{isdasnap|13(b)}}
+#redirect[[Governing Law and Jurisdiction - ISDA Provision]]
-===On the disapplication of {{isdaprov|13(b)(iii)}}===
-Where you wish to elect the exclusive jurisdiction of (say) English Courts in your {{isdaprov|Schedule}}, you may wish to explicitly disapply the proviso to {{isdaprov|13(b)}} which provides that nothing in this clause precludes the bringing of Proceedings in another jurisdiction (in the flush language of the {{1992ma}} version; in {{isdaprov|13(b)(iii)}} of the {{2002ma}} version).
-Strictly speaking you shouldn't need to do this: Section {{isdaprov|1(b)}} provides that the inconsistency created by the use of the expression "exclusive jurisdiction" in the Schedule will prevail over the provisions of the Master Agreement.
-A word of caution: if you do purport to explicitly override it for good measure and a counterparty pushes back, having deliberately taken the clarifying language out of a draft, you may be in an inferior position when interpreting the meaning of "exclusive jurisdiction", precisely because the counterparty has refused to rule out the use of other jurisdictions.
-{{isdaanatomy}}