Notices - GMSLA Provision: Difference between revisions
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Pay careful attention to the perils of assuming an [[electronic messaging system]] includes [[email]]. Draw near, children, and hear the cautionary tale of Mr [[Greenclose]]. | Pay careful attention to the perils of assuming an [[electronic messaging system]] includes [[email]]. Draw near, children, and hear the cautionary tale of Mr [[Greenclose]]. | ||
The parties are, of course, free to disapply any of the methods set out here, or add any other ones that are not, by specifying in Part 5 of the Schedule. But, as the good folk of the National Westminster Bank plc would no doubt tell you, you shouldn't assume it is a good idea to communicate by any method that isn't specified here if you haven't specified it in the Schedule. | |||
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Revision as of 09:31, 3 June 2016
Pay careful attention to the perils of assuming an electronic messaging system includes email. Draw near, children, and hear the cautionary tale of Mr Greenclose.
The parties are, of course, free to disapply any of the methods set out here, or add any other ones that are not, by specifying in Part 5 of the Schedule. But, as the good folk of the National Westminster Bank plc would no doubt tell you, you shouldn't assume it is a good idea to communicate by any method that isn't specified here if you haven't specified it in the Schedule.
Commentary
Notices in a Nutshell™ (GMSLA edition)
20.1 Any communication may be given by any of the below means using the relevant address details set out in the Schedule. It will be effective:
- (a) if in writing when delivered;
- (b) if sent by fax, when legibly received by a responsible employee of the recipient (the burden of proof is on the sender, and is not satisfied by a transmission report);
- (c) if sent by mail when delivery is attempted; or
- (d) if sent by electronic messaging system, when received
Any communication not delivered during business hours on a Business Day will be effective as of the following Business Day.
20.2 Either Party may change its details for communications by notice.
See Also
update to anat|gmsla
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From Our Friends On The Internet: Guide to equity finance | ISLA’s guide to securities lending for regulators and policy makers