Template:M summ 2002 ISDA 5(b)(ii): Difference between revisions
Amwelladmin (talk | contribs) Created page with "For the last word on force majeure, the JC’s ultimate force majeure clause is where it's at." |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
For the last word on [[force majeure]], the [[JC]]’s [[ultimate force majeure clause]] is where it's | For the last word on [[force majeure]], the [[JC]]’s [[ultimate force majeure clause]] is where it’s at. Breaking what must be a habit of a lifetime, somehow {{icds}} managed to refrain from going [[crazy-ape bonkers]] with a definition of [[force majeure]] and instead, ''didn’t define it at all''. | ||
I don’t know this, but I am going to hazard the confident hypothesis that what happened here was this: | |||
{{icds}}, having convened its full counsel of war, fought so bloodily over the issue, over so long a period, that the great marble concourse on [[Olympus|Mount Olympus]] was awash with the blood of slain [[legal eagle]]s, littered with severed limbs, wings, discarded weapons, arcane references to regional variations of tidal waves, horse droppings from Valkyries etc., that there was barely a soul standing, and the only thing that prevented total final wipeout was someone going, “ALL RIGHT, GOD DAMN IT. WE WON’T DEFINE WHAT WE MEAN BY FORCE MAJEURE ''AT ALL''.” | |||
There was then this quiet, eerie calm, when remaining combatants suddenly stopped; even those mortally wounded on the floor looked up, beatifically; a golden light bathed the whole atrium, choirs of angels sang and the chairperson said, right, well that seems like a sensible, practical solution. What next then? | |||
“We thought we should rewrite the {{Eqdefs}} in [[2011 ISDA Equity Derivatives Definitions|machine code]], your worship.” | |||
Excellent idea! Let’s stop faffing around with this [[force majeure]] nonsense and do that then! | |||
===“act of state”=== | |||
Note reference to act of state. {{act of state capsule}} | |||
Thus, a [[force majeure]] taking the shape of an [[act of state]] is, we humbly submit, a change in law which makes it impossible for one side or the other to perform its obligations. Compare, therefore, with {{isdaprov|Illegality}}. | |||
Revision as of 16:44, 14 January 2021
For the last word on force majeure, the JC’s ultimate force majeure clause is where it’s at. Breaking what must be a habit of a lifetime, somehow ISDA’s crack drafting squad™ managed to refrain from going crazy-ape bonkers with a definition of force majeure and instead, didn’t define it at all.
I don’t know this, but I am going to hazard the confident hypothesis that what happened here was this:
ISDA’s crack drafting squad™, having convened its full counsel of war, fought so bloodily over the issue, over so long a period, that the great marble concourse on Mount Olympus was awash with the blood of slain legal eagles, littered with severed limbs, wings, discarded weapons, arcane references to regional variations of tidal waves, horse droppings from Valkyries etc., that there was barely a soul standing, and the only thing that prevented total final wipeout was someone going, “ALL RIGHT, GOD DAMN IT. WE WON’T DEFINE WHAT WE MEAN BY FORCE MAJEURE AT ALL.”
There was then this quiet, eerie calm, when remaining combatants suddenly stopped; even those mortally wounded on the floor looked up, beatifically; a golden light bathed the whole atrium, choirs of angels sang and the chairperson said, right, well that seems like a sensible, practical solution. What next then?
“We thought we should rewrite the 2002 ISDA Equity Derivatives Definitions in machine code, your worship.”
Excellent idea! Let’s stop faffing around with this force majeure nonsense and do that then!
“act of state”
Note reference to act of state. Now a state, rather like a corporation, is a juridical being — a fiction of the law — with no res extensa as such. It exists on the rarefied non-material plane of jurisprudence. There are, thus, only a certain number of things that, without the agency of one if its employees, a state can do, and these involve enacting and repealing laws, promulgating and withdrawing regulations, signing treaties, entering contracts and, where is has waived its sovereign immunity, litigating their meaning.
Thus, a force majeure taking the shape of an act of state is, we humbly submit, a change in law which makes it impossible for one side or the other to perform its obligations. Compare, therefore, with Illegality.