Hierarchy: Difference between revisions
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{{a|Construction|}}The hierarchy clause is the part of the [[interpretation and construction]] [[boilerplate]] that prescribed how the different parts of a modular legal contract interact with each other. | |||
For example, the {{isdama}} comprises the master agreement proper, a {{isdaprov|Schedule}}, a {{isdaprov|Confirmation}}, sometimes a Master Confirmation, and a {{isdaprov|Credit Support Annex}}. In case of conflict, which should govern? | |||
Usually, it is pretty obvious and ought to go without saying — the later in time prevails; the more specific prevails of the general — but what finance lawyer ever was happy to let anything go without saying? | |||
{{sa}} | |||
*[[Generalia specialibus non derogant]] | |||
Revision as of 10:41, 18 October 2023
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Interpretation and construction boilerplate anatomy™
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The hierarchy clause is the part of the interpretation and construction boilerplate that prescribed how the different parts of a modular legal contract interact with each other.
For example, the ISDA Master Agreement comprises the master agreement proper, a Schedule, a Confirmation, sometimes a Master Confirmation, and a Credit Support Annex. In case of conflict, which should govern?
Usually, it is pretty obvious and ought to go without saying — the later in time prevails; the more specific prevails of the general — but what finance lawyer ever was happy to let anything go without saying?