Jurisdiction - ISDA Provision: Difference between revisions
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===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}} | {{isdaanatomy}} |