No Waiver of Rights - 1992 ISDA Provision: Difference between revisions
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Revision as of 13:29, 30 June 2023
1992 ISDA Master Agreement A Jolly Contrarian owner’s manual™
9(f) in all its glory
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Overview
Template:M comp disc 1992 ISDA 9(f)
Summary
Waiver: a place where the laws of the New World and the Old diverge. Does one really need a contractual provision dealing with the consequences of a fellow’s good-natured indulgence when carrying on commerce under an ISDA Master Agreement? Those with an English qualification will snort, barking reference to Hughes v Metropolitan Railway and say this Section 9(f) is inconsequential fluff that goes without saying; those acquainted with the Uniform Commercial Code and the monstrous slabs of Manhattan will tread more carefully, lest they create a “course of dealing”.
Since the ISDA Master Agreement was designed with either legal system in mind, ISDA’s crack drafting squad™ came up with something that would work in either. To be sure, it is calculated to offend literary stylists and those whose attention span favours minimalism amongst those who ply their trade in the old country, but it does no harm.
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- The JC’s famous Nutshell™ summary of this clause