From The Jolly Contrarian
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GMSLA Anatomy™
In a Nutshell™ Clause 12.7:
12.7 Retrospective changes in law: Amounts payable under this Agreement must determined by reference to Applicable Law when the payment is made, and must not be adjusted for:
- (a) any retrospectives change in Applicable Law enacted after the relevant payment date; or
- (b) any court decision made after the relevant payment date (other that one specifically concerning this Agreement).
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2010 GMSLA full text of Clause 12.7:
12.7. Retrospective changes in law: Unless otherwise agreed, amounts payable by one Party to another under this Agreement shall be determined by reference to Applicable Law as at the date of the relevant payment and no adjustment shall be made to amounts paid under this Agreement as a result of:
- (a) any retrospective change in Applicable Law which is announced or enacted after the date of the relevant payment; or
- (b) any decision of a court of competent jurisdiction which is made after the date of the relevant payment (other than where such decision results from an action taken with respect to this Agreement or amounts paid or payable under this Agreement).
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