Hierarchy

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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?

See also

• Generalia specialibus non derogant