Template:M summ 2002 ISDA 1(b)

It wouldn’t be ISDA if there weren’t a hierarchy clause; like all hierarchy clauses, all this just states the obvious: the pre-printed ISDA Master Agreement itself sits at the bottom of the hierarchy, and is modified by the counterparties to their hearts’ content by its {{{{{1}}}|Schedule}}; once that is negotiated and stuck into the netting database, the {{{{{1}}}|Schedule}} basically sits there unloved and unregarded until from the sky shall come the Great King of Terror and may be (but generally isn’t) modified as needs be for each {{{{{1}}}|Transaction}} by the {{ {{{1}}}|Confirmation}}.

In point of fact the {{ {{{1}}}|Confirmation}}s don’t tend to modify anything in the Master or {{ {{{1}}}|Schedule}}, but rather builds on them, but if there is inconsistency — and with a document as pedantic and overwrought as the ISDA Master Agreement you never know — then the most specific, recently edited document will be the one that prevails.

All of this follows from general principles of contractual interpretation and common sense communication, of course.