Delivery and Effectiveness of Communication - ISDA Give-Up provision

The 2005 ISDA Master Give-Up Agreement

5(a) Delivery and Effectiveness of Communication. All notices, requests and other communications in respect of the operation of this Agreement other than Trade Notices and termination notices (a “Communication”) shall be delivered by:

(i) certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested) or courier or in person (provided that an acknowledgement of delivery is obtained) and deemed effective on the date it is delivered or its delivery is attempted;

(ii) facsimile transmission and deemed effective on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); or

(iii) electronic messaging system or e-mail and deemed effective on the date it is received.

A Communication shall be given to the address or number or in accordance with the electronic messaging system or e-mail details specified in Part 6 of the Schedule.
Each party may rely on any Communication relating to this Agreement which it reasonably believes to have come from the other party or from a person authorized to act on behalf of the other party.

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5(a) in a Nutshell™ _{(ISDA Give-Up edition)}

5(a) Delivery and Effectiveness of Communication. All communications except Trade Notices and termination notices can be delivered by:

(i) mail (return receipt requested), courier or in person (provided that an acknowledgement of delivery is obtained) and deemed effective on the date delivered or delivery is attempted;

(ii) fax [yes! fax!] and deemed effective on the date legibly received by an employee of the recipient (ie the sender’s transmission report won’t count)

(iii) electronic messaging system or email and deemed effective on the date received.

A notice details are those specified in Part 6 of the Schedule. The parties may reasonably rely on communications they believe are genuine.

view template

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Tryingly, termination notices do benefit from this provision but the time and date of effectiveness is modified by the election in Part 5 of the Schedule

See also

• Termination (Section 4 of the 2005 ISDA Master Give-Up Agreement)
• Delivery and Effectiveness of Communication (Section 5(a) of the 2005 ISDA Master Give-Up Agreement)
• Termination notice
• Part 5 to the Schedule about effectiveness of termination notices.
• Give-up