Counterparts and Confirmations - ISDA Provision: Difference between revisions

Counterparts and Confirmations - ISDA Provision (view source)

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 {{isdaanat|9(e)}}
-'''[[Counterpart]]s''': There is an impassioned essay about the idiocy of [[counterparts]] clauses elsewhere<ref>In the [[counterparts]] article, as a matter of fact.</ref>.
+'''{{isdaprov|Confirmation}}s''' <br>
+If a swap trader agrees one thing, and the {{isdaprov|Confirmation}} the parties subsequently sign says another, which gives? A 15 second dealing-floor exchange on a crackly taped line, or the carefully-wrought ten page, counterpart-executed legal {{isdaprov|Confirmation}} that follows it?
+'''TL;DR''': The original trade confirm prevails.
-'''{{isdaprov|Confirmation}}s''': The prime thing to notice here is that the {{isdaprov|Confirmation}} is evidence of the {{isdaprov|Transaction}}, ''but it does not override the original {{isdaprov|Transaction}} terms, if they are different''.
+The prime thing to notice here is that the {{isdaprov|Confirmation}} is evidence of the {{isdaprov|Transaction}}, ''but it does not override the original {{isdaprov|Transaction}} terms, if they are different''.
 That is, the binding trade may be a phone call or a bloomberg chat. (This sits kind of uneasily with that {{isdaprov|Entire Agreement}} clause, but still.)
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 Note also the addition of [[e-mail]] as a means of communication to the 2002 version (email not really having been a “thing” in 1992). This caused all kinds of [[fear and loathing]] amongst the judiciary, when asked about it, as can be seen in the frightful case of {{casenote|Greenclose|National Westminster Bank plc}}.Oh dear, oh dear, oh dear.
+'''[[Counterpart]]s''': There is an impassioned essay about the idiocy of [[counterparts]] clauses elsewhere<ref>In the [[counterparts]] article, as a matter of fact.</ref>.
 {{seealso}}