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Eligible Contract Participant: Difference between revisions
→The Alternative “Factual Rep"
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Every now and then you come across a counterparty in some far-flung backwater (continental Europe, for example) who expresses bafflement or even affrontery at the thought of subjugating itself to the law of the Americans. That this might happen takes some Americans by surprise. Then again, that it takes Americans by surprise takes everyone else by surprise. No matter: there is a sensible compromise. Simply have that counterparty give a rep to the factual content of the ECP rep. For example: | Every now and then you come across a counterparty in some far-flung backwater (continental Europe, for example) who expresses bafflement or even affrontery at the thought of subjugating itself to the law of the Americans. That this might happen takes some Americans by surprise. Then again, that it takes Americans by surprise takes everyone else by surprise. No matter: there is a sensible compromise. Simply have that counterparty give a rep to the factual content of the ECP rep. For example: | ||
:“Each Party represents and warrants to the other Party that [DELETE ONE OR OTHER] it has, or is guaranteed by an entity that has, assets exceeding $10 million] [its net worth exceeds $1 million and it is entering into the contract in connection with its business].” | |||
==See Also== | ==See Also== | ||