Non-Reliance - Equity Derivatives Provision

Template:Eqderivanat ISDA’s very own, verbose, take on standard termsheet boilerplate. There is a standard Non-Reliance provision in the Schedule to the ISDA Master Agreement — why they didn’t put it in the 2002 ISDA itself you may stoop to wonder — so query why ISDA has thought to include this. After all, if it is in the Schedule it is redundant here; if the parties have negotiated it out of their Schedule — they won’t have — then what prospect is there that they will agree it here, specifically for Equity Derivatives?