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Template:Emissions force majeure termination summ: Difference between revisions
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Template:Emissions force majeure termination summ (view source)
Revision as of 14:00, 21 November 2023
, 21 November 2023no edit summary
Amwelladmin (talk | contribs) (Created page with "This is as interesting for how similar the versions are, and how different. *'''Notification''': Either party can notify a {{{{{1}}}FM}} *'''Longstop date''': all have variations of a longstop of no later than 9 {{{{{1}}}|Delivery Business Days}} after the scheduled {{{{{1}}}|Delivery Date}}, or earlier should a {{{{{1}}}|Reconciliation Deadline}} intervene. ISDA and EFET also throw in an {{{{{1}}}|End of Phase Reconciliation Deadline}}. Which is nice. *'''Consequences o...") |
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It is interesting to compare, across {{Emissionsdocs}}, the differences and similarities when it comes to resolving an unquenchable {{{{{1}}}FM}}. | |||
*'''Notification''': | *'''Notification''': All are the same: either party can notify a {{{{{1}}}FM}}. If the affected party is the one who calls it — but, curiously, not if it isn’t, which sets up some odd incentives, but hey — it must use reasonable endeavours to overcome a situation that is, by definition, beyond its control. | ||
*'''Longstop date''': all have variations of a longstop of no later than 9 {{{{{1}}}|Delivery Business Days}} after the scheduled {{{{{1}}}|Delivery Date}}, or earlier should a {{{{{1}}}|Reconciliation Deadline}} intervene. ISDA and EFET also throw in an {{{{{1}}}|End of Phase Reconciliation Deadline}}. Which is nice. | *'''Longstop date''': all have variations of a longstop of no later than 9 {{{{{1}}}|Delivery Business Days}} after the scheduled {{{{{1}}}|Delivery Date}}, or earlier should a {{{{{1}}}|Reconciliation Deadline}} intervene. ISDA and EFET also throw in an {{{{{1}}}|End of Phase Reconciliation Deadline}}. Which is nice. | ||
*'''Consequences of hitting the longstop''': All of the agreements opt for the “[[then I woke up and it was all a dream]]” method of closeout — {{{{{1}}}No Termination}}, at least as an option. They allow the alternative option for a Payment on Termination: ISDA goes for an {{isdaprov|Early Termination Date}} as if an {{isdaprov|Illegality}} {{isdaprov|Termination Event}}, with no {{isdaprov|Waiting Period}}, had occurred. EFET and IETA both try to reconstruct something like the termination methodology of a | *'''Consequences of hitting the longstop''': All of the agreements opt for the “[[then I woke up and it was all a dream]]” method of closeout — {{{{{1}}}No Termination}}, at least as an option. They allow the alternative option for a Payment on Termination: ISDA goes for an {{isdaprov|Early Termination Date}} as if an {{isdaprov|Illegality}} {{isdaprov|Termination Event}}, with no {{isdaprov|Waiting Period}}, had occurred. EFET and IETA both try to reconstruct something like the termination methodology of a {{1992ma}}, descending into all that ugliness of “Market Quotation” and “Loss”. | ||