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Jurisdiction - ISDA Provision: Difference between revisions
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{{ | {{fullanat2|isda|13(b)|1992|13(b)|1992}} | ||
===On the disapplication of {{isdaprov|13(b)(iii)}}=== | ===On the disapplication of {{isdaprov|13(b)(iii)}}=== | ||
Where you wish to elect the exclusive jurisdiction of (say) English | Where you wish to elect the exclusive jurisdiction of (say) English courts in your {{isdaprov|Schedule}}, you may wish to explicitly disapply the proviso to {{isdaprov|13(b)}} which provides that nothing in this clause precludes the bringing of {{isdaprov|Proceedings}} in another jurisdiction (in the flush language of the {{1992ma}} version; in {{isdaprov|13(b)(iii)}} of the {{2002ma}} version). | ||
Strictly speaking you shouldn't need to do this: Section {{isdaprov|1(b)}} provides that the inconsistency created by the use of the expression | Strictly speaking you shouldn't need to do this: Section {{isdaprov|1(b)}} provides that the inconsistency created by the use of the expression “exclusive jurisdiction” in the Schedule will prevail over the text the Master Agreement. But that won’t stop officious [[Mediocre lawyer|attorneys]] the world over trying. | ||
But, counselor, be warned: if you ''do'' try to explicitly override it — you know, for good measure and everything — and your counterparty pushes back, having deliberately taken the clarifying language out of a draft, you may be in an inferior position when interpreting the meaning of "exclusive jurisdiction", precisely because the counterparty refused to rule out the use of other jurisdictions. A cracking example of the [[anal paradox]] at work. Don’t be too clever by half. | |||