Jurisdiction - ISDA Provision: Difference between revisions

Jurisdiction - ISDA Provision (view source)

1,053 bytes added , 4 September 2012

no edit summary

83,012

edits

@@ Line 1: / Line 1: @@
 {{isdasnap|13(b)}}
+===On the disapplication of {{isdaprov|13(b)(iii)}}===
+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 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 "exclusive jurisdiction" in the Schedule will prevail over the provisions of the Master Agreement.
+A word of caution: if you do purport to explicitly override it for good measure and a 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 has refused to rule out the use of other jurisdictions.
 {{isdaanatomy}}