Template:M summ EFET Allowance Annex 4.2

This is mostly throat clearing stuff, though there is an odd appeal to parties being bound by customary market practice to comply with a 30 calendar day notice requirement to designate a Holding Account. Which is all fine, but, look, EFET Allowances Appendix you are a bilateral contract. You impose notice periods contractually. If you want to stipulate a fixed number of days’ notice, just say it: there is no value in also referring to it being “customary market practice”. What happens if customary market practice changes?

Instead of:

The Parties acknowledge and agree that customary industry practices shall include, to the extent it has not already done so, each Party notifying the other at least thirty (30) calendar days prior...

Wouldn’t it have been better to say either:

“The Parties will give at least as much notice as is customary market practice...”

If the document is happy to defer to customary market practice, whatever that may be, or:

“The Parties will give at least 30 calendar days’ notice ...”

if it is not?