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Thirteenth law of worker entropy: Difference between revisions
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— Pascal, ''Lettres Provinciales'', 1657.}}{{Thirteenth law of worker entropy}} | — Pascal, ''Lettres Provinciales'', 1657.}}{{Thirteenth law of worker entropy}} | ||
The JC developed this over a series of papers ''[ | The JC developed this over a series of papers ''[do you mean “beers”? — Ed]'' with sometime collaborator, poet, playwright and tropical disease victim Otto {{buchstein}} when trying to understand how [[medium term note]] documentation could be so dreary despite (a) the underlying product being basically straightforward and (b) repeated efforts by market participants to make it easier.<ref>For example, the [https://patents.google.com/patent/EP1597650A2/en patent applied for] “'''MaJoR'''” Multi-Jurisdiction Repackaging Programme, which for a brief beautiful moment revolutionised the repack world, but inexplicably fell out of favour, to be replaced by earlier, crappier structures. Go figure. </ref> | ||
There are underlying dynamics here. | There are underlying dynamics here. | ||
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Thus, [[Confidentiality agreement|NDA]]<nowiki/>s — even for secret-squirrel event-driven [[family office]] types — rarely get past 5 or 6 pages. If you get stuck on one for more than a week, it is bound to be some other problem the business guys don’t want to face, so are blaming on the NDA. | Thus, [[Confidentiality agreement|NDA]]<nowiki/>s — even for secret-squirrel event-driven [[family office]] types — rarely get past 5 or 6 pages. If you get stuck on one for more than a week, it is bound to be some other problem the business guys don’t want to face, so are blaming on the NDA. | ||
There appear to be local maxima and minima at play. An [[NDA]], however important, complicated, and however many fanciful extraneous things you bolt onto it ([[Exclusive licence|exclusivity]], [[non-solicitation]], restraint of trade, punitive damages and so on — may generate a fee of twenty thousand pounds, but that is pushing it beyond all expectation. With a syndicated bond issue, on the other hand, one can write a ticket to the moon. This is why most [[magic circle law firm]]s do not have “confidentiality” departments as such — everyone muddles along independently — but may devote entire floors to [[Debt securities|debt capital markets]]. | |||
===Worked example=== | ===Worked example=== | ||