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PLAYBOOK TEMPLATES
ISDA Master Agreement
An ISDA Master Agreement standardizes derivatives trading relationships, defining netting, collateral, and termination terms. This playbook assists counsel in managing counterparty risk and regulatory compliance under derivatives frameworks.
Termination Rights
Negotiation strategy
Ensure termination clauses are balanced and provide flexibility for unforeseen circumstances. Negotiate for a reasonable cure period and clear notice procedures.
Advocate for specific termination events that protect your interests. Ensure post-termination obligations are clearly defined to avoid future disputes.
Essential elements
1
Material Breach Termination
Allows termination for significant breaches.
2
Regulatory Change Termination
Permits termination due to regulatory shifts.
3
Notice Procedures
Specifies how termination notices are delivered.
Action framework
ACCEPT
Propose edits if the cure period is less than 30 days or notice procedures are unclear.
EDIT
Reject if termination rights are overly restrictive or lack mutuality.
ADD
Add clauses for post-termination obligations if missing.
PRO TIP
Always specify a cure period and ensure notice procedures are practical and enforceable.
Real-world examples
FAVORABLE
Termination for Material Breach
"Either party may terminate this Agreement upon the occurrence of a material breach by the other party. The non-breaching party must provide written notice to the breaching party specifying the nature of the breach and allowing a cure period of thirty (30) days from the date of receipt of such notice. If the breach is not cured within the specified period, the non-breaching party may terminate the Agreement immediately upon written notice."
NEUTRAL
Notice Procedures for Termination
"All notices of termination must be in writing and delivered via registered mail, courier, or electronic mail to the addresses specified in this Agreement. Notices shall be deemed received upon actual receipt by the receiving party."
UNFAVORABLE
Unclear Termination Rights
"Termination rights are subject to mutual agreement without specified conditions or notice requirements."
Alternative scenarios & positions
High-Risk Projects
In high-risk projects, termination rights should include specific risk mitigation measures and shorter notice periods to allow quick exits.
Long-Term Contracts
For long-term contracts, ensure termination rights include periodic review clauses to reassess terms and conditions.
Cross-Border Agreements
In cross-border agreements, consider additional termination rights related to changes in international trade laws or tariffs.
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