The ISDA Master Agreement, published by the International Swaps and Derivatives Association, is the most widely used master service agreement for OTC derivatives trading internationally. It is part of a documentary framework designed to enable comprehensive and flexible documentation of OTC derivatives. The framework consists of a framework contract, a timetable, confirmations, definition brochures and credit support documentation. The Framework Agreement also helps to reduce litigation by providing significant resources that define its terms and declare the intent of the treaty, thus preventing the commencement of disputes and providing a neutral resource for the interpretation of standard contractual terms. Finally, the framework contract significantly helps the parties to manage risks and loans. In 1987, ISDA prepared three documents: (i) a standard framework contract for the United States. Whenever a transaction is concluded, the terms of the framework contract do not have to be renegotiated and apply automatically. The framework contract is the central document around which the rest of ISDA`s documentary structure is built. The pre-printed framework contract is never modified, except to insert the names of the parties, but is adapted to the framework agreement through the use of the calendar, a document containing elections, additions and amendments to the framework agreement. The main credit support documents, which are subject to Uk law, are the 1995 Credit Support Schedule, the 1995 Credit Support Deed and the 2016 Credit Support Annex for Variation Margin.
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