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Efet General Agreement Gas Word

In any case, the General Agreement describes the concept of the single agreement very early on in the document (section 1.1), which means that all transactions depend on each other and that a failure of a transaction is considered a failure among all transactions covered by the agreement The agreements and the corresponding EFET library of supplementary documentation are currently the industry standards currently used throughout Europe for the comm erce physical electricity and gas. of around 100,000 EFET has commissioned legal opinions for many European countries on the implementation of the general electricity and gas agreements made available to EFET members. The application of EFET`s general terms and conditions of sale in each country may vary depending on local laws and customs. A list of countries and the cost of acquiring such legal advice are available on the EfET website (www.efet.org). As a general rule, EFET contracts are settled by physical delivery, which is different from the normal method of settling product transactions under an ISDA framework contract. The main advantages of using these documents are the reduction of trading time, if few or no changes are made, and the standardization of documentation in this market. The framework agreement contains a series of general conditions of sale on the terms of delivery, payments, the risks of non-delivery and the closed compensation. These terms apply to any underlying transaction. All changes to the standard text must be made in the ballot paper and not in the main part of the general agreement. The general agreement consists of 23 sections and an electoral bulletin (similar to an ISDA master plan) in which all agreed additions and additions to this general agreement are made.

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