The EFET agreement is a compensation-master contract that can cover an unlimited number of trades defined as “individual contracts.” Each contract includes the economic conditions of each trade (for example. B start and end date, delivery plans, contract capacity and quantity, price and total cost). The EFET-Master contract is avaiblabe: www.efet.org/Cms_Data/Contents/EFET/Media/Documents/Public%20%20 Contracts/EFET%20Accords%20Accords%20Accords%20%202.1 (a)%20F 20F 20September 202007%20 (version%203 .pdf (access: 8). The same applies to Article 12, paragraph 3, (a) of the EFET framework contract, because it specifies that liability for consecutive damages is not unlimited under the agreement, but that it is limited to voluntary delay, fraud or acts endangering the fundamental legal or contractual rights of a contracting party. The agreements and the EFET library associated with it, with additional documentation, are currently the industrial standards applied throughout Europe to the trade in physical energy and gas. One party is not liable to the other party for the damage suffered by the other party, with the exception of z.B for non-delivery and acceptance remedies, unless the damage is due to gross negligence, deliberate delay or fraud by a party. Conversely, this means that a party is still responsible for non-delivery or acceptance, whether the party acted with light or serious negligence, deliberate delay or fraud. The EFET Masteragrement for electricity exchanges. Designed by EFET, it is a framework contract consisting of terms and conditions relating to delivery terms, payment terms, settlement risks, default risks, compensation compensation and maturity. It applies to any underlying transaction. Since damages may be invoked for any type of “fault” or motive, such a provision must be properly considered in order to avoid any misunderstanding or misinterpretation of the agreement in this regard. The basic concept of the EFET agreement is to regulate the conditions for the supply and receipt of electricity.
Paragraph 8 therefore analyses in detail the non-compliance with these commitments. Moreover, it is clear in Article 12, paragraph 4 of the EFET`s governing contract that nothing excludes liability: the main task of the incumbents in the event of the insolvency of a company or company is to recover the assets of a company or an individual and distribute them to the creditors of the company or the individual. Office holders have different obligations and powers to achieve this. Indeed, if a restructuring and not a formal insolvency procedure is envisaged (see practical note: benefits of restructuring over formal proceedings), the company can ensure that the creditors concerned quickly conclude a status quo agreement in order to obtain a restructuring. In any event, the general agreement describes the concept of the agreement very early on the document (see section 1.1), which means that all transactions depend on each other and a failure is considered the norm in all transactions covered by the agreement These standardized master agreements for the supply and acceptance of electricity or natural gas, offer a structure similar to that published by the Association of International Trading Contracts and Derivatives of Enterprise Inc. (ISDA) for OVER-the-counter trading contracts. Electricity in the United Kingdom (UK) is traded on a bilateral market.