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ARTICLE · 15 SEPTEMBER 2011

Calculations Upon Termination Of ISDA Master Agreement

Barlow Lyde & Gilbert LLP
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Forward Freight Agreements which still had contract months to run at the time of Automatic Early Termination under an ISDA Master Agreement were to be included in calculating the Early Termination. Payment

United KingdomLitigation, Mediation & Arbitration
Lyall Hickson
Lyall Hickson

Forward Freight Agreements which still had contract months to run at the time of Automatic Early Termination under an ISDA Master Agreement were to be included in calculating the Early Termination Payment.

Pioneer1 brought a claim against Cosco for payment following an alleged early termination of 11 freight derivative contracts known as Forward Freight Agreements (FFAs).

FFAs are a means of hedging commercial risks arising from the volatility of freight rates. The FFAs in this case incorporated the provisions of the Forward Freight Agreement Brokers Association 2007 Terms (FFABA 2007 Terms) which in turn incorporated by reference the provisions of the ISDA 1992 Master Agreement (ISDA MA), which has been described as "probably the most important standard market agreement used in the financial world"2.

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