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. 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. The EFET management contract grants a non-failing party the right, before the delay of a contractual payment or other fault on the part of the other party (the defaulting party), to immediately suspend other electricity deliveries and to release them from its other delivery obligations until it receives all payments due or guarantee of guarantee of those payments. The same applies to the provisions of the EFET Framework Contract No. 12, paragraph 3, point a), which states that liability for consecutive damages under the contract is not of an indeterminate duration, but is limited to voluntary delay, fraud or acts endangering the fundamental legal or contractual rights of a contracting party. 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.
b) Decrease in negotiations: each party negotiates without delay in good faith to agree with the other of a PPU or a method of determination. In the absence of an agreement before the 5th business day following the settlement date, the following return mechanism applies; These standardized management contracts for the supply and receipt of electricity or natural gas offer a structure similar to that of master`s contracts for OVER-the-counter derivatives published by the International Swaps and Derivatives Association Inc. (ISDA). The definition of force majeure includes 3 elements in accordance with point 7 of the EFET agreement: the efet-Master contract is avaiblabe: www.efet.org/Cms_Data/Contents/EFET/Media/Documents/Public%20-%20Contracts/EFET%20General%20Agreement%20Power%20%202.1 (a)%20F%20September%202007%20 (version%203) .pdf (available: 8 February 2013) 15. The EFET management contract handles the variable price calculation method and also establishes return procedures in the event of market disruption.