ISDA Master Agreement
Review of the contractual framework governing transactions, including relevant default, termination, payment and close-out provisions.
Derivatives & Trading Documentation
ISDA Agreement Review & Negotiation
Specialist support with ISDA Master Agreements, Schedules, Credit Support documentation and derivatives trading terms.
Covenant Advisory Group supports businesses reviewing and negotiating ISDA documentation, helping identify contractual risk, understand key elections and develop commercially workable negotiation positions.
Independent Legal Consultancy
Derivatives Documentation
Professional Indemnity Insured
ICO Registered
London, United Kingdom
ISDA Documentation
More than a standard contract review
An ISDA Master Agreement establishes the contractual framework governing derivatives transactions between counterparties. The Master Agreement, Schedule and any collateral documentation work together to determine how that relationship operates.
The negotiated terms can affect termination rights, default mechanics, collateral, tax provisions, representations, set-off and the contractual framework for close-out.
CAG provides specialist documentation support designed to help clients understand those provisions and negotiate terms in the context of their trading relationship.
The Schedule matters.
The printed Master Agreement provides the standard framework, but the Schedule is where counterparties make many of the elections, amendments and negotiated changes that shape the relationship.
Our review considers the documentation as a connected contractual package rather than treating individual clauses in isolation.
Contract mechanics. Risk allocation. Commercial context.
Documentation We Support
The ISDA contractual framework
Support can cover the principal agreements and related documentation governing a derivatives relationship.
ISDA Schedule
Review and negotiation of elections, amendments, representations, additional termination events and other counterparty-specific provisions.
Credit Support Documentation
Support with collateral documentation, including contractual provisions governing credit support, thresholds, eligible collateral and transfer mechanics.
Confirmations
Review of transaction documentation and contractual terms used to document individual derivatives transactions.
Counterparty Redlines
Review of counterparty amendments, preparation of proposed drafting and support developing commercially appropriate negotiation positions.
Related Trading Documentation
Support with associated trading documentation and contractual arrangements relevant to the wider counterparty relationship.
Key Provisions
What we look at during an ISDA review
The significance of each provision depends on the documentation, counterparties, products and commercial context. Our review can focus on the areas that materially affect the relationship.
Events of Default
Termination Events
Close-out Amount
Automatic Early Termination
Cross Default
Credit Event Upon Merger
Tax Representations
Set-off
Governing Law
Additional Termination Events
Transfer Provisions
Collateral Terms
How We Work
From documentation to negotiation position
The scope can be tailored depending on whether you need an initial review, detailed redlines or support through the negotiation process.
1
Understand the Relationship
We establish the relevant documentation, counterparties, products and commercial objectives.
2
Review the Documents
We review the relevant Master Agreement, Schedule, collateral documentation and proposed amendments within the agreed scope.
3
Identify Key Issues
We identify material contractual points and explain their practical significance in clear commercial language.
4
Support Negotiation
Where required, we prepare drafting, review counterparty responses and support the negotiation process.
Who We Support
For businesses entering or managing derivatives relationships
ISDA documentation arises across a range of financial, commodities and commercial trading relationships.
Trading Businesses
Businesses using derivatives as part of trading, hedging or commercial risk management activities.
Energy & Commodity Participants
Businesses operating across energy and commodity markets where derivatives and trading documentation form part of the wider contractual framework.
Fintech & Financial Services
Financial and technology businesses requiring specialist support with derivatives documentation and counterparty terms.
Corporate Hedging
Businesses reviewing documentation associated with treasury, financing and risk-management arrangements.
Why Covenant Advisory Group?
Specialist documentation support with a commercial focus
Our approach combines detailed contractual review with practical attention to the commercial relationship behind the documents.
Specialist Focus
Support focused on derivatives, trading documentation and related commercial arrangements rather than generic contract review alone.
Commercial Negotiation
We consider not only what a provision says, but how it affects the client's negotiation position and contractual relationship.
Clear Explanations
Complex contractual provisions are explained in practical language so decision-makers can understand the relevant risks and choices.
Flexible Support
Instruct us for a defined documentation review or discuss ongoing support for recurring commercial and trading legal requirements.
Related Legal Support
From specialist trading documentation to ongoing commercial support
Frequently Asked Questions
ISDA Agreement FAQs
What is an ISDA Master Agreement?
The ISDA Master Agreement is a standard contractual framework widely used to govern over-the-counter derivatives relationships. It operates together with negotiated and transaction-specific documentation, including the Schedule and individual confirmations.
What is the ISDA Schedule?
The Schedule supplements and amends the standard-form Master Agreement. It records elections, amendments, representations and other provisions negotiated between the counterparties.
Can CAG review a counterparty's ISDA draft?
Yes. Subject to the agreed engagement scope, CAG can review proposed ISDA documentation, identify contractual issues, explain relevant provisions and prepare or review proposed amendments.
Can you help negotiate the ISDA Schedule?
Yes. Support can include reviewing counterparty drafting, preparing redlines, considering negotiation positions and supporting successive negotiation rounds.
Do you review Credit Support Annexes?
Yes. CAG can support review of credit support and collateral documentation within the agreed scope. We are also developing a dedicated Credit Support Annex service page covering this area in greater detail.
Do you advise on close-out netting opinions?
The appropriate scope depends on the jurisdiction and the particular question. CAG can assist with contractual analysis, documentation and coordination of specialist jurisdictional advice where required. Formal jurisdiction-specific opinions may require appropriately qualified external counsel.
Can you support energy and commodity trading businesses?
Yes. CAG's commercial advisory work includes trading and contractual documentation relevant to energy and commodity market participants.
Is Covenant Advisory Group an SRA-regulated law firm?
No. Covenant Advisory Group Limited is an independent legal consultancy providing non-reserved legal services. CAG is not SRA-regulated and does not undertake reserved legal activities.
Have an ISDA agreement to review or negotiate?
Send us the relevant documentation or tell us where you are in the negotiation process. We can discuss the required scope, documents and support before work begins.