Jurisdiction(s):
United Kingdom

Key definition

ISDA definition

What does ISDA mean? In legal practice, “ISDA” refers to the International Swaps and derivatives Association, the global industry body for the over-the-counter (OTC) derivatives market. The term is not defined in legislation or case law; it is a descriptive label for the association and its standard derivatives documentation framework. ISDA publishes the ISDA Master Agreement (1992 and 2002 versions), the Credit Support Annex/Deed, Schedules, product Definitions (including the 2021 ISDA Interest Rate Derivatives Definitions and 2014 ISDA Credit Derivatives Definitions), and market Protocols (covering EMIR/UK EMIR compliance, margin, and IBOR fallbacks). This documentation is the market standard for OTC derivatives such as interest...

ISDA Master Agreement Section 3 (Representations): Repetition, Misrepresentation Event of Default, 2(a)(iii) Condition, Litigation and No Agency, plus Optional Non‑Reliance/Understanding/Status Representations (1992/2002)

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Practice notes

isda documents

The 1992 and 2002 isda master agreements (the Master Agreements) are standard-form contracts issued by the International Swaps and derivatives Association, Inc (ISDA). In this Practice Note, unless stated otherwise, any reference to Sections of a Master Agreement and Parts of a Schedule is to the 2002 ISDA Master Agreement and its schedule. For general guidance on negotiating ISDA Master Agreements, see: Introduction to negotiating ISDA documents...

What are representations?

In Section 3 (Representations) of the Master Agreement, each party gives a series of representations to the other. Representations are pre-contractual statements of fact made by one contracting party that induce the other to enter into the agreement. If a representation is false or misleading, it may lead to a claim for misrepresentation under general contract law, with remedies of rescission and/or damages depending on the type of misrepresentation. In addition, most documents used in commercial finance transactions set out specific remedies for misrepresentation (see: Section 3—Representations, below). For information about the purpose of representations in commercial finance transactions (mainly loan transactions, although the same principles apply to ISDA agreements), see Practice Note: Representations and warranties...

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Web page updated on 21/05/2026

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