The three and a half minute transaction : boilerplate and the limits of contract design /

Boilerplate language in contracts tends to stick around long after its origins and purpose have been forgotten. Usually there are no serious repercussions, but sometimes it can cause unexpected problems. Such was the case with the obscure pari passu clause in cross-border sovereign debt contracts, u...

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Bibliographic Details
Author / Creator:Gulati, Mitu.
Imprint:Chicago : University of Chicago Press, 2013.
Description:1 online resource.
Language:English
Series:Chicago series in law and society
Chicago series in law and society.
Subject:Standardized terms of contract.
Contracts -- Language.
Foreign trade regulation.
LAW -- Contracts.
LAW -- Liability.
Contracts -- Language.
Foreign trade regulation.
Standardized terms of contract.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/11167716
Hidden Bibliographic Details
Other authors / contributors:Scott, Robert E., 1944-
ISBN:9780226924397
0226924394
1283833700
9781283833707
9780226924380
0226924386
Digital file characteristics:text file
Notes:Includes index.
Includes bibliographical references and index.
Print version record.
Summary:Boilerplate language in contracts tends to stick around long after its origins and purpose have been forgotten. Usually there are no serious repercussions, but sometimes it can cause unexpected problems. Such was the case with the obscure pari passu clause in cross-border sovereign debt contracts, until a novel judicial interpretation rattled international finance by forcing a defaulting sovereign-for one of the first times in the market's centuries-long history-to repay its foreign creditors. Though neither party wanted this outcome, the vast majority of contracts subsequently issue.
Other form:Print version: Gulati, Mitu. Three and a half minute transaction. Chicago : University of Chicago Press, 2013 9780226924380
Table of Contents:
  • Introduction
  • A story of sticky boilerplate begins in Brussels
  • The sovereign bond contract
  • Theories explaining the stickiness of contract boilerplate
  • The importance of Elliott : the official story
  • Market responses
  • The faithful lawyer
  • The imperfect agent
  • Rituals and myths
  • The hunt for Pari Passu
  • The agency costs of big law
  • Epilogue.