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). In any event, the general agreement describes the concept of the single agreement very early on the document (section 1.1), which means that all transactions depend on each other and that a failure can be invoked because of all transactions covered by the agreement, for damages for any type of “misconduct” or motive, such a provision is pleasant to incorporate in order to avoid any misunderstanding or misinterpretation of the agreement in this regard. The 15th of the EFET master`s contract deals with the method of calculating variable prices and also establishes return procedures in the event of market disruption. These exclusions temper the general rule, while the contracting parties have no other advantages in keeping the applicable contractual terms secret. EfET not only promotes regulatory measures to allow the free flow of electricity and gas in a balanced risk environment, but has also developed standard legislation for energy trade. The definition of force majeure has three elements, in accordance with Article 7 of the EFET agreement: the EFET master contract for electricity and natural gas has become the dominant market standard for physical wholesale transactions in the energy sector in continental Europe. The EFET-Master contract is avaiblabe: www.efet.org/Cms_Data/Contents/EFET/Media/Documents/Public%20%20 Contracts/EFET%20Septembre 20 September 2007%20 (version%203) .pdf (available: 8). EFET has commissioned legal advice on the applicability of general energy and gas agreements for many European countries, which are available to EFET members. The applicability of the general terms of sale of EFET in each country may vary according to local laws and customs. A list of countries and the cost of obtaining such legal advice are available on the EFET website (www.efet.org). Also, point 7 of the EFET Treaty does not provide for compensation obligations in the event of force majeure .8. In addition, Article 12, paragraph 4, of the EFET Director`s Contract clearly states that nothing excludes liability: the basic concept of the EFET agreement is the regime of conditions for the supply and receipt of electricity.
Paragraph 8 therefore analyses in detail the non-compliance with these commitments. 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.