Long-form Confirmation

A document that specifies the terms of a swap (www.practicallaw.com/0-382-3858) transaction that functions as both an ISDA Schedule (www.practicallaw.com/7-386-8122) and a transaction confirmation (www.practicallaw.com/2-386-8134). Parties to a derivatives transaction may use a long-form confirmation if they wish to enter into a swap but have not executed an ISDA Master Agreement (www.practicallaw.com/1-386-5188) (nor ISDA Schedule) therefore have no umbrella agreement in place that governs their trading relationship. The long-form confirmation typically states that it supplements, forms a part of and is subject to the terms of, a standard form ISDA Master Agreement without any schedule (for terms, see Practice Note, The ISDA Master Agreement and Schedule (www.practicallaw.com/3-587-5725)). The long-form confirmation lists the commercial terms of a transaction that would usually be found in a transaction confirmation in addition to relationship terms that would typically be found in an ISDA Schedule such as Additional Termination Events (www.practicallaw.com/9-386-4142) (ATEs) and events of default.

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