The three and a half minute transaction : boilerplate and the limits of contract design / Mitu Gulati and Robert E. Scott.

Chicago : University of Chicago Press, 2013.

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9780226924397 (electronic bk.)
0226924394 (electronic bk.)
1283833700
9781283833707
9780226924380
0226924386

1 online resource.

(OCoLC)820204629

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.

Includes index.

Includes bibliographical references and index.

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