This concept of an individual contract is an integral part of the structure and part of the compensation-based protection offered by the Framework Agreement. The fact that all transactions are the only contract enhances the ability to enter into those transactions and obtain a single net amount to be paid in the event of default. Derivatives transactions are usually concluded orally or electronically and the contract between the parties is concluded on that date. Proof of the terms of the transaction is contained in a confirmation (also known as business advice or contractual note), usually a short letter, fax or e-mail. The form of the confirmation is defined in the framework contract and, as a general rule, a limited period of time is allowed for any objection or modification of the confirmation. Confirmations are usually very short (with the exception of complex transactions) and contain little more than data, amounts and payments. Confirmations are exchanged to minimize the possibility of a dispute over the terms of a transaction. Once a letter of adherence has been accepted by ISDA, a Contracting Party is required, by its agreement, to enter into an ACM with other Parties that have already complied with the Protocol or that, subject to further discussion, comply with the annual withdrawal date. A Contracting Party may, at any time during the period from 1 January to 31 January of a calendar year, transmit to ISDA a notification indicating the next annual withdrawal date as the deadline for the offer of modification with future Contracting Parties. Such a letter has the consequence that future Contracting Parties, from the 15th Subsidiary Letter stipulates that your consent to the conclusion of a Framework Confirmation Agreement with another Contracting Party shall not take effect until the day on which your letter was concluded in respect of that Framework Confirmation Agreement with that other Contracting Party.

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