In any event, the general agreement describes the concept of the agreement very early (in section 1.1) of the document, which means that all transactions depend on each other and that a default is considered a delay in all transactions covered by the agreement Cms_Data. Media/documents/public%20 Contracts/EFET%20General%20Accord%20Republique%20%202.1(a)%20F%20september 202007%20 (version%203) .pdf (available: 8. February 2013) The basic concept of the EFET agreement is to regulate the conditions for the supply and acceptance of electricity. Paragraph 8 therefore analyses in detail the non-compliance with these commitments. The agreements and the EFET library associated with it, with additional documentation, are currently the industrial standards applied throughout Europe to the trade in physical energy and gas. Since damages may be invoked for any type of “fault” or motive, such a provision must be properly considered in order to avoid any misunderstanding or misinterpretation of the agreement in this regard. After a thorough verification process, the European Federation of Energy Traders (EFET) has successfully updated the standard EFET master`s agreement for renewable energy certificates. Based on the proven approach and wording of the 2013 EEC-MA agreement, the language of the agreement was extended to different types of certificates, following the standard DEEE approach. EFET has commissioned legal opinions on the applicability of general power 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).
During the duration of the EFET agreement, the financial situation of the parties will vary. In the event that one party`s financial situation deteriorates significantly, also known as a material adverse change1, the other party should be able to act quickly and require a performance guarantee.2 This insurance generally has the form of additional credit support. 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. 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. Also, point 7 of the EFET Treaty does not provide for compensation obligations in the event of force majeure .8. One party is not liable to the other party for the damage suffered by the other party, with the exception of z.B for non-delivery and acceptance remedies, unless the damage is due to gross negligence, deliberate delay or fraud by a party. Conversely, this means that a party is still responsible for non-delivery or acceptance, whether the party acted with light or serious negligence, deliberate delay or fraud. The EFET management contract grants a non-failing party the right, before the delay of a contractual payment or other fault on the part of the other party (the defaulting party), to immediately suspend other electricity deliveries and to release them from its other delivery obligations until it receives all payments due or guarantee of guarantee of those payments.