Within Docs, edits can be made to Executed agreements, however, depending on the type of edit that is made and which party initiates the changes, the agreement may need to be approved by all parties again.
Available Actions on Executed Agreements
Any workstream can be edited on agreements initiated in Docs. For LME agreements, an update to any workstream will trigger the creation of an amendment that has to be signed off on by all parties. Regardless of agreement type, if any of the below details on an agreement are updated, the system will automatically create a new agreement that all parties to the agreement need to approve:
- Agreement text, agreement jurisdiction, additional supplemental documents
- Products are added, removed or otherwise adjusted on the rate schedule, or a new rate schedule is affixed
- Bill to party is updated.
This new agreement, also referred to as an Amendment, will remain linked to the previous agreement, enabling firms to refer to prior versions. Note that only the updated workstreams will need to be approved by all parties.
Once an Amendment is fully executed by all parties, the previous agreement will automatically be terminated.
For Standard and EFP agreements, the below changes do not trigger the creation of a new agreement, however, all parties to the agreement will be notified of the update:
- When the executing broker adds or expires executing accounts or updates the account description of an executing account (Note: It must be the EB on the agreement - an OPB cannot do this without creating an Amendment)
- When the clearing broker adds or expires clearing accounts or updates the account description of a clearing account
More information related specifically to Clearing Account management can be found in the Clearing Accounts section.
Please sign in to leave a comment.