If the wrong party has been selected on an agreement it can be updated while the agreement is in the Composition state. On agreements that have preceding versions the agreement parties cannot be updated.
Editing the Parties to An Agreement
Accessing the Edit Party Screen
Any user with the initiator or legal language composer permission can edit the parties to an agreement in Composition. If you have the appropriate entitlements to edit parties, upon hovering over the Parties section to the agreement you will see "Edit" along with the pencil icon appear in the top right hand corner. Clicking this edit option will take you to the initiate agreement screen where you can edit any party except your own and the initiating party.
Note that the "Edit" icon will not appear if the agreement has a preceding version since agreement parties are not editable on these agreements.
Changing the Parties
From the initiate party screen you can update any party to the agreement except your own party, and the initiating party. You must select a party for each of the required roles, however, parties in additional roles can be added or removed as required. Parties that cannot be edited will show in greyed out font.
Anytime you update a party to an agreement, the application will perform a check to ensure that all brokers to the agreement appear in the approved broker lists of the customer/trader parties to the agreement. If your update to the agreement parties triggers a visibility request your agreement will be in the Pending Initiation state until the request has been approved. While the agreement is pending approval of the visibility request, no further action can be taken. For more information on visibility requests, please review our article on Party Not Found/Visibility Requests.
Agreement Changes when Updating Agreement Parties
When you change a party to your agreement, the following will always occur:
- All legal language workstream approvals will be revoked
- Any attached signature file for a non-conformed party will be removed
- Any approvals provided by the removed party will be removed
Additionally, other agreement components may be removed if they were attached by the party that is being replaced on the agreement. Prior to affecting the change, the application will provide you a warning of the agreement components that will be updated. If you decide you do not wish to execute this change, you have the option to cancel. A record will be added into the agreement history log reflecting all the changes that have occurred in conjunction with the agreement party update.
Changes that may occur include:
- Removal of rate schedules that were uploaded by a user associated with the party removed from the agreement
- Change of the bill to party to the default role (clearing broker)
- Removal of any supplemental documents added by a removed party
- Removal of any clearing accounts added if the clearing broker or customer/trader to the agreement is updated.
All parties to the agreement will receive a notification of the update:
- Any party that is replaced on the agreement will receive an "agreement deleted" notification
- Any party that is added to the agreement will receive an "agreement initiated" notification
- All other parties to the agreement will receive a notification that the agreement parties have been updated.
If your party was replaced on the agreement, this agreement will no longer show in any searches or the Dashboard. All other parties to the agreement will retain access to the agreement under the same agreement ID, but with the updated agreement parties.
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