Unfortunately, based on a reputation for being somewhat boiler-plate, notice provisions are often not given the care and attention in negotiations they deserve. In practice, however, notice provisions are crucial – if they are incorrect or service of notice is impossible, you cannot enforce your rights. For the derivatives market, ISDA has proposed an innovative technological solution called the Notices Hub to keep notice provisions up-to-date, and to allow effective service of notice even in times of stress.
Read more about it in Mayer Brown’s recent derivatives/litigation Legal Update.