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Derivatives are crucial for global economy as they help firms hedge risks. To ensure effective functioning of the market, strong legal foundations are essential. The ISDA Master Agreement, in place for 35 years, provides a standardized contractual template for derivatives trading. This template includes core terms such as default definitions and contract termination conditions, fostering market confidence and a common understanding. Customization options are also available, allowing for a variety of transactions and clear resolution paths for any issues that may arise.