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Derivatives are essential in the global economy for risk management, but strong legal foundations are necessary for effective functioning. The Easter Master Agreement, established 35 years ago, provides a standardized template for derivative contracts, ensuring common understanding and facilitating efficient negotiations. This template includes key terms such as default definitions and contract termination conditions, promoting confidence in transactions and offering a structured approach to dispute resolution. Additionally, the agreement allows for customization of relationships and a variety of transactions in the event of default.