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Derivatives are essential in the global economy, allowing firms to hedge risk. For the market to function effectively, strong legal foundations are necessary. Without common legal standards, firms could end up with unique contractual language, leading to disagreements and prolonged negotiations. The easter master agreement has provided much-needed standardization for 35 years by offering a common contractual template for derivatives counterparties. This template outlines core contractual terms, such as default definitions and contract termination conditions, enabling firms to transact with confidence. Additionally, it allows customization of relationships and includes a range of transactions related to defaults and amounts owed.