ICMA has created for its members the GMRA Clause Library and Taxonomy, a catalogue of GMRA clauses and their negotiated business outcomes, along with a library of model wordings that could be used to draft for such outcomes in a standardised manner across market participants.
For each clause in the 2000 and 2011 GMRA, a list of the negotiated commercial and operational positions that parties might wish to achieve has been compiled. With forty clauses, over a hundred variants and hundreds of identified variables, this is a current and comprehensive list of negotiable outcomes which includes guidance notes around its applications. The purpose of the ICMA GMRA Clause Library and Taxonomy is not to restrict the ability of members to negotiate freely and to draft to achieve the desired mutual outcome, but to facilitate more efficient negotiations by providing a number of standardised outcomes and drafting while assisting with the management of legal agreement data.
The potential benefits of adopting the ICMA GMRA Clause Library and Taxonomy are many, both from a legal and documentation perspective and also from a digital and data management viewpoint. It can be integrated into existing document generation, negotiation and workflow tools and can be uploaded to a digital platform of your choice, as well as providing for the easy identification of clauses and their outcomes, which can help market participants identify where they differ from market standards or where amendments may be required, be that regulatory driven or otherwise.
The ICMA GMRA Clause Library and Taxonomy explained
Only available to ICMA members. Members will need to agree to the terms and conditions of use to be able to access the ICMA GMRA Clause Library and Taxonomy which is available in word, excel or pdf format.
Access and Terms and Conditions
- All members of ICMA may access the ICMA GMRA Clause Library and Taxonomy at no charge on the basis that they accept the standard terms and conditions at the point of downloading the document in any format.
- On acceptance of the terms and conditions you agree to use the ICMA GMRA Clause Library and Taxonomy for internal purposes or permitted exclusions only. Please see terms and conditions for more information.
- If you wish to use the ICMA GMRA Clause Library and Taxonomy for commercial, educational or other purposes, you will be required to agree to a separate set of terms. For more information please contact firstname.lastname@example.org.
- If you wish to upload the ICMA GMRA Clause Library and Taxonomy to a third party digital platform, please contact email@example.com.
- If you are a non-member and wish to access the ICMA GMRA Clause Library and Taxonomy, please contact firstname.lastname@example.org.
ICMA GMRA Clause Library and Taxonomy Sample (for preview purposes only)
ICMA GMRA Clause Library and Taxonomy Terms and Conditions
Change Control Process
The ICMA GMRA Clause Library and Taxonomy and the information contained therein does not constitute legal, financial, or other professional advice and you should consult a qualified legal professional to assist with the negotiation and preparation of any agreements which include any part or adaptation of the ICMA GMRA Clause Library and Taxonomy content. ICMA accepts no liability in respect of any use of or reliance by you on the ICMA GMRA Clause Library and Taxonomy.
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