The last word mentioned on every contract is this:"This stock will be closed no later than 3 working days after the Close Date. The Close Date may be extended if the event outcome cannot be determined by that date."
The purpose of this statement is to give ourselves some lee-way if it isn't clear what an outcome is.
The reason for posting this item on the blog is that we did receive a couple of questions about what this statement means when it comes to a contract like WGTN.BUSSTRIKE. This contract asked whether an agreement between bus drivers and GO Wellington would be announced before midnight on Monday 29 September.
The effect of the statement that, "The Close Date may be extended if the event outcome cannot be determined by that date" is not to extend the WGTN.BUSSTRIKE contract. At midnight last night it was clear and unambiguous that no announcement has been made, and the contract could be closed immediately.
What we have in mind with a statement like this is the election. Let's say the negotiations to form the next government drag on past the close date on the PM contracts. These contracts should not close before those negotiations are completed, they are best extended.
If you can think of a wording that makes this clearer, please let us know in comments or just send us an email from the contact page on the site.
1 comment:
How about adding in an 'only' and perhaps 'clearly and unambiguously'.
So that it reads 'The Close Date may only be extended if the event outcome cannot be clearly and unambiguously determined by that date'.
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