# Can a Party Unilaterally Revise Its Close out Amount Calculation after It Has Been Submitted? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

---

![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

![A reflective, metallic platter with a central spindle and an integrated circuit board edge against a dark backdrop. This imagery evokes the core low-latency infrastructure for institutional digital asset derivatives, illustrating high-fidelity execution and market microstructure dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-infrastructure-precision.jpg)

## Concept

![A focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.jpg)

## The Principle of Irrevocable Finality

The submission of a [close-out amount](https://prime.greeks.live/area/close-out-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) calculation following the termination of a derivatives contract represents a critical point of no return. A party cannot unilaterally revise this calculation once it has been formally submitted. This principle is a foundational element of market stability, designed to create a clear and binding conclusion to a defaulted transaction. The entire framework of standardized agreements, such as the [ISDA Master Agreement](https://prime.greeks.live/area/isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is constructed to ensure certainty and prevent the chaos of ongoing revisions, which could be driven by subsequent market fluctuations or strategic recalculations.

The act of delivering the calculation crystallizes a debt obligation, transforming a set of ongoing rights and responsibilities into a single, final monetary figure owed by one party to the other. This mechanism is not about penalizing errors; it is about enforcing a predictable and orderly unwinding process in the potentially volatile environment of a [counterparty default](https://prime.greeks.live/area/counterparty-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> Upon submission, a close-out calculation becomes a binding obligation, not a preliminary estimate subject to change.

![An intricate, blue-tinted central mechanism, symbolizing an RFQ engine or matching engine, processes digital asset derivatives within a structured liquidity conduit. Diagonal light beams depict smart order routing and price discovery, ensuring high-fidelity execution and atomic settlement for institutional-grade trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-prime-os.jpg)

## Systemic Integrity over Individual Discretion

The prohibition against unilateral revision serves a purpose that transcends the interests of the individual parties involved. It underpins the integrity of the entire over-the-counter derivatives market. If parties were permitted to amend their calculations, it would introduce a severe level of uncertainty. A [calculating party](https://prime.greeks.live/question/what-is-the-role-of-the-calculating-party-in-determining-the-final-settlement-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) might be tempted to adjust its figure to capitalize on post-termination market movements, a practice that would amount to a risk-free option at the expense of the defaulted party.

To prevent such strategic behavior, the contractual architecture of agreements like the 2002 ISDA Master Agreement establishes a high bar for the initial calculation. The determining party is required to use “[commercially reasonable procedures](https://prime.greeks.live/area/commercially-reasonable-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in order to produce a [commercially reasonable result](https://prime.greeks.live/question/what-constitutes-a-commercially-unreasonable-result-in-a-derivatives-close-out-scenario/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)”. This standard is objective, meaning the methodology and the outcome must both stand up to independent scrutiny. The focus is on the rigorous application of a fair process at a specific moment in time, rather than allowing for a perfect retrospective figure.

![A metallic disc intersected by a dark bar, over a teal circuit board. This visualizes Institutional Liquidity Pool access via RFQ Protocol, enabling Block Trade Execution of Digital Asset Options with High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-principal-operational-framework-market-microstructure-high-fidelity-execution.jpg)

## The Nature of a Close-Out Calculation

Understanding why a close-out amount cannot be unilaterally revised requires an appreciation of what the calculation represents. It is not merely an administrative tally of outstanding debts. Instead, it is a valuation exercise designed to determine the economic value of the terminated transactions at the moment of close-out. This is often accomplished by obtaining quotes for replacement trades from other market participants or by using internal valuation models based on prevailing [market data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The goal is to produce a snapshot of the market that reflects the cost of replacing the economic equivalent of the terminated trades. The system is designed to produce a final, definitive number based on conditions at a single point in time. Allowing revisions would defeat this purpose, turning a clear-cut termination process into an open-ended negotiation and introducing ambiguity into a system that relies on absolute clarity.

![A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivative-rfq-execution-market-microstructure-high-fidelity-alpha-generation-prime-os-system.jpg)

![A precision-engineered component, like an RFQ protocol engine, displays a reflective blade and numerical data. It symbolizes high-fidelity execution within market microstructure, driving price discovery, capital efficiency, and algorithmic trading for institutional Digital Asset Derivatives on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-engine-core-for-institutional-digital-asset-derivatives-rfq-protocol-price-discovery.jpg)

## Strategy

![A central control knob on a metallic platform, bisected by sharp reflective lines, embodies an institutional RFQ protocol. This depicts intricate market microstructure, enabling high-fidelity execution, precise price discovery for multi-leg options, and robust Prime RFQ deployment, optimizing latent liquidity across digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-execution-engine-core-microstructure.jpg)

## The Strategic Implications of a Binding Calculation

The inability to unilaterally revise a close-out amount forces the [determining party](https://prime.greeks.live/question/can-a-determining-party-revise-its-close-out-calculation-after-it-has-been-issued/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into a position of significant strategic responsibility. The calculation must be performed with meticulous care, as it will be binding. This creates a powerful incentive to get the number right the first time. A hastily or poorly calculated figure can have significant financial consequences.

If the amount is understated, the determining party may forfeit value to which it was entitled. Conversely, an overstated or aggressively calculated amount may be challenged by the counterparty, leading to protracted and costly disputes. The strategy, therefore, is not about how to revise a calculation, but how to construct a defensible and accurate one from the outset. This involves having robust internal procedures, access to reliable market data, and a clear understanding of the contractual requirements for determining the close-out amount. The focus shifts from post-submission maneuvering to pre-calculation diligence.

![A translucent teal dome, brimming with luminous particles, symbolizes a dynamic liquidity pool within an RFQ protocol. Precisely mounted metallic hardware signifies high-fidelity execution and the core intelligence layer for institutional digital asset derivatives, underpinned by granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-intelligence-layer.jpg)

## Distinguishing between Revision and Dispute

A crucial distinction exists between a unilateral revision and a [formal dispute](https://prime.greeks.live/question/how-does-market-volatility-affect-the-choice-between-formal-and-informal-dispute-resolution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). While a party cannot simply issue a new, corrected calculation, the receiving party is not without recourse if it believes the calculation is flawed. The ISDA [Master Agreement](https://prime.greeks.live/question/in-what-ways-does-the-single-agreement-principle-of-the-isda-master-agreement-differ-from-traditional-contract-law/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework anticipates such disagreements. A dispute does not center on a party’s right to change its mind, but on whether the original calculation adhered to the agreed-upon methodology.

The [2002 ISDA Master Agreement](https://prime.greeks.live/area/2002-isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), for instance, requires an objectively “[commercially reasonable](https://prime.greeks.live/question/what-constitutes-a-commercially-reasonable-procedure-when-calculating-a-close-out-amount-under-the-2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” process. If a party can demonstrate that the calculation failed to meet this standard, the matter can be resolved through negotiation or, ultimately, by a court. In such a scenario, a court would not be bound by the submitted calculation but would determine the correct amount based on an objective assessment of what would have been commercially reasonable at the time of termination.

> The resolution for a flawed calculation is not unilateral revision, but a formal dispute over the adherence to contractually agreed valuation standards.

This distinction is vital. It preserves the finality of the initial submission while providing a structured and predictable mechanism for addressing legitimate errors or disagreements. The burden of proof falls on the party challenging the calculation to show that it was not commercially reasonable. This prevents frivolous challenges while ensuring that both parties are protected from unfair or improperly executed calculations.

![A refined object featuring a translucent teal element, symbolizing a dynamic RFQ for Institutional Grade Digital Asset Derivatives. Its precision embodies High-Fidelity Execution and seamless Price Discovery within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-for-optimal-execution-and-deep-liquidity-aggregation.jpg)

## Managing Calculation Errors and Omissions

Given that unilateral revision is not an option, what happens when a genuine error is discovered by the calculating party after the fact? A recent High Court ruling clarified this exact point, establishing that even in the case of a clear mathematical error, the determining party cannot simply withdraw the original statement and submit a new one. The submitted calculation creates a debt obligation, and that obligation can only be altered by mutual agreement of the parties or by a court order. If the calculating party discovers it made an error, the proper course of action is to notify the counterparty and seek to reach an agreement on a corrected amount.

If an agreement cannot be reached, the matter would have to be resolved through formal [dispute resolution](https://prime.greeks.live/area/dispute-resolution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Any revised calculation submitted by the party would merely serve as evidence for the court to consider in its own determination of the correct close-out amount.

![A specialized hardware component, showcasing a robust metallic heat sink and intricate circuit board, symbolizes a Prime RFQ dedicated hardware module for institutional digital asset derivatives. It embodies market microstructure enabling high-fidelity execution via RFQ protocols for block trade and multi-leg spread](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-dedicated-hardware-for-institutional-rfq-execution.jpg)

## Proactive Measures and Contractual Safeguards

The rigidity of the close-out process underscores the importance of proactive risk management and careful contractual negotiation. Parties can implement several strategies to mitigate the risk of errors and subsequent disputes.

- **Robust Internal Procedures** ▴ Establishing and documenting a clear, consistent, and repeatable internal process for calculating close-out amounts is paramount. This should include identifying sources for market data, methodologies for valuation, and a multi-level review and approval process before any calculation is submitted.

- **Reservation of Rights** ▴ While courts have cast doubt on their effectiveness, some parties attempt to include “reservation of rights” language in their close-out notices, stating that the calculation is preliminary and subject to revision. The legal standing of such clauses is uncertain, and they should not be relied upon as a substitute for a diligent initial calculation.

- **Negotiating the Schedule** ▴ The ISDA Schedule allows parties to customize the terms of the Master Agreement. Parties can negotiate more specific terms regarding the methodologies to be used for close-out calculations, potentially reducing the ambiguity that can lead to disputes.

The overarching strategy is to treat the [close-out calculation](https://prime.greeks.live/question/how-does-the-close-out-amount-calculation-in-the-2002-agreement-differ-from-the-loss-calculation-in-the-1992-version/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as a final, binding act and to invest the necessary resources to ensure its accuracy and defensibility from the very beginning.

![A layered, spherical structure reveals an inner metallic ring with intricate patterns, symbolizing market microstructure and RFQ protocol logic. A central teal dome represents a deep liquidity pool and precise price discovery, encased within robust institutional-grade infrastructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-orchestrating-rfq-protocols-for-high-fidelity-execution-and-multi-asset-liquidity.jpg)

![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

## Execution

![Intricate mechanisms represent a Principal's operational framework, showcasing market microstructure of a Crypto Derivatives OS. Transparent elements signify real-time price discovery and high-fidelity execution, facilitating robust RFQ protocols for institutional digital asset derivatives and options trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## The Operational Protocol for Close-Out Determination

The execution of a close-out calculation is a precise, time-sensitive process governed by the specific terms of the derivatives agreement. Following a [termination event](https://prime.greeks.live/question/what-are-the-primary-risks-of-misclassifying-an-event-as-a-termination-event-instead-of-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the designated determining party, typically the non-defaulting party, must execute a series of steps that are both contractually compliant and operationally sound. The primary objective is to produce a final, defensible figure that represents the full economic value of the terminated transactions. This process is not a negotiation; it is a unilateral determination that must adhere to a strict standard of commercial reasonableness.

![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## Step-by-Step Calculation and Submission Process

- **Termination Event Trigger** ▴ The process begins with a defined Event of Default or Termination Event under the ISDA Master Agreement, such as a failure to pay or bankruptcy.

- **Notice of [Early Termination](https://prime.greeks.live/question/how-does-the-concept-of-an-automatic-early-termination-change-strategic-considerations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The non-defaulting party must issue a formal notice specifying the termination event and declaring an [Early Termination Date](https://prime.greeks.live/area/early-termination-date/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for all outstanding transactions.

- **Valuation on the Early Termination Date** ▴ The determining party must perform the valuation as of the specified Early Termination Date. This involves gathering all necessary market data, which may include quotes from third-party dealers, data from electronic trading platforms, or other relevant market information.

- **Application of Valuation Methodology** ▴ The determining party applies its valuation methodology. Under the [2002 ISDA](https://prime.greeks.live/area/2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Master Agreement, this involves using “commercially [reasonable procedures](https://prime.greeks.live/question/what-is-the-legal-standard-for-commercially-reasonable-procedures-in-a-derivatives-close-out/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to produce a commercially reasonable result.” This is an objective standard. The table below outlines potential valuation inputs.

### Valuation Inputs for Close-Out Calculation

| Input Source | Description | Considerations |
| --- | --- | --- |
| Third-Party Quotes | Firm or indicative quotes from dealers for a replacement transaction. | Must be from reputable, active market participants. The number of quotes should be sufficient to establish a reasonable market price. |
| Market Data | Data from relevant exchanges, trading platforms, or information vendors. | Data should be for the specific instruments or highly comparable ones, and from the relevant time of day. |
| Internal Models | Proprietary valuation models used by the determining party. | The models must be consistent with those used in the ordinary course of business and based on externally verifiable inputs where possible. |

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## Navigating the Post-Submission Landscape

Once the calculation is complete and the close-out statement is delivered, the operational focus shifts from determination to enforcement and potential dispute management. The delivery of the statement establishes a legally binding payment obligation. The receiving party must then either pay the amount due or, if it disagrees with the calculation, initiate a formal dispute.

> The submission of the close-out statement transforms the process from valuation to debt collection or dispute resolution.

![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

## Comparing the 1992 and 2002 ISDA Master Agreement Standards

The standard of conduct for the calculating party differs significantly between the two most common versions of the ISDA Master Agreement, which has a direct impact on the execution of the close-out process and the potential for a successful challenge.

### Comparison of Close-Out Calculation Standards

| Provision | 1992 ISDA Master Agreement | 2002 ISDA Master Agreement |
| --- | --- | --- |
| Governing Standard | “Loss” or “Market Quotation.” The “Loss” standard requires the determining party to act “reasonably and in good faith.” Courts have interpreted this as a standard of rationality. | “Close-out Amount.” This requires the determining party to “act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result.” |
| Objectivity Level | Lower. The “rationality” standard gives more deference to the determining party’s judgment, as long as it is not arbitrary or perverse. | Higher. The requirement for objectively reasonable procedures and results means a court can more easily substitute its own judgment for that of the determining party if the standard is not met. |
| Practical Implication | More difficult for the non-determining party to successfully challenge the calculation. | Easier to challenge on the basis that the procedures or the result were not commercially reasonable, even if the determining party acted in good faith. |

This evolution in standards from the 1992 to the 2002 agreement reflects a market-wide move toward greater objectivity and transparency. For a party executing a close-out under a 2002 agreement, the documentation of the procedures used is as important as the final number itself. Every step, from the selection of dealers for quotes to the specific market data used, should be recorded and justifiable as commercially reasonable.

![Precisely engineered metallic components, including a central pivot, symbolize the market microstructure of an institutional digital asset derivatives platform. This mechanism embodies RFQ protocols facilitating high-fidelity execution, atomic settlement, and optimal price discovery for crypto options](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure-1.jpg)

## References

- High Court restricts re-calculation of termination amount and interprets Close-out Amount under ISDA Master Agreement. (2018, March 26). Retrieved from relevant legal briefings and publications.

- How to handle derivatives close-out disputes. (2021, November 22). The Law Society Gazette.

- Lehman Brothers Special Financing Inc. v National Power Corporation & Anor EWHC 487 (Comm).

- Walker Morris. (2018, April 19). ISDA Master Agreements and the calculation of close-out payments.

- International Swaps and Derivatives Association. (n.d.). ISDA Close-out Amount Protocol.

![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Reflection

![A complex, multi-layered electronic component with a central connector and fine metallic probes. This represents a critical Prime RFQ module for institutional digital asset derivatives trading, enabling high-fidelity execution of RFQ protocols, price discovery, and atomic settlement for multi-leg spreads with minimal latency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-rfq-engine-driving-best-execution-and-liquidity.jpg)

## The Integrity of a Final Number

The prohibition on unilaterally revising a close-out amount is a powerful testament to a core principle of institutional finance ▴ the system’s integrity depends on the finality of its core processes. A submitted calculation is a waypoint that becomes an anchor. It halts uncertainty and provides a fixed point from which all subsequent actions ▴ payment, settlement, or formal dispute ▴ can proceed in an orderly fashion. Understanding this principle moves the focus from “how can I fix a mistake?” to “how do I build a valuation and submission process so robust that it eliminates the possibility of material error?” This reframing is essential.

It transforms a reactive concern into a proactive strategy, viewing the close-out mechanism not as a procedural hurdle, but as a critical component of a comprehensive counterparty risk management framework. The strength of your position in any close-out scenario is determined long before the termination event, rooted in the quality of your agreements, the rigor of your internal controls, and your unwavering commitment to a commercially reasonable process.

![A sophisticated, modular mechanical assembly illustrates an RFQ protocol for institutional digital asset derivatives. Reflective elements and distinct quadrants symbolize dynamic liquidity aggregation and high-fidelity execution for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Glossary

<a href="https://prime.greeks.live/area/isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Isda Master Agreement

Meaning ▴ The ISDA Master Agreement is a standardized contractual framework for privately negotiated over-the-counter (OTC) derivatives transactions, establishing common terms for a wide array of financial instruments. </a><a href="https://prime.greeks.live/area/close-out-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek system component displays a translucent aqua-green sphere, symbolizing a liquidity pool or volatility surface for institutional digital asset derivatives. This Prime RFQ core, with a sharp metallic element, represents high-fidelity execution through RFQ protocols, smart order routing, and algorithmic trading within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-core-for-high-fidelity-execution.jpg)

## Close-Out Amount

Meaning ▴ The Close-Out Amount represents the definitive financial value required to terminate a derivatives contract or position, typically calculated upon a default event or a pre-defined termination trigger. </a><a href="https://prime.greeks.live/area/counterparty-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

## Counterparty Default

Meaning ▴ Counterparty Default refers to the failure of a party to a financial transaction to fulfill its contractual obligations, such as delivering assets, making payments, or settling positions. </a><a href="https://prime.greeks.live/question/what-is-the-role-of-the-calculating-party-in-determining-the-final-settlement-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

## Calculating Party

The Calculating Party is the contractually designated entity that determines a derivative's value, ensuring precise financial settlement. </a><a href="https://prime.greeks.live/area/commercially-reasonable-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic component, possibly a lens, integral to an institutional grade Prime RFQ. Its layered structure signifies market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-institutional-digital-asset-rfq-execution-engine.jpg)

## Commercially Reasonable Procedures

Meaning ▴ Commercially Reasonable Procedures defines the standard of conduct for actions taken within a financial context, mandating diligence and adherence to prevailing market practices and conditions. </a><a href="https://prime.greeks.live/question/what-constitutes-a-commercially-unreasonable-result-in-a-derivatives-close-out-scenario/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Detailed metallic disc, a Prime RFQ core, displays etched market microstructure. Its central teal dome, an intelligence layer, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principal-operating-system-intelligence-layer-powering-digital-asset-derivatives-rfq-protocols-for-optimal-execution.jpg)

## Commercially Reasonable Result

A commercially unreasonable result in a derivatives close-out is a valuation that fails the test of objective market-based evidence. </a><a href="https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract image showing interlocking metallic and translucent blue components, suggestive of a sophisticated RFQ engine. This depicts the precision of an institutional-grade Crypto Derivatives OS, facilitating high-fidelity execution and optimal price discovery within complex market microstructure for multi-leg spreads and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

## Market Data

Meaning ▴ Market Data comprises the real-time or historical pricing and trading information for financial instruments, encompassing bid and ask quotes, last trade prices, cumulative volume, and order book depth. </a><a href="https://prime.greeks.live/question/can-a-determining-party-revise-its-close-out-calculation-after-it-has-been-issued/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Determining Party

A Determining Party cannot unilaterally revise an issued close-out calculation; its finality ensures contractual certainty. </a><a href="https://prime.greeks.live/question/in-what-ways-does-the-single-agreement-principle-of-the-isda-master-agreement-differ-from-traditional-contract-law/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central metallic mechanism, an institutional-grade Prime RFQ, anchors four colored quadrants. These symbolize multi-leg spread components and distinct liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-engine-prime-os.jpg)

## Master Agreement

The ISDA's Single Agreement principle architects a unified risk entity, replacing severable contracts with one indivisible agreement to enable close-out netting. </a><a href="https://prime.greeks.live/question/how-does-market-volatility-affect-the-choice-between-formal-and-informal-dispute-resolution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

## Formal Dispute

Market volatility transforms dispute resolution from a legal formality into a critical system for capital preservation and risk control. </a><a href="https://prime.greeks.live/area/2002-isda-master-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bi-component digital asset derivatives engine reveals its intricate core, symbolizing an advanced RFQ protocol. This Prime RFQ component enables high-fidelity execution and optimal price discovery within complex market microstructure, managing latent liquidity for institutional operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution.jpg)

## 2002 Isda Master Agreement

Meaning ▴ The 2002 ISDA Master Agreement represents a standardized bilateral contractual framework for over-the-counter (OTC) derivatives transactions. </a><a href="https://prime.greeks.live/question/what-constitutes-a-commercially-reasonable-procedure-when-calculating-a-close-out-amount-under-the-2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, cut-open sphere reveals a sharp, luminous green prism, symbolizing high-fidelity execution within a Principal's operational framework. The reflective interior denotes market microstructure insights and latent liquidity in digital asset derivatives, embodying RFQ protocols for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-prime-os-alpha-intelligence.jpg)

## Commercially Reasonable

A commercially reasonable procedure for calculating a Close-Out Amount under the 2002 ISDA is an objective, good faith process. </a><a href="https://prime.greeks.live/area/dispute-resolution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

## Dispute Resolution

Meaning ▴ Dispute Resolution refers to the structured process designed to identify, analyze, and rectify discrepancies or disagreements arising within financial transactions, operational workflows, or contractual obligations. </a><a href="https://prime.greeks.live/question/how-does-the-close-out-amount-calculation-in-the-2002-agreement-differ-from-the-loss-calculation-in-the-1992-version/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## Close-Out Calculation

The 2002 Agreement's Close-Out Amount mandates an objective, commercially reasonable valuation, replacing the 1992's subjective Loss standard. </a><a href="https://prime.greeks.live/question/what-are-the-primary-risks-of-misclassifying-an-event-as-a-termination-event-instead-of-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract system depicts an institutional-grade digital asset derivatives platform. Interwoven metallic conduits symbolize low-latency RFQ execution pathways, facilitating efficient block trade routing](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-engine.jpg)

## Termination Event

Misclassifying a termination event for a default risks catastrophic value leakage through incorrect close-outs and legal liability. </a><a href="https://prime.greeks.live/area/early-termination-date/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Early Termination Date

Meaning ▴ The Early Termination Date specifies a pre-agreed date or a date triggered by specific events, upon which a derivative contract or financial agreement concludes prior to its originally scheduled maturity. </a><a href="https://prime.greeks.live/question/how-does-the-concept-of-an-automatic-early-termination-change-strategic-considerations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate circuit boards and a precision metallic component depict the core technological infrastructure for Institutional Digital Asset Derivatives trading. This embodies high-fidelity execution and atomic settlement through sophisticated market microstructure, facilitating RFQ protocols for private quotation and block trade liquidity within a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-execution-system-microstructure.jpg)

## Early Termination

Automatic Early Termination transforms counterparty risk strategy by replacing discretionary action with a pre-programmed, systemic close-out. </a><a href="https://prime.greeks.live/question/what-is-the-legal-standard-for-commercially-reasonable-procedures-in-a-derivatives-close-out/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## Reasonable Procedures

The legal standard for "commercially reasonable procedures" is an objective duty to employ a fair, verifiable, and market-based process to calculate a derivatives close-out value. </a><a href="https://prime.greeks.live/area/2002-isda/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent institutional-grade platform reveals its RFQ execution engine with radiating intelligence layer pathways. Central price discovery mechanisms and liquidity pool access points are flanked by pre-trade analytics modules for digital asset derivatives and multi-leg spreads, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-platform.jpg)

## 2002 Isda

Meaning ▴ The 2002 ISDA Master Agreement constitutes a standardized contractual framework, widely adopted within the over-the-counter (OTC) derivatives market, establishing foundational terms for bilateral derivatives transactions. </a>

**Tags:** [2002 ISDA](https://options.greeks.live/area/2002-isda/), [Market Quotation](https://options.greeks.live/area/market-quotation/), [Derivatives Termination](https://options.greeks.live/area/derivatives-termination/), [Close-Out Amount](https://options.greeks.live/area/close-out-amount/), [Market Data](https://options.greeks.live/area/market-data/), [2002 ISDA Master Agreement](https://options.greeks.live/area/2002-isda-master-agreement/)	

## Discover More

- 
### [How Does the Close-Out Amount in the 2002 ISDA Differ from Market Quotation?](https://options.greeks.live/question/how-does-the-close-out-amount-in-the-2002-isda-differ-from-market-quotation/)
![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

The 2002 ISDA's Close-Out Amount replaces rigid external polling with a flexible, commercially reasonable valuation standard.

- 
### [How Does the 2002 ISDA Master Agreement Differ from the 1992 Version regarding Close-Out Calculations?](https://options.greeks.live/question/how-does-the-2002-isda-master-agreement-differ-from-the-1992-version-regarding-close-out-calculations/)
![A sleek, multi-layered digital asset derivatives platform highlights a teal sphere, symbolizing a core liquidity pool or atomic settlement node. The perforated white interface represents an RFQ protocol's aggregated inquiry points for multi-leg spread execution, reflecting precise market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-core-execution-system.jpg)

The 2002 ISDA Agreement replaces the 1992's rigid/subjective methods with a single, objective standard of commercial reasonableness.

- 
### [What Are the Core Differences between the 1992 and 2002 Isda Close-Out Methodologies?](https://options.greeks.live/question/what-are-the-core-differences-between-the-1992-and-2002-isda-close-out-methodologies/)
![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

The 2002 ISDA replaces the 1992's subjective 'Loss' with an objective 'Close-Out Amount' based on commercial reasonableness.

- 
### [How Does the 2002 ISDA Standard Affect Valuation in Illiquid Markets?](https://options.greeks.live/question/how-does-the-2002-isda-standard-affect-valuation-in-illiquid-markets/)
![A vibrant blue digital asset, encircled by a sleek metallic ring representing an RFQ protocol, emerges from a reflective Prime RFQ surface. This visualizes sophisticated market microstructure and high-fidelity execution within an institutional liquidity pool, ensuring optimal price discovery and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-framework.jpg)

The 2002 ISDA standard replaces rigid valuation rules with a flexible, yet objective, framework for determining a derivative's value.

- 
### [In What Ways Does the Close out Amount Provision Affect a Firm’s Internal Valuation and Risk Management Systems?](https://options.greeks.live/question/in-what-ways-does-the-close-out-amount-provision-affect-a-firms-internal-valuation-and-risk-management-systems/)
![A central metallic bar, representing an RFQ block trade, pivots through translucent geometric planes symbolizing dynamic liquidity pools and multi-leg spread strategies. This illustrates a Principal's operational framework for high-fidelity execution and atomic settlement within a sophisticated Crypto Derivatives OS, optimizing private quotation workflows.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-facilitating-high-fidelity-price-discovery-and-optimal-capital-efficiency-within-advanced-market-microstructure.jpg)

The Close-Out Amount provision forces a firm's systems to pivot from dynamic valuation to a static, evidence-based replacement cost protocol.

- 
### [How Does the Close-Out Amount in the 2002 ISDA Improve upon the 1992 Methodologies?](https://options.greeks.live/question/how-does-the-close-out-amount-in-the-2002-isda-improve-upon-the-1992-methodologies/)
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

The 2002 ISDA's Close-Out Amount replaces subjective valuation with an objective, flexible, and commercially reasonable standard.

- 
### [What Constitutes a Commercially Reasonable Procedure When Calculating a Derivatives Close-Out Amount?](https://options.greeks.live/question/what-constitutes-a-commercially-reasonable-procedure-when-calculating-a-derivatives-close-out-amount/)
![Sleek, modular system component in beige and dark blue, featuring precise ports and a vibrant teal indicator. This embodies Prime RFQ architecture enabling high-fidelity execution of digital asset derivatives through bilateral RFQ protocols, ensuring low-latency interconnects, private quotation, institutional-grade liquidity, and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-system-interface-for-digital-asset-derivatives-execution.jpg)

A defensible derivatives close-out is a systemized, evidence-based procedure for calculating replacement cost in good faith.

- 
### [How Does the “Commercially Reasonable” Standard Impact Derivatives Close-Out Calculations?](https://options.greeks.live/question/how-does-the-commercially-reasonable-standard-impact-derivatives-close-out-calculations/)
![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution. It underscores high-fidelity execution and atomic settlement within a secure Prime RFQ, revealing latent liquidity and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

The "commercially reasonable" standard mandates an objectively defensible process for valuing terminated derivatives to ensure a fair economic replacement.

- 
### [Can a Party Unilaterally Revise a Close out Calculation after It Has Been Made?](https://options.greeks.live/question/can-a-party-unilaterally-revise-a-close-out-calculation-after-it-has-been-made/)
![A central control knob on a metallic platform, bisected by sharp reflective lines, embodies an institutional RFQ protocol. This depicts intricate market microstructure, enabling high-fidelity execution, precise price discovery for multi-leg options, and robust Prime RFQ deployment, optimizing latent liquidity across digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-execution-engine-core-microstructure.jpg)

A party cannot unilaterally revise a close-out calculation; the served statement is a binding obligation, with corrections only possible via mutual agreement or court order.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Can a Party Unilaterally Revise Its Close out Amount Calculation after It Has Been Submitted?",
            "item": "https://options.greeks.live/question/can-a-party-unilaterally-revise-its-close-out-amount-calculation-after-it-has-been-submitted/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/can-a-party-unilaterally-revise-its-close-out-amount-calculation-after-it-has-been-submitted/"
    },
    "headline": "Can a Party Unilaterally Revise Its Close out Amount Calculation after It Has Been Submitted? \u25b4 Question",
    "description": "A party cannot unilaterally revise a submitted close-out amount; the calculation creates a binding obligation alterable only by mutual consent or court order. \u25b4 Question",
    "url": "https://options.greeks.live/question/can-a-party-unilaterally-revise-its-close-out-amount-calculation-after-it-has-been-submitted/",
    "datePublished": "2025-08-13T23:17:19+00:00",
    "dateModified": "2025-08-13T23:17:20+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-precision-execution.jpg",
        "caption": "This engineered, multi-layered circular device, with its central concentric lens, embodies a cutting-edge RFQ protocol engine for institutional digital asset derivatives. It signifies the precision required for high-fidelity execution of multi-leg spreads and complex options trading. Representing a Principal's operational framework, it optimizes market microstructure, minimizing latency for best execution and alpha generation. Its design suggests a robust Prime Brokerage solution, integrating smart order routing."
    },
    "keywords": [
        "2002 ISDA",
        "2002 ISDA Master Agreement",
        "Close-Out Amount",
        "Commercially Reasonable Procedures",
        "Counterparty Default",
        "Derivatives Termination",
        "Dispute Resolution",
        "Early Termination Date",
        "Finality Protocol",
        "ISDA Master Agreement",
        "Market Data",
        "Market Quotation",
        "Unilateral Revision"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/can-a-party-unilaterally-revise-its-close-out-amount-calculation-after-it-has-been-submitted/
