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form confirmation, or ?LFC?, generally refers to the documentation for a financial transaction between two parties which have not (yet) formally signed a master agreement for that type of transaction.

This Master Confirmation Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect specifically thereto.

ISDA Short-Form Confirmation means a Confirmation in respect of atransaction (other than a transaction constituting a Title Transfer Collateral Arrangement) governed by an ISDA Master Agreement, which includes an E-Trading Short-Form Confirmation; Sample 1Sample 2.

The framework consists of a master agreement, a schedule, confirmations, definition booklets, and credit support documentation. The master agreement is a document agreed to between two parties that sets out standard terms that apply to all the transactions entered into between those parties.

The long-form confirmation typically states that it supplements, forms a part of, and is subject to the terms of, a standard form ISDA Master Agreement without any schedule (for terms, see Practice Note, Understanding the ISDA Master Agreement and Schedule).

The role of the confirmation is to evidence the terms of each trade. The form of ISDA confirmations are designed to confirm the terms of a trade and provide written evidence of its terms. The provisions of the ISDA master agreement provide that a confirmation is sufficient to evidence the terms of a trade.

The long-form confirmation lists the commercial terms of a transaction that would usually be found in a transaction confirmation, in addition to relationship terms that would typically be found in an ISDA Schedule, such as additional termination events (ATEs) and events of default.