Best Practices for Energy Price Indices © Copyright 2003, CCRO. All rights reserved. 17 counterparties that modify existing master trading agreements to allow the release of this information. An example release statement is provided as Exhibit C in the appendix. 5.1.5 Disclaimer Data providers should use reasonable efforts to ensure the accuracy, timeliness, and completeness of the data. However, in the normal course of business, situations such as technological errors, force majeure events, or human error may cause the data to be incorrect. Data providers should include (i) in their contractual arrangements with the index developers a limitation of liability with respect to the possibility of errors and omissions, and (ii) with the submitted data a disclaimer concerning the possibility of errors and omissions. Examples of the disclaimer language are provided in Exhibit D. 5.1.6 Protocols for Transaction Cutoff Times and Data Submission Deadlines The data provider and index developer should establish protocols determining the cutoff times and the data submission process. These protocols will take into account the need for timely submission of data, the process and system limitations on either side, and the need for producing a reliable index in a timely and regular manner.
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