Over the years DDL has been asked by clients to undertake market surveys on various documentation matters involving Confirmations and Master Agreements.
First of all a brief is agreed with the client which will cover the following matters:
The scope of the survey.
Who is to be approached (normally the main market players).
The precise questions to be asked. This important element needs very careful drafting. Among other things the client will need to decide whether they want the questions to be multiple choice, marked on a scale (e.g. 1-5) or open ended.
The timescale for completing the survey.
Whether participants will be allowed to have an edited copy of the survey or not. Provision of this has been found to have encouraged participation from major market players.
Normally DDL agrees a fixed fee upfront with the client for this type of work which is payable in tranches at pre-agreed stages.
Given DDL's excellent and widespread network of clients and contacts we have been able to do this type of work expeditiously on all occasions so far.