Contract standards consist of generally accepted master agreements and documents, guidelines, legal rules, and recommendations, that are commonly accepted by the industry regarding sovereign debt instruments and derivatives.  Contract standards may therefore cover a wide range of aspects, spanning transparency and accountability, duties, negotiation, market infrastructure, termination, to dispute resolution. As a matter of fact, these documentation materials are ultimately meant to strengthen the efficiency and cost effectiveness of international sovereign debt capital markets by ensuring the efficiency and enforceability of their provisions. The design of industry-shared standards is a continuous process involving market participants, exchanges and clearing houses, law and accounting firms.