Six Step Process
We have designed our Settlement Service for ease of access. We have standardized many aspects of the process such that a user only needs to focus on key information. After the initial set-up (first Settlement Data request / project) the process requires little legal review, with contracting and billing being straight forward.
1Request Settlement Data
Settlement Data can be requested using the on-line Settlement Data Request Form. The user is asked to provide information concerning the weather station(s) / gridded data point(s), length of the transaction, contact details, the transaction size, and confirmation of the Settlement Data Methodology.
2Technical Review
Once a request is placed the Settlement Job is reviewed by the Settlement Data Team in order to confirm the technical feasibility of the project. Underlying data reliability, data accuracy, and the availability of secondary information are all considered. The result of this process is a confirmation of the feasibility or recommendations as to how to adjust the project to make it feasible.
3Quoting
Using the information provided in the Settlement Data Request, the Settlement Data Team will contact you with a quote for the Settlement Data Licence
4Contracting
Contracting involves three key documents:
- Short form contract - This document includes the client contact information, list of services, and fees for the service
- Settlement Data Specification - Outlines the data source, data processing, Settlement Methodology, and data publication schedule
- Terms & Conditions - Standard terms and conditions related to the provision of Settlement Data
5Provision of Settlement Data
During the risk period two types of data may be published (depending upon the type of service):
- Initial Settlement Data - Produced at frequent intervals during the risk period. This data is designed to allow users to track the performance of their climate risk-transfer contract during the risk period. This data is preliminary and subject to revision.
- Final Settlement Data - Final Settlement Data is published per the Settlement Data Specification. This data is final and will not undergo further revision. This is the data that is used by the Calculation Agent to settle the transaction.
6Settlement Certificates
Settlement Data is published in the form of Settlement Certificates. These certificates represent the definitive documentation of final data values for the transaction. Certificates are made available to all counterparties to the transaction for no additional charge.
