When Does Standstill Period Start?

Intercreditor agreements often include a provision which prevents the junior creditor from taking enforcement action against collateral upon default under the junior debt for a specified period of time after notice of the default has been given to the senior creditor – this is described as the “standstill period”.

How long is a standstill period?

The Standstill Period provides for a short (at least a 10 calendar day) pause between the point when the contract award decision is notified to bidders, and the final contract conclusion.

Does the 10 day standstill period include weekends?

The end of a standstill period must not fall on a public holiday or at the weekend. Day 10 ends at midnight on that day.