Whereas the Emission Reductions Payment Agreement (ERPA) will cover the commercial terms of the transaction that are negotiable on a case-by-case basis, the General Conditions provide for a set of (non-negotiable) general rules and procedures that apply to each transaction. Such rules and procedures cover, among others, issues related to the sale, transfer and payment for verified ERs, the allocation of responsibilities in terms of ER Program development, ER Program Registration, ER Monitoring and ER Verification, ER Program/Sub-Project implementation and operation, application of World Bank Operational Policies (incl. environmental and social safeguards policies), benefits and benefit sharing principles, Reversals, Reversal Management Mechanisms, ER Program Buffer, transfer of Title to ERs, Events of Default and related remedies, governing law and dispute settlement.