This work represents the first monographic academic analysis of the EFET General Agreements concerning the Delivery and Acceptance of Electricity and Gas. The EFET General Agreements designed by the European Federation of Energy Traders (EFET) are used as standard contracts in over-the-counter energy whole-sale trading. After discussing the importance of bilateral standard contracts regarding the principles of freedom of contract versus regulation the author analyses the contractual terms in the background of German and International Private Law. The author focuses inter alia on the applicable law in international contractual relationships as well as considering the application of sect. 305 ff. BGB. Another emphasis lies on the effectiveness of the contractual close-out netting regime contained in the General Agreements especially considering the latest decision of the BGH concerning close-out netting in case of the counterparty's insolvency.