# UMIP 54 -Approve New EMP Financial Contract Template

**URL:** <https://discourse.uma.xyz/t/umip-54-approve-new-emp-financial-contract-template/1465>\
**Category:** technical UMIPs\
**Created:** [March 2, 2022, 1:24pm UTC](https://discourse.uma.xyz/t/umip-54-approve-new-emp-financial-contract-template/1465 "2022-03-02T13:24:26Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![Mhairi](https://yyz2.discourse-cdn.com/flex032/user_avatar/discourse.uma.xyz/mhairi/32/48_2.png) [@Mhairi](https://discourse.uma.xyz/u/Mhairi)\
**Post date:** [March 2, 2022, 1:24pm UTC](https://discourse.uma.xyz/t/umip-54-approve-new-emp-financial-contract-template/1465/1 "2022-03-02T13:24:26Z")

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This UMIP will have the effect of introducing a new ExpiringMultiParty contract template that allows for optimistic expiry price settlement. A description of the optimistic oracle can be found in UMIP-52.

The template also allows deployers to use custom financial product libraries to transform the price, the identifier passed to the optimistic oracle or DVM, and the collateralization requirement. Examples of financial product libraries can be found in this [directory](https://github.com/UMAprotocol/protocol/tree/master/packages/core/contracts/financial-templates/common/financial-product-libraries). (If you do not want to use a financial product library, you can pass the zero address `0x0`.)

Additionally, the token precision matches the collateral precision for contracts deployed with this template, which means the identifiers used with this template don’t need to match the decimals of the collateral currency.

> <https://github.com/UMAprotocol/UMIPs/blob/master/UMIPs/umip-54.md>