The article reviews how Credit Default Swaps are priced and calibrated, focusing on ISDA contract and model standardization. It explains the importance of standardization for credit pricing and modeling techniques. The researchers provide an Excel pricing workbook to help understand the concepts discussed. They highlight the standardization of CDS products for increased liquidity and cost reduction. The article also covers probability and credit modeling, pricing CDS contracts, and different credit models like the ISDA Standard Model. Additionally, it discusses the need for credit index proxies to hedge credit risk and alternative liquidity options.