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Sorry to disagree, I knew I'd find it somewhere and after searching high and low it was on the EBC site.
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BRAKE FADE EXPLAINED
All pads contain some organic (living) materials. Resins that bind pad compounds together are organic - petro-chemical products. As these overheat the resins revert to gas and cause the pads to aquaplane on a gas film which is called fade. Some pads only fade once or twice and then settle down (Green fade or bedding in fade). Other, cheaper pads suffer from continual dynamic fade, sometimes at surprisingly low temperatures.
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This is what I'm talking about, so you don't have to take my word for it.
http://www.ebcbrakesuk.com/QandA.html
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sorry to disagree again, but search a little more and most sites ive found seem to agree with the following which backs up what i said and NOT what EBC say. /ubbthreads/images/graemlins/fuck_you.gif
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Brakes function by converting kinetic energy into heat energy. The heat is then dissipated to the atmosphere. Fade happens when we try to force the brakes to convert energy at an average rate that exceeds their heat dissipation capacity. We can do this through repeated heavy brake application without allowing adequate recovery time. The result is accumulation of heat and rising temperature culminating in brake fade.
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see this link for a full explanation
http://www.elephantracing.com/techtopic/brakefade.htm
further down in that post it mentions green fade.
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Green Fade - New brake pads release gases the first few times they reach high temperature. As noted in the pad fade section gases are released between the pad and rotor and create a hydroplane condition. The result is loss of friction.
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now i believe this is what you are talking about but this kind of fade should only happen on brand new pads and is not the brake fade we all talk about, which is due to pads and discs not being able to dissipate heat quickly enough.
Mark