Bookouts Clause Samples
A Bookouts clause allows one party, typically a tenant or licensee, to temporarily remove or substitute certain items or inventory from a leased or licensed premises. In practice, this clause outlines the conditions under which items can be taken out, such as for repairs, exhibitions, or sales, and may require prior notice or approval from the other party. The core function of this clause is to provide flexibility for the party in possession of the items while ensuring the other party's interests are protected, thereby preventing disputes over missing or relocated property.
POPULAR SAMPLE Copied 3 times
Bookouts. If, for scheduling convenience purposes, the Parties agree verbally or in writing, either bilaterally or as part of a multiparty arrangement, to a cancellation or modification of future physical delivery obligations in respect of a Transaction (in each case, a “▇▇▇▇▇▇▇”), then effective upon the relevant future delivery date (the “▇▇▇▇▇▇▇ Date”): (i) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part) as agreed, and (ii) any agreed payment will be due as follows, unless otherwise agreed: (A) with respect to Product that is a refined petroleum product, on the ▇▇▇▇▇▇▇ Date, (B) with respect to Product delivered that is crude oil, on the 20th day of the month following the month of the ▇▇▇▇▇▇▇ Date, or (C) with respect to Product that are LPGs or NGLs, within five New York Banking Days following the ▇▇▇▇▇▇▇ Date. At any time prior to the relevant ▇▇▇▇▇▇▇ Date, either Party may elect, at its option and upon notice to the other Party, to cancel the ▇▇▇▇▇▇▇ and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. This “Bookouts” provision shall apply notwithstanding that either Party may fail to (i) send out a writing confirming the ▇▇▇▇▇▇▇ Transaction or (ii) make changes on its books as a result of any such ▇▇▇▇▇▇▇ Transaction.
Bookouts. If specified as applicable in the Cover Sheet, then the following provisions of this Section 5.3 shall apply. To the extent that the Parties subsequently agree orally or in writing, either bilaterally or as part of a multiparty arrangement, to a ▇▇▇▇▇▇▇ or other cancellation or modification of physical delivery obligations in respect of a Transaction (in each case, a “▇▇▇▇▇▇▇”) to take effect on a date (the “▇▇▇▇▇▇▇ Effective Date”), (a) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part), and (b) any agreed payment will be due on the same day as the effective date of the ▇▇▇▇▇▇▇. At any time prior to the agreed effective date of the ▇▇▇▇▇▇▇, either Party may elect, at its option and upon notice to the other Party, to break the ▇▇▇▇▇▇▇ and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. Any such ▇▇▇▇▇▇▇ shall be a subsequent and independent transaction from the Transaction that is subject to the ▇▇▇▇▇▇▇.
Bookouts. Any agreed payment will be due five (5) New York Banking Days following the effective date of the ▇▇▇▇▇▇▇. New Section 25.14: Pipeline Odorization
Bookouts. Any agreed payment will be due on the effective date of the ▇▇▇▇▇▇▇. Section 15.3
Bookouts. If, for scheduling convenience purposed, the parties agree orally or in writing either bilaterally or as part of a multiparty arrangement, to a cancellation or modification of future physical delivery obligations in respect of this Agreement (in each case, a “▇▇▇▇▇▇▇”), then the effective upon the relevant future delivery date (the “▇▇▇▇▇▇▇ Date”): (i) the delivery obligations under this Agreement will be extinguished or modified (whether in whole or in part) as agreed; and (ii) any agreed payment will be due as follows, unless otherwise agreed: (A) with respect to Product that is a refined petroleum product, on the ▇▇▇▇▇▇▇ Date; (B) with respect to Product delivered that is crude oil, on the 20th day of the month following the month containing the ▇▇▇▇▇▇▇ Date; or (C) with respect to product that are LPGs or NGLs, within five Business Days following the ▇▇▇▇▇▇▇ Date. At any time prior to the relevant ▇▇▇▇▇▇▇ Date, either Party may elect, at its option and upon notice to the other Party, to cancel the ▇▇▇▇▇▇▇ and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party. This “▇▇▇▇▇▇▇” provision shall apply notwithstanding that either Party may fail to (i) send out a writing confirming the ▇▇▇▇▇▇▇ or (ii) make changes on its books as a result of any such ▇▇▇▇▇▇▇.
1. Volumes delivered under Schedule 12 will be measured by meters located at or near the Terminal Location and such volumes will be set forth in the delivery tickets issued at the time of shipment of the Premcor Product. Such delivery tickets will be prima facie evidence of the volumes of Premcor Product delivered under the Schedule 12, absent obvious error or fraud. If meters are not available, volumes will be determined by weighing trucks on certified calibrated scales. Trucks receiving delivered Premcor Product must be properly calibrated and sealed by the operator at the Terminal Location. All volumes of delivered Premcor Product will be corrected for temperature to sixty (60) degrees Fahrenheit in accordance with the latest applicable American Petroleum Institute volume correction factors for such Premcor Product.
2. Deliveries will be made within the Terminal Location’s usual business hours or, provided reasonable advance notice of such delivery has been given by Buyer, at such times as may be required by Buyer. Buyer will be bound by and will abide by all rules and regulations of the Terminal Location delivering the Premcor Product...
Bookouts. If specified as applicable in the Cover Sheet, then the following provisions of this Section 6.3 shall apply. To the extent that the Parties agree orally or in writing, either bilaterally or as part of a multiparty arrangement, to a ▇▇▇▇▇▇▇ or other cancellation or modification of physical delivery obligations in respect of a Transaction (in each case, a “▇▇▇▇▇▇▇”), (a) the delivery obligations under the relevant Transaction will be extinguished or modified (whether in whole or in part), and (b) any agreed payment will be due as follows, unless otherwise agreed: (i) with respect to Product that is a refined petroleum product, on the same day as the effective date of the ▇▇▇▇▇▇▇, (ii) with respect to Product delivered that is crude oil, on the 20th day of the month following the month of the effective date of the ▇▇▇▇▇▇▇ or (iii) with respect to Product that is liquefied petroleum gas or natural gas liquids, within five (5) New York Banking Days following the effective date of the ▇▇▇▇▇▇▇. At any time prior to the agreed effective date of the ▇▇▇▇▇▇▇, either Party may elect, at its option and upon notice to the other Party, to break the ▇▇▇▇▇▇▇ and thereby restore all original contract terms, including delivery and payment, all without liability to the other Party.