Crude Balancing Sample Clauses

The Crude Balancing clause establishes the procedures and obligations for reconciling differences between the quantities of crude oil delivered and received under a contract. In practice, this clause outlines how parties will measure, report, and adjust for any discrepancies in crude volumes, often specifying timeframes for reconciliation and methods for resolving imbalances, such as through financial settlement or future deliveries. Its core function is to ensure that both parties are fairly compensated or credited for any over- or under-deliveries, thereby maintaining the integrity of the contractual relationship and preventing disputes over quantity differences.
Crude Balancing. The volumes sold and purchased by the Parties pursuant to a Transaction are intended to be equal. If the actual volume shipped differs from the number of NYMEX contracts sold/bought under an EFP by an amount greater than 1,000 Barrels, then the Parties will balance the difference to the nearest 500 Barrels by posting (within the current month’s NYMEX contract) an additional EFP for the amount. If the current month’s NYMEX contract has expired at the time that the differing delivery occurs, the Parties will post the additional EFP within the next nearby month’s NYMEX contract and the spread shall be a fixed number based on the difference between the first month’s settlement price and second month’s settlement price on the date of Transaction or as specifically agreed to by both Parties in the pricing provision of the Confirmation.
View SourceView Similar (7)
Crude Balancing. If this Agreement is part of an EFP Transaction, the volumes sold and purchased by the Parties pursuant to this Agreement are intended to be equal. If the actual volume shipped differs from the number of NYMEX contracts sold/bought under an EFP by an amount greater than 1,000 Barrels, then the Parties will balance the difference to the nearest 1,000 by posting (within the current month’s NYMEX contract) an additional EFP for the amount. If the current month’s NYMEX contract has expired at the time that the differing delivery occurs, the parties will post the additional EFP within the next nearby month’s NYMEX contract and the spread shall be a fixed number based on the difference between the first month’s settlement price and the second month’s settlement price on the Trade Date or a specifically agreed to by both Parties in the pricing provision of the Confirmation.
View Source

Related to Crude Balancing

  • Volumes The Authority gives no guarantees of volumes. Any volumes mentioned in this Contract, are indicative only and shall not be binding on the Authority.

  • Imbalances The parties hereto recognize that with respect to Section 2.01, on any Day, receipts of gas by Union and deliveries of gas by Union may not always be exactly equal, but each party shall cooperate with the other in order to balance as nearly as possible the quantities transacted on a daily basis, and any imbalances arising shall be allocated to the Facilitating Agreements and shall be subject to the respective terms and charges contained therein, and shall be resolved in a timely manner.

  • Balancing Full load hours for combined assignments other than those specified above shall be determined by the following formula: Hours of assignment, Type 1 + Hours of assignment, Type 2 + Hours of assignment, Type 3 = 1 Full load for assignment Full load for assignment Full load for assignment Type 1 Type 2 Type 3 Underload shall be balanced within the following three (3) regular semesters if possible. The faculty member may, at the member’s option, use load from summer sessions to balance an underload. To balance the underload, a unit member may be assigned to no more than two colleges, unless the unit member agrees to other arrangements. The maximum required assignment shall be 1.25 FTE per semester until the underload is eliminated.

  • Delivery Points ‌ Project water made available to the Agency pursuant to Article 6 shall be delivered to the Agency by the State at the delivery structures established in accordance with Article 10.

  • Participating TO’s Interconnection Facilities The Participating TO shall design, procure, construct, install, own and/or control the Participating TO’s Interconnection Facilities described in Appendix A at the sole expense of the Interconnection Customer. Unless the Participating TO elects to fund the capital for the Participating TO’s Interconnection Facilities, they shall be solely funded by the Interconnection Customer.