Freeport Facility Clause Samples

The Freeport Facility clause defines the terms under which goods may be stored in a designated freeport facility, typically a secure warehouse where goods can be held without incurring local import duties or taxes. This clause outlines the responsibilities of the parties regarding storage, handling, and insurance of the goods while they remain in the freeport, and may specify conditions for access, inspection, or removal of the items. Its core practical function is to facilitate the temporary storage and transfer of goods in a tax-efficient manner, often used in international trade or for high-value items such as art, thereby solving logistical and financial challenges related to customs and taxation.
Freeport Facility. Customer acknowledges that it is familiar with the general specifications and locations for the LNG berthing and unloading facilities of the Freeport Facility as of the date hereof. FLNG acknowledges that such specifications have taken into consideration the necessary ship-shore compatibility in relation to typical LNG tankers existing as of the Effective Date. After the date hereof, Customer shall ensure, at no cost to FLNG except as set forth in Section 8.2(b), that each of the LNG Vessels is fully compatible with the Freeport Facility. Should an LNG Vessel fail materially either to be compatible with the Freeport Facility, or to be in compliance with the provisions of Article 9, Customer shall not employ such LNG Vessel until it has been modified to be so compatible or to so comply.
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Freeport Facility. 32 8.2 Compatibility of Freeport Facility with LNG Vessels...............34 8.3
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Freeport Facility. Freeport Facility
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Freeport Facility. 8.1 Freeport Facility 8.2 Modifications to Freeport Facility 8.3 Customer Inspection Rights
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Freeport Facility. 8.1 Freeport Facility (a) Standard of Operation. By the Commercial Start Date, FLNG shall cause the Freeport Facility to be constructed and commissioned. On and after the Commercial Start Date, FLNG shall at all times provide, maintain and operate (or cause to be provided, maintained and operated) the Freeport Facility in accordance with the following: (i) International LNG Terminal Standards; and (ii) to the extent not inconsistent with International LNG Terminal Standards, such good and prudent practices as are generally followed in the LNG industry by Reasonable and Prudent Operators of LNG receiving and regasification terminals. On and after the Commercial Start Date, FLNG shall at all times provide, maintain and operate (or cause to be provided, maintained and operated) the Freeport Facility Pipeline in accordance with (i) Pipeline Standards; and (ii) to the extent not inconsistent with Pipeline Standards, such good and prudent practices as are generally followed by Reasonable and Prudent Operators of U.S. Gas pipelines.
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Related to Freeport Facility

  • Interconnection Facilities 4.1.1 The Interconnection Customer shall pay for the cost of the Interconnection Facilities itemized in Attachment 2 of this Agreement. The NYISO, in consultation with the Connecting Transmission Owner, shall provide a best estimate cost, including overheads, for the purchase and construction of its Interconnection Facilities and provide a detailed itemization of such costs. Costs associated with Interconnection Facilities may be shared with other entities that may benefit from such facilities by agreement of the Interconnection Customer, such other entities, the NYISO, and the Connecting Transmission Owner. 4.1.2 The Interconnection Customer shall be responsible for its share of all reasonable expenses, including overheads, associated with (1) owning, operating, maintaining, repairing, and replacing its own Interconnection Facilities, and

  • Interconnection Customer’s Interconnection Facilities The Interconnection Customer shall design, procure, construct, install, own and/or control the Interconnection Customer’s Interconnection Facilities described in Appendix A at its sole expense.

  • Interconnection Facilities Engineering Procurement and Construction Interconnection Facilities, Network Upgrades, and Distribution Upgrades shall be studied, designed, and constructed pursuant to Good Utility Practice. Such studies, design and construction shall be based on the assumed accuracy and completeness of all technical information received by the Participating TO and the CAISO from the Interconnection Customer associated with interconnecting the Large Generating Facility.

  • Generating Facility The Interconnection Customer’s device for the production of electricity identified in the Interconnection Request, but shall not include the Interconnection Customer’s Interconnection Facilities.

  • System Protection Facilities Developer shall, at its expense, install, operate and maintain System Protection Facilities as a part of the Large Generating Facility or Developer’s Attachment Facilities. Connecting Transmission Owner shall install at Developer’s expense any System Protection Facilities that may be required on the Connecting Transmission Owner’s Attachment Facilities or the New York State Transmission System as a result of the interconnection of the Large Generating Facility and Developer’s Attachment Facilities.