Common use of GAUGING/SAMPLING PROTOCOL Clause in Contracts

GAUGING/SAMPLING PROTOCOL. All gauging, sampling and testing related to the determination of quality and quantity of the products in each tank, pipeline, sphere or rail car shall be done in accordance with applicable API Manual of Petroleum Measurement Standard (latest revision) procedures, or by currently accepted industry standards or procedures. The specific standards and procedures to be used shall be determined by the Inventory Committee at least ten days prior to the Closing.

Appears in 2 contracts

Sources: Asset Sale and Purchase Agreement (PBF Energy Inc.), Asset Sale and Purchase Agreement (PBF Energy Inc.)