Common use of Good Utility Practice Clause in Contracts

Good Utility Practice. Any of the practices, methods or acts engaged in or approved by a significant portion of the electric utility industry during the relevant time period, or any of the practices, methods or acts which, in the exercise of reasonable judgment in light of the facts known at the time the decision was made, could have been expected to accomplish the desired result at a reasonable cost consistent with good business practices, reliability, safety and expedition. Good Utility Practice is not intended to be limited to the optimum practice, method or act to the exclusion of Government Bonds. Tax-exempt bonds issued by the New York Power Authority pursuant to Section 103 and related provisions of the Internal Revenue Code, 26 U.S.C. § 103. Independent System Operator (“ISO”). The New York Independent System Operator, Inc., a not-for-profit corporation established pursuant to the ISO Agreement. Independent System Operator Agreement (“ISO Agreement” or “Agreement”). The agreement that establishes the New York ISO. Independent System Operator/New York State Reliability Council Agreement (“ISO/NYSRC Agreement”). The agreement between the ISO and the NYSRC governing the relationship between the two organizations. Independent System Operator/Transmission Owner Agreement (“ISO/TO Agreement”). The agreement that establishes the terms and conditions under which the Transmission Owners transferred to the ISO Operational Control over designated transmission facilities.