Mogas Clause Samples

Mogas. (a) On the fifth working day of the month following the delivery month FORC will calculate the monthly price adjustment and transmit an invoice or credit memo to ETCo. (b) Payment will be made by the owing Party to an account at a bank nominated by the receiving Party, by electronic funds transfer, within two Business Days of receipt of the invoice. (c) The average monthly price for each grade of mogas is the arithmetic average of the daily mean quotes, posted days only, during the delivery month. A daily mean quote is the average daily quoted low and high price for each grade of mogas as published by ▇▇▇▇▇'▇ Oil Service for Group 3, FOB the custody transfer point, plus the differentials detailed in Schedule B of the Agreement. (d) The monthly price adjustment for mogas is the difference between the price invoiced using the provisional pricing and the average monthly price for a grade of mogas as calculated in paragraph B(c) above.