Optional Quantity Sample Clauses
The Optional Quantity clause allows one or both parties in a contract to adjust the amount of goods or services to be delivered, within specified limits. Typically, this clause sets a minimum and maximum range for quantities, giving the buyer flexibility to increase or decrease orders based on actual needs or market conditions. Its core function is to provide adaptability in supply arrangements, helping parties manage demand fluctuations and reduce the risk of over- or under-committing to fixed quantities.
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Optional Quantity. In the event that Buyer exercises the option to purchase Optional Quantities of oil in accordance with Paragraph b) “Optional Quantity” of Clause 5 (“Contract Volume and Delivery Restrictions”), the request for such an option shall be made to Seller by Buyer and shall contain the following information:
i) Approximate total volume required.
ii) Required revisions to the appropriate Delivery Windows for all subsequent Cargoes already nominated (either Win Ten or Win Three according to the deadlines in Section a) of this Clause). Such revised nominations shall be made in order to maintain the Refinery supply plan while allowing for sufficient supply of Oil to operationally Deliver the additional volumes to the appropriate Party at the appropriate time. Within one (1) Business Day of receiving an Optional Quantity request from Buyer, Seller shall confirm or reject Buyer’s request for the Optional Quantity. If such additional volume can be Delivered, Seller will also indicate whether Buyer’s revised nomination plan can be accepted by the FPSO terminal operator. Should price agreement be reached between the Parties according to Paragraph b) “Optional Quantity” in Clause 9 (“Pricing”), the new Delivery Windows shall also be confirmed, and all appropriate procedures remaining for any revised Delivery Windows shall be performed according to Section a) of this Clause for the Base Quantities.
Optional Quantity. The price per Barrel net of S&W for the contemplated volume of Oil delivered from the optional availability contemplated in Clause 5, paragraph b) shall be as agreed on a case by case basis between the Parties. Such price agreement shall include all necessary differentials, pricing bases and pricing periods required to form a completely transparent price for DES Delivery to the Delivery Port. Such price shall be confirmed by Seller in writing to Buyer promptly after full agreement is reached by way of an Optional Quantity Deal Confirmation in the format as detailed in Annex 4.