Common use of Standard Method Clause in Contracts

Standard Method. The quantity of Product received by or delivered to a Vessel shall be determined by gauging tankage before and after unloading or loading the Vessel. a. A minimum settling period of four (4) hours (the “Required Settling Period”) shall be required unless mutually waived by the Parties hereto in writing prior to unloading or loading the Vessel. b. However, if Magellan chooses, Magellan or its agent shall be permitted to take gauge the shore tanks prior to the expiration of the Required Settling Period. For the avoidance of doubt, only the measurements taken after the Required Settling Period will be considered valid for the purposes of custody transfer and measurement.