Title to and Custody of Product Sample Clauses
Title to and Custody of Product. (a) Title to Product at the Terminal shall remain with Owner or its customer, as applicable, at all times while Operator has custody of such Product.
(b) If Product is received by Operator at the Terminal by truck, custody of Product shall pass to Operator at the point at which such Product passes the first permanent flange connection between transportation carrier and the unloading assembly at the Terminal. If Product is received by Operator at the Terminal by pipeline, custody of Product shall pass to Operator at the first permanent flange connection between the Terminal’s interconnection facilities and the delivering pipeline.
(c) If Product is delivered by Operator out of the Terminal by pipeline, Operator’s custody of such Product shall cease under this O&M Agreement at the last permanent flange between the Terminal and the receiving pipeline.
(d) Operator will not be liable as an insurer of Product, and will not be liable to Owner or any of its customers for chemical deterioration of Product caused by stagnant storage or normal evaporation.
(e) Owner agrees to release and hold Operator harmless from any loss or damage to Product, except to the extent that such loss or damage is caused by the gross negligence or willful misconduct of Operator, its employees, agents, contractors or subcontractors. Operator shall only be liable for the market price for the applicable volume at the date and place of loss, including transportation costs incurred by the Product owner. If Owner does not have title to the Product, Owner will include such release in favor of Operator in its contracts with its customers or other Product owners.
Title to and Custody of Product. (a) Pursuant to this Agreement exclusively, as between Operator and the Owners, title to Product present at the Facilities shall remain with the applicable Owner, or its applicable customer, at all times while Operator has custody of such Product.
(b) Operator shall have custody and risk of loss of each Owner’s Product beginning when such Product passes the flange connection at the applicable Facility between the delivering barge, vessel, tank truck or rail car and the Facility’s receiving hose, if applicable, at the applicable Facility and ending when the applicable Owner’s Product passes the last hard flange connection at the applicable Facility into a barge, vessel, tank truck or rail car for delivery to the applicable Owner, its applicable customer(s) or its other designees.