Common use of Vessel Clause in Contracts

Vessel. All Products received from or delivered to Vessels will be determined by an IIC using the measurement methods below and will be the basis for preparing relevant shipping documents except in cases of fraud or manifest error. In the absence of an IIC, Company’s measurements will be final and binding except in cases of fraud or manifest error. The volumes received from or delivered to Vessels shall be determined by one of the following measurement methods in the following order of preference: (i) custody transfer grade meter(s); (ii) shore tank(s) measurements (static tank), as determined by the IIC; (iii) in the event of an active (versus static) shore tank during any part of the transfer, or if the IIC determines shore quantities to be inaccurate or not representative of the cargo transferred, quantity shall be based on the volumes as determined from measurements of the Vessel before and after the transfer with application of a vessel experience factor, if determined valid and applicable by the IIC; or (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes.

Vessel. All Products received from or delivered to Vessels will be determined by an IIC using the measurement methods below and will be the basis for preparing relevant shipping documents except in cases of fraud or manifest error. In the absence of an IIC, Company’s measurements will be final and binding except in cases of fraud or manifest error. The volumes received from or delivered to Vessels shall be determined by one of the following measurement methods in the following order of preference: : (i) custody transfer grade meter(s); ; (ii) shore tank(s) measurements (static tank), as determined by the IIC; ; (iii) in the event of an active (versus static) shore tank during any part of the transfer, or if the IIC determines shore quantities to be inaccurate or not representative of the cargo transferred, quantity shall be based on the volumes as determined from measurements of the Vessel before and after the transfer with application of a vessel experience factor, if determined valid and applicable by the IIC; or or (iv) in the event the IIC determines that the above custody transfer measurement points are inaccurate or not representative of the volume(s) of cargo transferred, the Parties agree to negotiate in good faith to agree upon a new basis for custody transfer volumes.. 15