Common use of Volume Reduction Clause in Contracts

Volume Reduction. If the entire volume of ACI production being shipped from the ▇▇▇▇▇▇▇ ▇▇▇ Platform should decline to a level less than 200 barrels per day, where [_______] in good faith determines that it becomes uneconomic for it to continue purchasing such ACI production at the prices specified herein, [________] may, in writing, propose a new pricing formula to be used to reflect the economic value to [______] of such reduced volumes of production. The Parties shall then negotiate in good faith to agree upon a price that reflects the economic value of the reduced volumes of CIE’s ACI production under the conditions then existing. If the Parties cannot reach agreement within 30 days of such a request to renegotiate the pricing formula, then either Party may terminate this Agreement upon 30 days notice.

Volume Reduction. If the entire volume of ACI production being shipped from the ▇▇▇▇▇▇▇ ▇▇▇ Platform should decline to a level less than 200 barrels per day, where [_______] TESORO in good faith determines that it becomes uneconomic for it to continue purchasing such ACI production at the prices specified herein, [________] TESORO may, in writing, propose a new pricing formula to be used to reflect the economic value to [______] TESORO of such reduced volumes of production. The Parties shall then negotiate in good faith to agree upon a price that reflects the economic value of the reduced volumes of CIE’s 's ACI production under the conditions then existing. If the Parties cannot reach agreement within 30 days of such a request to renegotiate the pricing formula, then either Party may terminate this Agreement upon 30 days notice.