Firm (LD) definition

Firm (LD) means, with respect to a Transaction, that either Party shall be relieved of its obligations to sell and deliver or purchase and receive without liability only to the extent that, and for the period during which, such performance is prevented by Force Majeure. In the absence of Force Majeure, the Party to which performance is owed shall be entitled to receive from the Party which failed to deliver/receive an amount determined pursuant to Article Four.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Firm (LD) means, with respect to the obligation to deliver Energy, that either

Firm (LD) means, with respect to Firm Winter Energy, that either Party shall be relieved of its obligations to sell and deliver or purchase and receive Firm Winter Energy without liability only to the extent that, and for the period during which, such performance is prevented by a System Curtailment Order that curtails firm transmission that has been contracted for with a Transmission Provider for the Firm Winter Energy to be delivered to or received at the Delivery Point (which, in the case of Purchaser, may include if Purchaser owns such firm transmission capacity) and such System Curtailment Order is for (i) System Emergencies, (ii) outages (planned or unplanned) of any portion of the transmission system, (iii) abnormal system conditions or (iv) “force majeure” or “uncontrollable force” or a similar term as defined under the Transmission Provider’s tariff.

Examples of Firm (LD) in a sentence

Product: Firm (LD) Energy Delivery Point: MISO CP Node AMIL.BGS6, or any successor thereto Quantity: See Table 1 below.
Product: Firm (LD) Energy Delivery Point: MISO CP Node MEC.MECB, or any successor thereto Quantity: See Table 1 below.
Clauses (b) and (c) of this Power Annex are amended as specified in Paragraph 2 of that certain “Amendment relating to the Scheduling of Firm (LD) and Firm (No Force Majeure) Transactions in ERCOT’s Texas Nodal Market”, Version 2.0, as published by Edison Electric Institute effective November 19, 2010.
Firm (LD) Energy Delivery Point: MISO CP Node MEC.MECB, or any successor thereto Quantity: See Table 1 below.
Product: Firm (LD) Energy Delivery Point: MISO CP Node AMIL.BGS6, or any successor thereto settling on a Day Ahead LMP with scheduling in accordance with Section 3.2. Quantity: See Table 1 below.
Unless otherwise specified in a Transaction, all purchases and sales of Energy made under this Agreement shall be made on a Firm (LD) basis.

More Definitions of Firm (LD)

Firm (LD) means, with respect to a Party’s obligation to sell and deliver or

Firm (LD) means that Seller or Buyers, as applicable, shall be relieved of their respective obligations hereunder applicable to the Energy Product, without liability only to the extent that, and for the period during which, such performance is prevented by an Event of Force Majeure.

Firm (LD). (or financially firm) means, with respect to a Transaction, that either Party shall be relieved of its obligations to sell and deliver or purchase and receive without liability only to the extent that, and for the period during which, such performance is prevented by Force Majeure1. Accordingly, Firm LD service, does not permit the power to be interrupted for economic reasons, or at the discretion of either party, but only if a force majeure occurs. Firm LD power service contracts are not interruptible for economic reasons and firm LD power service contracts may be designated as network resources.2