Ground Fuels definition
Ground Fuels. The average of the mean of the month prior to delivery (M-1) published by the Platts Marketscan under the heading detailed in the ITC and Contract. Payment shall be made for work authorised and satisfactorily completed against the Contract under the terms of this Framework Agreement via the Authority’s Purchase to Payment (P2P) system in accordance with DEFCON 522J, in conjunction with the Invoicing Process at Clause 13. All payment shall be made in accordance with this Framework Agreement. Payments will be made by the Authority within 30 calendar days of receipt of an accurate invoice. Invoices will be subject to an early payment discount if paid prior to the 30 day point; this will be calculated using the latest published annualised US$ Libor rate, plus 1 percent, as published in the Financial Times, or an alternative source as identified by the Authority. The Libor rate to be used is published under the heading 1 month US$ Libor interest rate. The Authority will confirm receipt, in writing, of an accurate invoice and raise a purchase order for the appropriate value including the early payment discount. This will be the Supplier’s authority to claim payment via the Purchase to Payment (P2P) system. The next working day, following the issue of the purchase order, will be used in determining the number of days to be used in the early payment discount calculation. An example of the early payment discount calculator is as follows: Invoice Value: $9,000,000 Number of days early: 12 US$ Libor: 0.20220 plus 1% = 1.20220% Discount: (9,000,000 x 1.20220%) x (12/365) = $108,198 x 0.0328767 = $3,557.19
Examples of Ground Fuels in a sentence
Detailed requirements for each Fuel Type can be found at Appendix 1 (Aviation Fuels), Appendix 2 (Marine Fuels) and Appendix 3 (Ground Fuels).
Detailed requirements for each fuel type can be found at Appendix 1 (Aviation Fuels), Appendix 2 (Marine Fuels) and Appendix 3 (Ground Fuels).