Laycan Nomination definition
Examples of Laycan Nomination in a sentence
Buyer shall confirm, via written notice or facsimile, to Seller the Vessel Nomination of each Shipment as soon as reasonably practicable following receipt of Seller’s Laycan Nomination and in no case later than the period stipulated for such Vessel Nomination in the relevant Confirmation.
Customer acknowledges and agrees that it shall not be obligated to deliver any Laycan Nomination hereunder.
However, if Customer fails to timely elect, or otherwise elects not to deliver a Laycan Nomination, pursuant to Section 4.4.1 above, (a) the Terminal Services Fee shall not be reduced or otherwise abated, (b) Customer shall not be entitled to carry over any such un-made Laycan Nomination for any other Requested Laycan Window, and (c) Customer may not apply any un-nominated volumes of Product for redelivery to any other Vessel.
The Laycan Nomination must be delivered to Enterprise no later than the fifteenth (15th) day of the calendar month that is one (1) calendar month prior to the Delivery Month (“M-1”, with the Delivery Month constituting M0); provided, that if the fifteenth (15th) day of M-1 is not a Business Day, the Laycan Nomination must be made not later than the last Business Day prior to such fifteenth (15th) day of M-1 (as applicable, the “Laycan Nomination Deadline”).
Notwithstanding anything to the contrary in the Agreement or the Marine Provisions, if Customer submits the Laycan Nomination in accordance with Section 4.4.1 above, then Enterprise will either (a) accept the Requested Laycan Window covered by the Laycan Nomination, or (b) offer to Customer one or more Alternative Laycan Windows within the Customer Assigned Decade.
Notwithstanding anything to the contrary in the Marine Provisions, the Requested Laycan Window specified in the Laycan Nomination must be within the Customer Assigned Decade.
Additionally, if Customer cancels (or is deemed to have cancelled) a Cargo after the Laycan Nomination Deadline, then the Cancellation Fee set forth in Section 6.3 of this Base Agreement shall apply.
By way of example only, if the Delivery Month is February of a given year, then Customer must submit the Laycan Nomination not later than January 15 of such year.
If Customer fails to submit a Laycan Nomination in accordance with this Section 4.4.1 on or prior to the Laycan Nomination Deadline, then Customer shall be deemed to have cancelled the Cargo.
In the event that Customer fails to register with, or to provide Enterprise with all on boarding information required under, E-Stream on or prior to the date that is two (2) Business Days prior to the Laycan Nomination Deadline, then Customer shall be deemed to have cancelled the Cargo.