Overlift definition
Examples of Overlift in a sentence
Overlift or Underlift gas entitlement balances present due to gas banking or daily nominations arrangements shall be determined with reference to the prevailing gas price invoiced in the prior month.
A Party lifting an Under-lift or a part thereof pursuant to this provision shall be considered an "Over-lifter" and the quantity which thereby has been lifted shall be considered as an "Over-lift".
For purpose of calculating the Overlift Charge, the applicable Over Lifting Volume shall be rounded up to the next number divisible by 10,000.
Unless the management committee has established another compensation arrangement, 10 % of each Overlifter's share shall be placed at the Underlifters' disposal as compensation until the Over-lift is balanced, commencing as of the first Quarter in a succeeding Year.
The Overlift Charge shall be in addition to the purchase price for the products and any other charges, fees or amounts owed by Buyer under the Agreement.
In the case of Overlift, the resulting valuation will have deducted therefrom, any PRT net of CT paid or to be paid, by the Seller on such Overlift.
Alternatively, if specified in the Overlift Notice or the Price above, Seller may impose the Overlift Charge on a daily basis or weekly basis as specified, meaning that the Overlift Charge must be paid for each gallon of Product purchased by Buyer that exceeds: 1) a daily ratable volume after a specified day or 2) a weekly ratable volume after a specified week.
For the month on which Buyer lifts Product during a period in which Seller’s Overlift Notice is in effect (“Lifting Month”), the “Over Lifting Volume” of Product by supply location shall be determined by subtracting the applicable Monthly Gallons by the Over Lifting Volume for the month period in which Seller’s Overlift Notice is in effect.
The value of any Overlift and Underlift of a Field shall be taken to be the average price per metric tonnes achieved from sales in the months subsequent to the Completion Date.
Alternatively, if and as specified in the Overlift Notice, Seller may impose the Overlift Charge on a daily basis or weekly basis, meaning that the Overlift Charge must be paid for each gallon of Product purchased by Buyer during the Lifting Month that exceeds: (a) a daily ratable volume set forth in the Overlift Notice after the date set forth in the Overlift Notice; or (b) a weekly ratable volume set forth in the Overlift Notice after the date set forth in the Overlift Notice.