Position Settlement definition
Position Settlement means the Monthly process used by Carrier to balance Shipper positions by financially settling individual Shipper pipeline overages and shortages (including losses for shrinkage and evaporation incident to Carrier transportation) on the Pipeline System for the preceding month, thereby resulting in the balancing of all Shipper positions from one Month to the next.
Examples of Position Settlement in a sentence
If either the London Gold Market AM Fixing Price or the Comex (1st Position) Settlement Price ceases to exist, ceases to be published or should no longer be internationally recognized as the basis for the settlement of bullion contracts, then, upon the request of either party, the Buyer and the Seller will promptly consult together with a view to agree on a new pricing basis and on the date for bringing such basis into effect.