Ship and Pay definition

Ship and Pay means the modality under which part of the Firm Capacity is committed, and by virtue of which ECOPETROL is only required to pay a Service Rate for the volumes actually used within said capacity. Ship or Pay: means the modality under which part of the Firm Capacity is committed, and by virtue of which ECOPETROL is required to pay a Service Rate for the committed volume, regardless of whether or not it actually uses said capacity. Shipper: the party which contracts the service and signs an agreement for any of the Services with CENIT. It shall be understood that the Shipper acts as the owner of the Crude Oil to be transported, unloaded, stored, loaded at Ports and loaded into tank trucks unless specified to the contrary. The A▇▇ is included among the Shippers.
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Ship and Pay means a process by which a Fully Registered ▇▇▇▇▇▇ inputs Transactions into the PayCargo System to receive payments from its Payers.
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Ship and Pay means a process by which a Biller inputs Transactions into the PayCargo System to receive payments from its Payers.
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Examples of Ship and Pay in a sentence

  • Provided that during the Ship or Pay Term not all advance payments referred to in above Section 4.01 (b) can be booked, these will be booked in Colombian pesos for payment of the Service provided until depleting the balance in favor of the Shipper or until expiry of the Ship and Pay Term.

  • Ship and Pay: The modality under which part of the Firm Capacity is committed and by virtue of which ECOPETROL is obliged to pay a Service Rate solely for those volumes actually used within the aforementioned capacity.

  • Provided that during the Ship or Pay Term not all advance payments referred to in above Section 4.01 (b) (i) can be booked, these will be booked in Colombian pesos for payment of the Service provided until depleting the balance in favor of the Shipper or until expiry of the Ship and Pay Term.