Spot Price Standard definition

Spot Price Standard means that clause 10.3 applies in the event of a breach of an obligation to deliver or receive Gas under this Agreement.
Spot Price Standard. [“Spot Price” is undefined.]24 The sole and exclusive remedy of the parties in the event of a breach of a Firm obligation to deliver or receive Gas or Electricity shall be recovery of the following: (i) in the event of a breach by Seller on any Day(s), payment by Seller to Buyer in an amount equal to the difference between the Contract Quantity and the actual quantity delivered by Seller and received by Buyer for such Day(s), multiplied by the positive difference, if any, obtained by subtracting the Contract Price from the Spot Price; or (ii) in the event of a breach by Buyer on any Day(s), payment by Buyer to Seller in an amount equal to the difference between the Contract Quantity and the actual quantity delivered by Seller and received by Buyer for such Day(s), multiplied by the positive difference, if any, obtained by subtracting the applicable Spot Price from the Contract Price. Imbalance Charges shall not be recovered under this Section, but Seller and/or Buyer shall be responsible for Imbalance Charges, if any, as provided in Section 4.4. The amount of such unfavorable difference shall be payable five Business Days after presentation of the performing party’s invoice, which shall set forth the basis upon which such amount was calculated. [Does Section 3.2 make sense? For a retail deal, since the utility will usually deliver or buyback quantities that differ from schedules, isn’t it more intuitive to treat these as imbalances than as LDs?]25 Notwithstanding Section 3.2, the parties may agree to Alternative Damages in a Transaction Confirmation executed in writing by both parties. [Why include this? Parties can agree to anything in a transaction confirmation and this provision does not seem to add any clarity to the contract other than to say we “agree to agree”. In the spirit of keeping the contract form short, it probably makes sense to delete it.]26 In addition to Sections 3.2 and 3.3, the parties may provide for a Termination Option in a Transaction Confirmation executed in writing by both parties. The Transaction Confirmation containing the Termination Option will designate the length of nonperformance triggering the Termination Option and the procedures for exercise thereof, how damages for nonperformance will be compensated, and how liquidation costs will be calculated. [Same comment as Section 3.3.]27
Spot Price Standard as referred to in Section 3.2 shall mean the price listed in the publication specified by the parties in indicated on the Base Contract, under the listing applicable to the geographic location closest in proximity to the Delivery Point(s) for the relevant Day; provided, if there is no single price published for such location for such Day, but there is published a range of prices, then the Spot Price Standard shall be the average of such high and low prices. If no price or range of prices is published for such Day, then the Spot Price Standard shall be the average of the following: (i) the price (determined as stated above) for the first Day for which a price or range of prices is published that next precedes the relevant Day; and (ii) the price (determined as stated above) for the first Day for which a price or range of prices is published that next follows the relevant Day.

Examples of Spot Price Standard in a sentence

  • Each community has access to a public hall and church facilities ServiceProject AreaCommercial AreaChurches174Primary Schools30Public Halls202Nursery Provision10Libraries10Police Stations10Figure 8 - Table: Available ServicesHealth Centres10 Burial Grounds171 Public Transport7* 01.5 Economic growth/businesses *7 scheduled services.

  • The GTC offers two options for specifying damages for breach of a Firm performance obligation: the Cover Standard and the Spot Price Standard.

  • The Spot Price Standard in Section 3.2 provides as follows: The sole and exclusive remedy of the parties in the event of a breach of a Firm obligation to deliver .

  • The Buyer and the Seller each have a Firm obligation to purchase the Quantity with failure to perform subject to Spot Price Standard damages.

  • CAILIP and Chevron agreed that the Spot Price Standard would govern in the event of a party’s failure to perform.

  • As a consequence of its missed deliveries, Chevron is required to pay CAILIP damages under the Spot Price Standard.

  • Discriminant validity was examined by the square root of AVE for the associate construct which needs to be higher than all respective correlations.

  • Option A: Cover Standard Option B: Spot Price Standard If neither option is selected, Option A shall apply.

  • Parking shall be located no closer than ten (10) feet to an adjacent property line.

  • The parties had two options under Section 3.2 to govern their performance obligations: (1) a Cover Standard, or (2) a Spot Price Standard.

Related to Spot Price Standard

  • Spot Price means the rate of exchange at the time at which such price is to be determined for foreign exchange transactions in the relevant Currency Pair for value on the Spot Date, as determined in good faith: (i) by the Seller, for purposes of Section 5, and (ii) by the Non-Defaulting Party, for purposes of Section 8.

  • Gross Standard Volume as herein used means volume corrected to a temperature of sixty degrees (60°) Fahrenheit, in accordance with the latest API/ASTM measurement standards, and at equilibrium vapor pressure.

  • Price Schedule means the schedules or any part or individual schedule thereof, submitted by the Bidder with his Bid and forming a part of the Contract;

  • Delivery Schedule means the schedule for the delivery of Services as set forth in attached Annex 3.

  • Price Source means the price source indicated in the table of Reference Assets comprising the Reference Portfolio under “Return of Your Deposit – Reference Portfolio” under Exchange or, if such price source is discontinued or otherwise unavailable, any other price source deemed reliable and appropriate by the Calculation Agent acting in good faith.

  • VWAP Minimum Price Threshold means, with respect to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) 80% of the Closing Sale Price on the Business Day immediately preceding the VWAP Purchase Date or (ii) such higher price as set forth by the Company in the VWAP Purchase Notice.

  • Type B quantity means a quantity of radioactive material greater than a Type A quantity.

  • Base Capacity Resource Price Decrement means, for the 2018/2019 and 2019/2020 Delivery Years, a difference between the clearing price for Base Capacity Resources and the clearing price for Capacity Performance Resources, representing the cost to procure additional Capacity Performance Resources out of merit order when the Base Capacity Resource Constraint is binding.

  • Day-ahead Congestion Price means the Congestion Price resulting from the Day-ahead Energy Market.

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Real-time Prices means the Locational Marginal Prices resulting from the Office of the Interconnection’s dispatch of the PJM Interchange Energy Market in the Operating Day.

  • SAFE Price means the price per share equal to (x) the Valuation Cap divided by (y) the Fully Diluted Capitalization.

  • Volume Weighted Average Price means, for any security as of any date, the daily dollar volume-weighted average price for such security on the Primary Market as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume” functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.

  • Catalog price means a price included in a catalog, price list, schedule, or other form that is regularly maintained by the manufacturer or vendor, is either published or otherwise available for inspection by customers, and states prices at which sales are currently, or were last, made to a significant number of buyers constituting the general public; and

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • List Price means the list of prices of the Goods maintained by the Seller as amended from time to time;

  • Contract Quantity means the quantity of Gas to be delivered and taken as agreed to by the parties in a transaction.

  • Daily Contract Quantity or “DCQ” means the quantity of Gas as set out in Clause 4.1 herein.

  • Settlement Price Date means the Valuation Date. "Valuation Date" means the Redemption Valuation Date.

  • Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.

  • GDP price deflator means the average of the four implicit price

  • Spot Market Backup means the purchase of energy from, or the delivery of energy to, the PJM Interchange Energy Market in quantities sufficient to complete the delivery or receipt obligations of a bilateral contract that has been curtailed or interrupted for any reason.

  • Floor Price means the minimum price set by the Company in the Issuance Notice below which the Agent shall not sell Shares during the applicable period set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance Notice by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior written consent of the Agent, which may be withheld in the Agent’s sole discretion.

  • Contract Price(s) means the price(s) tendered by the contractor and accepted by the Council for the execution of the contract.

  • Day-ahead Loss Price means the Loss Price resulting from the Day-ahead Energy Market.

  • Baseline Schedule means the initial time schedule prepared by Contractor for Owner’s information and acceptance that conveys Contractor’s and Subcontractors’ activities (including coordination and review activities required in the Contract Documents to be performed by A/E and ODR), durations, and sequence of work related to the entire Project to the extent required by the Contract Documents. The schedule clearly demonstrates the critical path of activities, durations and necessary predecessor conditions that drive the end date of the schedule. The Baseline Schedule shall not exceed the time limit current under the Contract Documents.