Volume Imbalance definition

Volume Imbalance means an imbalance in the volume of Product actually delivered from one Party to the other relative to the Quantity specified to be delivered pursuant to a Transaction, as evidenced by the applicable pipeline meter ticket, report of the Independent Inspector or terminal operator documentation, as the case may be. Notwithstanding the foregoing definition, a “Volume Imbalance” shall not include failures to deliver or take delivery of all of the Quantity of the Product as required in a particular Transaction (which failures shall be governed by Section 7.2).
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Examples of Volume Imbalance in a sentence

  • If delivery is not scheduled to occur within the month in which the Volume Imbalance occurred, Volume Imbalances identified by the 20th of a month shall be delivered during the following calendar month, and Volume Imbalances identified after the 20th of a month shall be delivered during the second following calendar month.

Related to Volume Imbalance

  • Imbalance means the difference between Deliveries to KUB for a Customer and Redeliveries by KUB to the Customer.

  • Imbalances means over-production or under-production or over-delivery or under-delivery with respect to Hydrocarbons produced from the Properties, regardless of whether the same arise at the wellhead, pipeline, gathering system, transportation system, processing plant, or any other location, including any imbalances under gas balancing or similar agreements, production handling agreements, processing agreements, and/or gathering or transportation agreements.

  • Imbalance Charges means any fees, penalties, costs or charges (in cash or in kind) assessed by a Transporter for failure to satisfy the Transporter's balance and/or nomination requirements.

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

  • Monthly Volume means the product of the Committed Volume multiplied by the number of days in the relevant month.