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).
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.