Common use of Failure to Deliver or Accept Under Pipeline Transactions Clause in Contracts

Failure to Deliver or Accept Under Pipeline Transactions. Unless excused by an event of Force Majeure or the other Party’s failure to perform, if a Party fails to deliver or accept all or part of the quantity of the Product as required in a particular pipeline Transaction during the applicable Delivery Period (the “Failing Party”), the Parties will negotiate in good faith to agree promptly to a resolution for such failure within two New York Banking Days. If the Parties fail to agree to a resolution for the failure during the two- New York Banking Day period, then the remedies described below in paragraph (a) and paragraph (b) will apply, which remedies shall be a Party’s exclusive remedies for the other Party’s failure to deliver or accept the Product as set forth in a Confirmation absent the Parties’ agreement to different remedies.