STATE ENERGY ACCOUNTS Sample Clauses

STATE ENERGY ACCOUNTS. It is specifically agreed between the parties that NAME OF COMPANY shall accept without any reservation and condition the State Energy Account issued by SLDC and NAME OF COMPANY shall accept and make full payment to GETCO in respect of the GETCO bills raised on this basis. Any change in the State Energy Account methodology by SLDC shall also be binding on all concerned.
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STATE ENERGY ACCOUNTS. It is specifically agreed between the parties that ……………….. LTD shall accept without any reservation and condition the State Energy Account issued by SLDC. ………………. LTD shall accept and make full payment to GETCO in respect of the GETCO bills raised on this basis. Any change in the State Energy Account methodology by SLDC shall also be binding on all concerned. ESTABLISHMENT OF LC AND PAYMENT OF BILLS GETCO Corporate office, shall present bills for transmission charges to all the long term open access customers on monthly basis. In event of any revision in Regional Energy Account issued by WREB & State energy account issued by SLDC Xxxxx, GETCO shall adjust the difference between the amount already billed and revised amount by raising a supplementary bill along with a debit/credit note as the case may be. Payment of bills shall be made by Long Term Open Access user through irrevocable revolving Letter of Credit (LC) to be opened in the favor of GETCO. LC shall be established for amount equivalent to two months billing. Further the bank guarantee equivalent to 2 (two) months estimated monthly billing would also be required to be furnished in favour of “Gujarat Energy Transmission Corporation Limited”, which would be in place on the date of signing this Agreement of LTOA with validity upto 1 (one) month after the expiry of LTOA period. The Long Term Open Access user will be communicated by GETCO an approximate amount of LC required based on total approved transmission charges of GETCO and the ratio of capacity to be booked by the long term open access customer. LC Shall be without any limitation or restriction with regard to the manner and dates on which the bill can be presented to the concerned banks by GETCO. The bills so presented by GETCO to the bank shall be promptly paid on their presentation. The amount of LC shall be reviewed by GETCO every quarter commencing from April, July, October and January in each financial year and the amount of LC shall be enhanced/reduced, as necessary. The LC charges shall be borne by the respective Long Term Open Access Users. All the Long Term Open Access users shall open a Letter of Credit three months prior to the date of signing of this Transmission Agreement. All such direct payment shall be paid by the Long Term Open Access users to GETCO through a cheque/ECS/EFT/Demand Draft. The transmission charges for the total state transmission system of GETCO shall be calculated on monthly basis and shall be leviable to each ...
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Related to STATE ENERGY ACCOUNTS

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