Illinois Precedent Agreement for Firm Natural Gas Storage Service

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1089
• Format: Word; Rich Text

Description

This form is a precedent agreement for a firm national gas storage service. Illinois Precedent Agreement for Firm Natural Gas Storage Service (DEAFNESS) is a legal contract that establishes the terms and conditions for the provision of firm natural gas storage services in the state of Illinois. Firm natural gas storage service refers to the reservation of a specific storage capacity for a predetermined period of time, ensuring the availability of natural gas when needed. This agreement is highly significant in the energy industry, and it governs the rights and obligations of the parties involved in storage service agreements. The DEAFNESS sets forth various important aspects of the firm natural gas storage service, ensuring a transparent and mutually beneficial relationship between the storage service provider and the customer. It encompasses key terms related to storage capacity allocation, pricing mechanisms, withdrawal and injection rights, scheduling procedures, and limitations on liability. By defining these terms within the contract, the parties can avoid disputes and streamline the storage service operations. Under the DEAFNESS, there may be different types of agreements catering to diverse storage service requirements. Notable variations may include short-term contracts for seasonal storage needs, long-term contracts for extended storage demands, interruptible contracts offering storage on an as-available basis, and capacity release agreements that allow customers to transfer or release their allocated storage capacity to third parties for a specified duration. Keywords: Illinois Precedent Agreement, Firm Natural Gas Storage Service, DEAFNESS, legal contract, natural gas storage services, energy industry, storage capacity, reservation, availability, rights and obligations, storage service agreements, transparent, mutually beneficial, storage service provider, customer, allocation, pricing mechanisms, withdrawal rights, injection rights, scheduling procedures, liability, disputes, operations, short-term contracts, seasonal storage, long-term contracts, extended storage, interruptible contracts, as-available basis, capacity release agreements.

Illinois Precedent Agreement for Firm Natural Gas Storage Service (DEAFNESS) is a legal contract that establishes the terms and conditions for the provision of firm natural gas storage services in the state of Illinois. Firm natural gas storage service refers to the reservation of a specific storage capacity for a predetermined period of time, ensuring the availability of natural gas when needed. This agreement is highly significant in the energy industry, and it governs the rights and obligations of the parties involved in storage service agreements. The DEAFNESS sets forth various important aspects of the firm natural gas storage service, ensuring a transparent and mutually beneficial relationship between the storage service provider and the customer. It encompasses key terms related to storage capacity allocation, pricing mechanisms, withdrawal and injection rights, scheduling procedures, and limitations on liability. By defining these terms within the contract, the parties can avoid disputes and streamline the storage service operations. Under the DEAFNESS, there may be different types of agreements catering to diverse storage service requirements. Notable variations may include short-term contracts for seasonal storage needs, long-term contracts for extended storage demands, interruptible contracts offering storage on an as-available basis, and capacity release agreements that allow customers to transfer or release their allocated storage capacity to third parties for a specified duration. Keywords: Illinois Precedent Agreement, Firm Natural Gas Storage Service, DEAFNESS, legal contract, natural gas storage services, energy industry, storage capacity, reservation, availability, rights and obligations, storage service agreements, transparent, mutually beneficial, storage service provider, customer, allocation, pricing mechanisms, withdrawal rights, injection rights, scheduling procedures, liability, disputes, operations, short-term contracts, seasonal storage, long-term contracts, extended storage, interruptible contracts, as-available basis, capacity release agreements.