Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service is a legal contract between a firm and Clark Nevada, a natural gas storage service provider. This agreement outlines the terms and conditions pertaining to the firm's utilization of Clark Nevada's natural gas storage facilities. In this contractual arrangement, the firm seeks to secure a firm natural gas storage service provided by Clark Nevada. The purpose of this agreement is to establish a steadfast understanding between both parties, ensuring a reliable and efficient natural gas storage solution to cater to the firm's specific needs. The Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service includes various key components. Firstly, it delineates the firm's commitment to utilizing a predetermined amount of natural gas storage capacity. The agreement also specifies the duration of the contract, specifying the start and end dates or outlining the terms for automatic renewal. Furthermore, this agreement outlines the pricing structure, including storage fees, operational charges, penalties for non-compliance, and any additional costs incurred. It also covers provisions for payment terms, invoicing methods, and processes for potential modifications or amendments to the contract. There may be different types or variations of the Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service, depending on the specific needs and requirements of the firm. For instance, the agreement could be tailored to accommodate short-term or long-term storage needs. Additionally, there might be specific agreements for seasonal storage or peaking services, addressing fluctuations in natural gas demand. It is crucial for firms to fully comprehend the terms outlined in a Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service before entering into such a commitment. Legal and financial professionals should carefully review and negotiate the terms to safeguard the firm's interests and ensure a mutually beneficial relationship with Clark Nevada. In conclusion, the Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service is a legally binding document that facilitates the provision of natural gas storage services to firms. By carefully addressing aspects such as storage capacity, duration, pricing, and payment terms, this agreement ensures a reliable and efficient supply of stored natural gas for the firm's operations.
Clark Nevada Precedent Agreement for Firm Natural Gas Storage Service
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FAQ
In a contract, a condition precedent is an event that must occur before the parties are obligated to perform. For example, an insurance contract may require the insurer to pay to rebuild the customer's home if it is destroyed by fire during the policy period. The fire is a condition precedent.
Second, increasingly, precedent agreements are between entities under the same corporate umbrella and where one subsidiary company (e.g., the shipper that may own a power plant or provide local gas distribution service) agrees to buy capacity on a pipeline proposed by its sister company.
What is a Gas Balancing Arrangement? A gas balancing arrangement settles the over-use or under-use of a gas well by the various partners who have interests in it. This arrangement is needed when there are two or more partners in a gas well.
An Operational Balancing Agreement ("OBA") is a contract between two parties which specifies the procedures to manage operating variances at an interconnection between pipelines.
1. A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments which extinguishes a title already completed.
Precedent Agreement means a binding agreement between Company and a Prospective Shipper for the provision of the transportation service requested, subject to fulfillment of conditions precedent as agreed to between Prospective Shipper and Company.
Once natural gas is extracted, it must be transported to different places to be processed, stored, and then finally delivered to the end consumer 1. Natural gas can be transported on land via pipeline or on water via ship.
A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward.
Second, increasingly, precedent agreements are between entities under the same corporate umbrella and where one subsidiary company (e.g., the shipper that may own a power plant or provide local gas distribution service) agrees to buy capacity on a pipeline proposed by its sister company.
Gas balancing helps to keep production of an oil well flexible while still accounting for situations in which a site has over- or underproduced in a given time period, such as a month or quarter, or when one owner has sold more of a share of the gas stream than other owners.