King Washington Gas Storage Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: King
• Control #: US-OG-723
• Format: Word; Rich Text

Description

This form is used when Owner owns and operates underground gas storage facilities and Customer desires storage service for natural gas to serve its Plant, and Owner is willing to render such storage services. The King Washington Gas Storage Agreement is a legally binding contract between two parties that outlines the terms and conditions related to the storage of natural gas in the King Washington region. This agreement is essential for companies or individuals involved in the energy industry, as it provides a framework for utilizing storage facilities to store and access natural gas resources as needed. The primary purpose of the King Washington Gas Storage Agreement is to establish the rights and obligations of both the gas storage provider and the gas storage customer. The agreement typically includes details such as the duration of the contract, the storage capacity allocated to the customer, and the rates and fees associated with the storage services. Different types of King Washington Gas Storage Agreements cater to varying needs and preferences of the parties involved. These types may include: 1. Standard King Washington Gas Storage Agreement: This is the most common type of agreement, offering basic terms and conditions for gas storage services. It defines the general rules and responsibilities associated with the storage facility. 2. Seasonal King Washington Gas Storage Agreement: This type of agreement is specifically designed for customers who require gas storage during certain seasons. It provides flexibility to adjust storage capacity based on seasonal demand fluctuations. 3. Interruptible King Washington Gas Storage Agreement: This agreement is suitable for customers who have non-crucial gas storage needs and can tolerate interruptions. It usually offers lower rates and allows the gas storage provider to interrupt supply when necessary. 4. Firm King Washington Gas Storage Agreement: In contrast to the interruptible agreement, the firm agreement guarantees uninterrupted supply and access to the contracted storage capacity. This type of agreement is preferred by customers with critical storage requirements. Key terms and clauses commonly found in the King Washington Gas Storage Agreement include: — Injection and withdrawal rights: Outlines the conditions and limitations under which gas can be injected into or withdrawn from the storage facility. — Tariffs and rates: Specifies the charges associated with gas storage, including injections, withdrawals, capacity fees, and penalties for non-compliance with the agreement. — Title and ownership: Addresses the ownership rights of the stored gas and the responsibility for any loss or damage that may occur. — Force majeure: Covers events beyond the control of either party, such as natural disasters or political unrest, which may affect the performance of the agreement. — Termination: Specifies the conditions under which the agreement can be terminated, including breach of contract, bankruptcy, or expiration of the agreed-upon duration. In summary, the King Washington Gas Storage Agreement is a comprehensive contractual arrangement that enables entities to utilize gas storage facilities in the King Washington region. It comes in various types, such as standard, seasonal, interruptible, and firm, catering to different storage needs and preferences. This agreement plays a vital role in ensuring a smooth and regulated process for accessing and storing natural gas resources.

The King Washington Gas Storage Agreement is a legally binding contract between two parties that outlines the terms and conditions related to the storage of natural gas in the King Washington region. This agreement is essential for companies or individuals involved in the energy industry, as it provides a framework for utilizing storage facilities to store and access natural gas resources as needed. The primary purpose of the King Washington Gas Storage Agreement is to establish the rights and obligations of both the gas storage provider and the gas storage customer. The agreement typically includes details such as the duration of the contract, the storage capacity allocated to the customer, and the rates and fees associated with the storage services. Different types of King Washington Gas Storage Agreements cater to varying needs and preferences of the parties involved. These types may include: 1. Standard King Washington Gas Storage Agreement: This is the most common type of agreement, offering basic terms and conditions for gas storage services. It defines the general rules and responsibilities associated with the storage facility. 2. Seasonal King Washington Gas Storage Agreement: This type of agreement is specifically designed for customers who require gas storage during certain seasons. It provides flexibility to adjust storage capacity based on seasonal demand fluctuations. 3. Interruptible King Washington Gas Storage Agreement: This agreement is suitable for customers who have non-crucial gas storage needs and can tolerate interruptions. It usually offers lower rates and allows the gas storage provider to interrupt supply when necessary. 4. Firm King Washington Gas Storage Agreement: In contrast to the interruptible agreement, the firm agreement guarantees uninterrupted supply and access to the contracted storage capacity. This type of agreement is preferred by customers with critical storage requirements. Key terms and clauses commonly found in the King Washington Gas Storage Agreement include: — Injection and withdrawal rights: Outlines the conditions and limitations under which gas can be injected into or withdrawn from the storage facility. — Tariffs and rates: Specifies the charges associated with gas storage, including injections, withdrawals, capacity fees, and penalties for non-compliance with the agreement. — Title and ownership: Addresses the ownership rights of the stored gas and the responsibility for any loss or damage that may occur. — Force majeure: Covers events beyond the control of either party, such as natural disasters or political unrest, which may affect the performance of the agreement. — Termination: Specifies the conditions under which the agreement can be terminated, including breach of contract, bankruptcy, or expiration of the agreed-upon duration. In summary, the King Washington Gas Storage Agreement is a comprehensive contractual arrangement that enables entities to utilize gas storage facilities in the King Washington region. It comes in various types, such as standard, seasonal, interruptible, and firm, catering to different storage needs and preferences. This agreement plays a vital role in ensuring a smooth and regulated process for accessing and storing natural gas resources.