Wake North Carolina Gas Storage Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Wake
• 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. A Wake North Carolina Gas Storage Agreement is a legally binding contract between a gas storage operator and a customer, outlining the terms and conditions surrounding the storage of natural gas or other gas products in Wake County, North Carolina. This agreement ensures that both parties are protected and have a clear understanding of their rights and responsibilities in relation to gas storage activities. The Wake North Carolina Gas Storage Agreement can vary depending on the specific needs and requirements of the involved parties. There may be different types of agreements offered, including: 1. Long-Term Storage Agreement: This type of agreement is typically for a more extended period, spanning several years. It establishes the terms for long-term gas storage services, such as capacity allocation, injection and withdrawal rates, pricing mechanisms, and duration of the agreement. 2. Short-Term Storage Agreement: This agreement is designed for shorter durations, usually ranging from a few weeks to a few months. It allows customers to store their gas on a temporary basis, providing flexibility based on market conditions and demand fluctuations. 3. Interruptible Storage Agreement: This type of agreement is characterized by lower priority and can be terminated or interrupted by the storage operator under certain conditions, such as high demand or system emergencies. It offers customers cost-effective storage options but with potential limitations on accessibility and availability. Key elements typically included in a Wake North Carolina Gas Storage Agreement are: 1. Capacity Allocation: The agreement establishes the amount of storage capacity allocated to the customer, specifying the maximum quantity of gas that can be stored. 2. Injection and Withdrawal Rates: It defines the maximum rates at which the customer can inject gas into or withdraw gas from the storage facility. These rates may vary based on operational constraints and seasonal demand. 3. Pricing and Payment Terms: The agreement outlines the pricing structure, including storage fees, commodity charges, and any additional costs. Payment terms, invoicing schedules, and penalties for late payments are also defined. 4. Rights and Obligations: The agreement identifies the rights and obligations of both the storage operator and the customer. It covers responsibilities related to maintenance, repairs, safety, and operational procedures. 5. Terms and Termination: The agreement specifies the duration of the contract, including any renewal options or termination clauses. It may outline procedures for contract extensions, transferability, force majeure events, and dispute resolution mechanisms. 6. Regulatory Compliance: The agreement ensures compliance with relevant laws, regulations, and industry standards governing gas storage operations in Wake County, North Carolina. In summary, a Wake North Carolina Gas Storage Agreement is a comprehensive contract that governs the terms and conditions surrounding gas storage services in Wake County, North Carolina. It serves as a legally binding document, protecting the rights and interests of both parties involved in gas storage activities.

A Wake North Carolina Gas Storage Agreement is a legally binding contract between a gas storage operator and a customer, outlining the terms and conditions surrounding the storage of natural gas or other gas products in Wake County, North Carolina. This agreement ensures that both parties are protected and have a clear understanding of their rights and responsibilities in relation to gas storage activities. The Wake North Carolina Gas Storage Agreement can vary depending on the specific needs and requirements of the involved parties. There may be different types of agreements offered, including: 1. Long-Term Storage Agreement: This type of agreement is typically for a more extended period, spanning several years. It establishes the terms for long-term gas storage services, such as capacity allocation, injection and withdrawal rates, pricing mechanisms, and duration of the agreement. 2. Short-Term Storage Agreement: This agreement is designed for shorter durations, usually ranging from a few weeks to a few months. It allows customers to store their gas on a temporary basis, providing flexibility based on market conditions and demand fluctuations. 3. Interruptible Storage Agreement: This type of agreement is characterized by lower priority and can be terminated or interrupted by the storage operator under certain conditions, such as high demand or system emergencies. It offers customers cost-effective storage options but with potential limitations on accessibility and availability. Key elements typically included in a Wake North Carolina Gas Storage Agreement are: 1. Capacity Allocation: The agreement establishes the amount of storage capacity allocated to the customer, specifying the maximum quantity of gas that can be stored. 2. Injection and Withdrawal Rates: It defines the maximum rates at which the customer can inject gas into or withdraw gas from the storage facility. These rates may vary based on operational constraints and seasonal demand. 3. Pricing and Payment Terms: The agreement outlines the pricing structure, including storage fees, commodity charges, and any additional costs. Payment terms, invoicing schedules, and penalties for late payments are also defined. 4. Rights and Obligations: The agreement identifies the rights and obligations of both the storage operator and the customer. It covers responsibilities related to maintenance, repairs, safety, and operational procedures. 5. Terms and Termination: The agreement specifies the duration of the contract, including any renewal options or termination clauses. It may outline procedures for contract extensions, transferability, force majeure events, and dispute resolution mechanisms. 6. Regulatory Compliance: The agreement ensures compliance with relevant laws, regulations, and industry standards governing gas storage operations in Wake County, North Carolina. In summary, a Wake North Carolina Gas Storage Agreement is a comprehensive contract that governs the terms and conditions surrounding gas storage services in Wake County, North Carolina. It serves as a legally binding document, protecting the rights and interests of both parties involved in gas storage activities.