Common use of Auction Price Clause in Contracts

Auction Price. Customer will pay Magellan in advance for the Services $ (the “Service Fee”), calculated at $ per Barrel (the “Auction Price”) of the Load Volume, which is the per Barrel price determined by the Auction. If Customer has not paid the Service Fee prior to Magellan’s execution of this Agreement, Customer will pay the Service Fee to Magellan immediately upon demand by Magellan. The Service Fee will be owed and paid even if Customer does not make the entire Load Volume of Product available to Magellan in the System or does not provide a Vessel that can load the entire Load Volume.

Auction Price. Customer will pay Magellan in advance for the Services $ (the “Service Fee”), calculated at $ per Barrel (the “Auction Price”) of the Load Volume, which is the per Barrel price determined by the Auction. If Customer has not paid the Service Fee prior to MagellanXxxxxxxx’s execution of this Agreement, Customer will pay the Service Fee to Magellan immediately upon demand by MagellanXxxxxxxx. The Service Fee will be owed and paid even if Customer does not make the entire Load Volume of Product available to Magellan in the System or does not provide a Vessel that can load the entire Load Volume.