Common use of Auction Process Clause in Contracts

Auction Process. 1. All applicable documents for the Auction will be published on the Storage Service Provider’s website and on the website of the Electronic Marketing Platform in due time before the Auction takes place. 2. Authorized Storage Customers may submit their binding offers on the Electronic Marketing Platform within the call period as outlined on the Electronic Marketing Platform. Erdgasspeicher Peissen GmbH may decide to set a Minimum Bid Price that shall be displayed on the Electronic Marketing Platform (here: PRISMA) and in the Product Information; Article 4 para.1. of the T&C Online Auctions shall continue to apply. Additional requirements by the Electronic Marketing Platform must be met at the Authorized Storage Customer’s discretion, but shall be observed to be able to properly take part in the Auction. 3. By submitting a binding offer via the Electronic Marketing Platform the potential Storage Customer, limited to the product the offer is made for, bindingly declares to be willing to conclude a Storage Services Agreement including Annex 1, 1a, 2 and 3. 4. A Storage Services Agreement is concluded when the Storage Service Provider accepts the Authorized Storage Customer´s binding offer in writing.

Auction Process. 1. All applicable documents for the Auction will be published on the Storage Service Provider’s website and on the website of the Electronic Marketing Platform in due time tentatively latest 10 calendar days before the Auction takes place. 2. Authorized Storage Customers may submit their binding offers on the Electronic Marketing Platform within the call period as outlined on the Electronic Marketing Platform. Erdgasspeicher Peissen GmbH may decide to set a Minimum Bid Price that shall be displayed on the Electronic Marketing Platform (here: PRISMA) and in the Product Information; Article 4 para.1. of the T&C Online Auctions shall continue to apply. Additional requirements by the Electronic Marketing Platform must be met at the Authorized Storage Customer’s discretion, but shall be observed to be able to properly take part in the Auction. 3. By submitting a binding offer via the Electronic Marketing Platform the potential Storage Customer, limited to the product the offer is made for, bindingly declares to be willing to conclude a Storage Services Agreement including Annex 1, 1a, 2 and 3. 4. A Storage Services Agreement is concluded when the Storage Service Provider accepts the Authorized Storage Customer´s binding offer in writing.