Cancelled Gas Clause Samples

The Cancelled Gas clause defines the treatment of natural gas that was scheduled for delivery under a contract but is subsequently cancelled. Typically, this clause outlines the rights and obligations of both parties regarding the disposition, payment, or rescheduling of the cancelled gas volumes. For example, it may specify whether the seller can redirect the gas to another buyer or if the buyer remains liable for certain costs. The core function of this clause is to provide clarity and allocate risk in situations where scheduled gas deliveries do not occur as planned, thereby minimizing disputes and financial uncertainty.
Cancelled Gas. 7.2.1 If: (a) a Failed Cargo Event in respect of a Defaulting User causes a shortfall in another User's Nomination; and (b) such shortfall becomes Cancelled Gas for the purposes of the GTCs, then any affected User shall be considered an Impacted User and shall be entitled to Cancelled Gas Compensation from the Defaulting User in respect of such Nomination.
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Cancelled Gas. (a) If a Failed LNG Cargo Event directly caused by a B&L User results in a shortfall in another B&L User’s Revised Sendout Notification, creating a shortfall in such B&L User’s Prevailing Nomination, then, if such shortfall becomes Cancelled Gas, the affected B&L User(s) shall be considered an Impacted User(s) and shall be entitled to Cancelled Gas Compensation from the Defaulting User. (b) Cancelled Gas Compensation (denominated in Euros) shall be calculated as follows: (c) The Cancelled Gas Compensation payable under this clause 8.2 is not intended to replace or supersede a Defaulting User’s obligation to return any outstanding Borrowed Inventory, and any payment of Cancelled Gas Compensation shall be in addition to amounts due to one or more Lenders in relation to failure to return Borrowed Inventory, including in circumstances where the Cancelled Gas Compensation and the return of Borrowed Inventory are made to the same Impacted User.
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Related to Cancelled Gas

  • Vacation Cancellation ‌ Should the Employer be required to cancel scheduled vacation leave because of an emergency or exceptional business needs, affected employees may select new vacation leave from available dates. In the event the affected employee has incurred non-refundable, out-of-pocket vacation expense, the employee will normally be reimbursed by the Employer, if the Employer had previously approved the employee’s vacation leave request and if the employee has an adequate leave balance at the time of the vacation to take the vacation.

  • Termination/Cancellation/Rejection The State specifically reserves the right upon written notice to immediately terminate the contract or any portion thereof at no additional cost to the State, providing, in the opinion of its Commissioner of Buildings and General Services, the products supplied by Contractor are not satisfactory or are not consistent with the terms of this Contract. The State also specifically reserves the right upon written notice, and at no additional cost to the State, to immediately terminate the contract for convenience and/or to immediately reject or cancel any order for convenience at any time prior to shipping notification.

  • Cancellation Charges Except as provided herein, no cancellation charges shall apply.

  • Cancelation The Company at any time may deliver Securities to the Trustee for cancelation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancelation and shall dispose of canceled Securities in accordance with its customary procedures or deliver canceled Securities to the Company pursuant to written direction by an Officer. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancelation. The Trustee shall not authenticate Securities in place of canceled Securities other than pursuant to the terms of this Indenture.

  • Payment Cancellation Requests You may cancel or edit any Scheduled Payment (including recurring payments) by following the directions within the portion of the Site through which the Service is offered. There is no charge for canceling or editing a Scheduled Payment. Once the Service has begun processing a payment it cannot be cancelled or edited, therefore a stop payment request must be submitted.