Close Permissive/ Block Close Function Clause Samples
The Close Permissive/Block Close Function clause defines the conditions under which a party is allowed to close out or block the closing of a transaction or position. In practice, this clause specifies the rights and procedures for either permitting or restricting the closure of open positions, often in the context of financial contracts or trading platforms. For example, it may allow a party to close a position early under certain circumstances, or conversely, prevent closure until specific criteria are met. The core function of this clause is to manage and control the timing and permissibility of closing positions, thereby allocating risk and ensuring orderly market operations.
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Close Permissive/ Block Close Function. Contacts will latch in the closed position when APS enables a close permissive command. Contacts will latch in the open position when APS disables the close permissive, i.e. issues a block close. The generator breaker control logic will allow Customer to operate associated breaker. However it will be necessary for APS to enable the close permissive first, allowing Customer to close the breaker. The close permissive function contacts within the APS RTU are “dry” (not powered by APS). Maximum ratings for the contacts on the close permissive relay in the APS RTU are as follows: • 10A, 120VAC • 0.5A, 125 VDC • 10A, 28VDC Customer is responsible for providing an interposing relay and any associated power source if needed to ensure that the APS RTU contact ratings are not exceeded. Depending on the GF system configuration, these functions may be applied to either individual Generator breaker within Customer gear or to a single main Generator breaker for the GF in order to isolate the Generator(s) from the APS System.