Drop Transaction Sample Clauses
A Drop Transaction clause allows one or both parties to cancel or withdraw from a pending transaction before it is finalized. Typically, this clause outlines the conditions under which a transaction can be dropped, such as failure to meet certain requirements, mutual agreement, or the occurrence of specified events. By providing a clear mechanism for terminating a transaction before completion, the clause helps manage risk and ensures that parties are not bound to proceed under unfavorable or unforeseen circumstances.
Drop Transaction. If the Lineholder’s bid includes a request for a drop transaction on the first day of the TTS bid processing date range and her/his drop transaction bid was not awarded during TTS, if the Lineholder so elects, the drop request will be moved to Daily Scheduling. If open time subsequently falls below the Open Sequence Day limitations as specified in Paragraph E.3.l, the request to drop will be awarded in seniority order among those Lineholders passed on to Daily Scheduling.