Common use of Election to Delay Initial Procurement Clause in Contracts

Election to Delay Initial Procurement. The Member’s Authorized Officer, if authorized hereunder, may elect to delay commencing procurement on behalf of the Member’s CPA during the Risk Management Committee meeting convened to authorize the first transactions entered into by CPCNH on the Member’s behalf, provided that such election is made prior to the vote authorizing such procurement. The Committee shall call for any such elections by the Member to be made verbally, after review and discussion of current market conditions and corresponding rate forecasts, and prior to the Committee’s vote on whether to authorize procurement. Verbal elections made at the meeting by the Authorized Officer shall be immediately considered effective by CPCNH and promptly followed by written confirmation from the Authorized Officer to CPCNH and the Member’s Principal Representatives.