Common use of Inactive Systems Clause in Contracts

Inactive Systems. Meter readings shall be obtained on all inactive metered systems (tank truck rack, rail car rack and pipeline) in advance of the Inventory Transfer Time. The Petroleum Inspection Company will secure these systems by sealing the same and inserting meter tickets in these meters to ensure that no Product is moved through these systems during the physical inventory process and the Petroleum Inspection Company report will clearly identify the date and time. The last tickets used to record Product sales, incoming receipts, Product shipments, and other Product movements will be legibly photocopied and retained by Buyer, Seller, and the Petroleum Inspection Company.

Inactive Systems. Meter readings shall be obtained on all inactive metered systems (tank truck rack, rail car rack and pipeline) in advance of the Hydrocarbon Inventory Transfer Time. The Petroleum Inspection Company will secure these systems by sealing the same and and/or inserting meter tickets in these meters to ensure that no Product product is moved through these systems during the physical inventory process and the Petroleum Inspection Company report will clearly identify the date and timeprocess. The last tickets used to record Product product sales, incoming receipts, Product shipments, product shipments and other Product product movements will be legibly photocopied and retained by Buyer, Seller, Seller and the Petroleum Inspection Company.