Industry Usage. Words, phrases or expressions which are not defined herein and which, in the usage or custom of the business of the transportation, storage, and distribution or sale of natural gas have an accepted meaning shall have that meaning.
Industry Usage. Any word, phrase or expression that is not defined in this Agreement and that has a generally accepted meaning in the custom and usage in the Feedstock industry shall have that meaning in this Agreement.
Industry Usage. Words, phrases or expressions which are not defined in this Agreement and which, in the usage or custom of the business of the transportation and distribution or sale of crude Petroleum and refined Petroleum have a generally accepted meaning, shall have that meaning.
Industry Usage. Any word, phrase or expression that is not defined in this Agreement and that has a generally accepted meaning in the custom and usage in the biodiesel industry shall have that meaning in this Agreement.
Industry Usage. Words, phrases, or expressions which are not defined herein and which, in the usage or custom of the business of the transportation, storage, distribution, or sale of Products have an accepted meaning, shall have that meaning.
Industry Usage. In this Agreement, any word, phrase or expression which is not defined in the Definitions Schedule or elsewhere herein shall, unless the context otherwise requires, have the meaning ascribed to it in the usage or custom of the business of the production, transportation, distribution or sale of crude oil in the United States.
Industry Usage. Terms and expressions used in this Program Agreement, but not specifically defined herein, which have generally accepted meanings in custom and usage in the United States petroleum industry will have such meanings herein.
Industry Usage. Terms and expressions used in this Agreement, but not specifically defined herein which have generally accepted meanings in custom and usage in the United States petroleum industry will have such meanings used herein.
Industry Usage. Words and phrases used but not expressly defined in this Agreement shall have the generally accepted meaning attributed to them in the custom and usage in theWestern Canadian natural gas industry.
Industry Usage. Courts may have to rely on the way a word is commonly used in a particular industry. This is common for words that have a highly technical meaning specific to a certain industry or business • Reasonableness: Courts will also factor in whether one interpretation is more reasonable than another. If an interpretation leads to an impossible or unlikely outcome, a different interpretation will be favored. • Implied Meanings: A court may simply “fill in the blank” and imply that a word has a certain definition, especially where terms were left blank. However, they will avoid this if it is certain that the parties intended the contract to be silent on a certain point. In most jurisdictions, and also in India, ambiguous contracts/terms are said to be resolved “against” the party that drafted the contract. Depending on case to case basis, the party that did not write the contract will sometimes receive the benefit of the doubt regarding ambiguities. This is because it is assumed that the party that drafted the contract may have more knowledge and bargaining power compared with the other. Further, it is a common norm in India to insert a severability clause, under which if a clause is ambiguous or unenforceable, the parties shall negotiate in good faith to replace such a clause with an alternate clause having the closest economic effect to such ambiguous or unenforceable provision. Oral Contracts: Oral contracts consists of words, gestures, symbols by which one party conveys a promise or a set of promises to another which on acceptance by the other party, becomes a valid oral contract. They may be express or implied in nature. Valid oral contracts are legally enforceable in the Indian court of law. However, it is not of great evidentiary value as the agreement is understood through the word of mouth and obtained via secondhand knowledge. In case of a dispute or a suit, it is difficult for the court to ascertain the true nature of facts and terms of the agreement, without the invasion of bias. An oral contract by which itself the parties intend to be bound is valid and enforceable, unless required by any other law to be in writing; but, oral agreement require a clear satisfactory evidence about formation and contents. Where a party seeks to enforce an oral agreement, heavy burden of proof lies on such party to prove that a contract is concluded, and the terms of the contract were meant to be given effect to.1 An oral agreement is as equally valid, as a written one. I...
