Common use of Performance Obligation Clause in Contracts

Performance Obligation. 3.1. Seller agrees to sell or exchange and deliver and Xxxxx agrees to purchase or exchange and receive the Contract Quantity for a particular Transaction in accordance with the terms of the Contract. The delivery and acceptance of Product under a Transaction shall be as described in a Confirmation. The Parties agree that for Standard Performance Obligation, Seller shall not be obligated to provide Notice to Buyer of any reason excusing its performance; provided, however, Seller shall provide Buyer with prompt oral or electronic notice of the event excusing performance. Such notice(s) shall be made to the Commercial and Contract addresses specified in the Master Agreement, as such addresses may be changed upon Notice to the other party from time to time. The parties have selected either the “Cover Standard” or the “Spot Price Standard” as indicated on the Master Agreement.

Performance Obligation. 3.1. Seller agrees to sell or exchange and deliver and Xxxxx Buyer agrees to purchase or exchange and receive the Contract Quantity for a particular Transaction in accordance with the terms of the Contract. The delivery and acceptance of Product under a Transaction shall be as described in a Confirmation. The Parties agree that for Standard Performance Obligation, Seller shall not be obligated to provide Notice to Buyer of any reason excusing its performance; provided, however, Seller shall provide Buyer with prompt oral or electronic notice of the event excusing performance. Such notice(s) shall be made to the Commercial and Contract addresses specified in the Master Agreement, as such addresses may be changed upon Notice to the other party from time to time. The parties have selected either the “Cover Standard” or the “Spot Price Standard” as indicated on the Master Agreement.