Common use of POST-INVENTORY PROCEDURES Clause in Contracts

POST-INVENTORY PROCEDURES. 1. Both Parties’ Inventory Team representatives shall sign the work sheet/gauge ticket for each Tank inventoried, which shall include the calculation of net observed volume. 2. Similarly, the Inventory Team shall verify that all pipelines were inactive, full and pressed and free of voids at the Hydrocarbon Inventory Transfer Times and shall identify and acknowledge the last rack sale, Product shipment and Product receipt prior to the Commencement Date physical inventory. 3. An inspection shall be made to assure that all systems previously closed and sealed remained inactive during the physical inventory for the Commencement Date and that no Product movements occurred through these systems.

POST-INVENTORY PROCEDURES. 1. Both Parties’ Inventory Team representatives shall sign the work sheet/gauge ticket for each Tank inventoried, which shall include the calculation of net observed volume. 2. Similarly, the Inventory Team shall verify that all pipelines were inactive, full and pressed and free of voids at the Hydrocarbon Inventory Transfer Times Time and shall identify and acknowledge the last rack sale, Product shipment and Product receipt prior to the Commencement Date physical inventory. 3. An inspection shall be made to assure that all systems previously closed and sealed remained inactive during the physical inventory for the Commencement Date and that no Product movements occurred through these systems.