Common use of Stock (In-Tank) Transfers Clause in Contracts

Stock (In-Tank) Transfers. When delivery of Product is by stock transfer (where physical inventory is transferred on the books and records of a terminal or pipeline operator from Seller to Buyer), title to and risk of loss of the Product shall pass from Seller to Buyer, unless otherwise agreed or indicated on the documentation issued by the Terminal Operator, at 00:01 on the effective date of transfer as mutually agreed between the Parties.

Stock (In-Tank) Transfers. When delivery of Product is by stock transfer (where physical inventory of Product is transferred on the books and records of a terminal or pipeline operator from Seller to Buyer), title to and risk of loss of the Product shall pass from Seller Seller, or its Affiliate, to Buyer, unless otherwise agreed or indicated on the documentation PTO (or other acceptable transfer documentation) issued by the Terminal Operator, at 00:01 on the effective date of transfer as mutually agreed between specified in the Partiesapplicable Confirmation.