Common use of Storage Balance Reconciliation Clause in Contracts

Storage Balance Reconciliation. To the extent Shipper and Company agree, in writing, that imbalances may be accounted for under the Shipper’s Storage Service Agreement, and to the extent Shipper has sufficient storage capacity, Company will issue a formal storage balance notice to Shipper by the 20th of the month following the injection/withdrawal month (“the Notice Month”), reflecting the effect of Shipper’s storage balance or any imbalance. Shipper understands and agrees to contact or cause to be contacted, the parties that deliver injection volumes to Company, or receive withdrawal volumes from Company, for the Shipper’s account to confirm any imbalance. Following the termination of the Storage Service Agreement, Shipper shall be required to either (a) transfer title to any volumes of gas in storage to a third party with whom Company has a Storage Service Agreement, with such transfer to be subject to any injection conditions or charges applicable to such third party, or (b) withdraw such volumes from storage within a sixty (60) day balancing period after the determination by Company that any such volumes exist, or within such longer period of time mutually agreed upon by Shipper and Company. Shipper agrees that at the end of the above sixty (60) day balancing period, Company will, for any storage volumes not withdrawn, take title to such gas and such title is to pass automatically without cost to Company.