Exhibit 10.11
Form of Crude Oil Buy/Sell Agreement
This is to confirm a Buy/Sell Agreement concluded on ____________, 2002 between
Sunoco, Inc. (R&M) and Sunoco Partners Marketing & Terminals L.P. under the
following terms and conditions. In any future correspondence concerning this
Agreement, please refer to contract number _____.
Part - A:
Sunoco Partners Marketing & Terminals L.P. ("Seller") delivers to Sunoco, Inc.
(R&M) ("Buyer")
Seller: Sunoco Partners Marketing & Terminals L.P.
X.X. Xxx 0000
Xxxxx, XX 00000-0000
Buyer: Sunoco, Inc. (R&M)
X.X. Xxx 0000
Xxxxxx, XX 00000
Term: Effective ___________, 2002 through ___________, 2002, and continuing
month to month thereafter unless terminated by either party upon giving thirty
(30) days prior written notice to the end of the initial term or any extension
thereof.
Quantity: Buyer shall purchase all volumes of the specified quality delivered by
Seller at the Delivery Point. Buyer and Seller estimate that volume will be
approximately ______ barrels per day. Volume to be delivered each month will be
adjusted based on lease purchases.
Quality: [insert crude oil quality type]
Delivery/Title/Risk: Delivery shall be made and title and risk of loss shall
pass from Seller to Buyer as the crude oil is delivered from the facilities of
__________ at _______________ (the "Delivery Point").
Price: Market based prices, as determined by the parties.
Part - B:
Sunoco, Inc. (R&M). ("Seller") delivers to Sunoco Partners Marketing & Terminals
L.P. ("Buyer")
Seller: Sunoco, Inc. (R&M)
X.X. Xxx 0000
Xxxxxx, XX 00000
Buyer: Sunoco Partners Marketing & Terminals L.P.
X.X. Xxx 0000
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Xxxxx, XX 00000-0000
Term: Effective ___________, 2002 through ___________, 2002, and continuing
month to month thereafter unless terminated by either party upon giving thirty
(30) days prior written notice to the end of the initial term or any extension
thereof.
Quantity: Buyer shall purchase all volumes of the specified quality delivered by
Seller at the Delivery Point. Buyer and Seller estimate that volume will be
approximately ______ barrels per day. Volume to be delivered each month will be
adjusted based on lease purchases.
Quality: [insert crude oil quality type]
Delivery/Title/Risk: Delivery shall be made and title and risk of loss shall
pass from Seller to Buyer as the crude oil is delivered from the facilities of
__________ at _______________ (the "Delivery Point").
Price: Market based prices, as determined by the parties.
Part - C (For Part A and Part B):
For pricing purposes, the crude oil delivered during any given calendar month
hereunder shall be deemed to have been delivered in equal daily quantities for
each day of the given month.
Buyer and Seller agree that for the term of this Agreement and any extensions
thereof, Seller shall not incur gravity penalties.
Payment: U.S. Dollars on the twentieth (20th) day of the month following the
month of delivery upon confirmation of actual delivered volumes.
Payment is to be made by intercompany transfer.
If the due date falls on a Saturday or a bank holiday, other than a Monday,
payment shall be due on the last preceding business day. If the due date falls
on a Sunday or a Monday bank holiday, payment is due on the following business
day.
Balancing Provision: The parties agree to use their best efforts to maintain a
balanced exchange pursuant to the terms of this Agreement. However, after all
monetary obligations under this Agreement have been satisfied, any volume
existing at the conclusion of this Agreement of less than 1,000 barrels shall be
declared in balance. Any volume imbalance of 1,000 barrels or more unless
expressly waived by written notification from the overdelivering party, shall be
settled by the underdelivering party making delivery of the total volume
imbalance in accordance with the terms hereof. Delivery of such imbalance shall
be made within 90 days after the conclusion of the term of this Agreement,
otherwise this Agreement shall be deemed balanced and complete.
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General Terms and Conditions: Where not inconsistent with above Sun Refining and
Marketing Company's General Terms and Conditions (excluding waterborne cargos)
(April 1986 Edition - Revised April, 1990) will apply.
Contacts are:
Scheduling: X. X. Xxxxxxxxx (000) 000-0000
or X. X. Xxxxxxxx (000) 000-0000
or X. X. Xxxxxxx (000) 000-0000
Contracts: X. X. Xxxxxx (000) 000-0000
This instrument contains the complete agreement of both parties and cannot be
modified unless in writing. No hard copy contracts will be exchanged.
Thank you for the opportunity to conduct this transaction with you.
Best regards,
SUNOCO PARTNERS MARKETING & TERMINALS L.P.
BY SUNOCO LOGISTICS PARTNERS OPERATIONS GP LLC
By:_________________________________________________
[INSERT NAME OF OFFICER OF SUNOCO LOGISTICS
PARTNERS OPERATIONS GP LLC]
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