Arrival Period definition

Arrival Period means, with respect to a Specific Order, the range of time specified in that Specific Order which is the period when the arrival of the LNG Ship at the PBS (or its equivalent) is scheduled.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Arrival Period means, with respect to each LNG Cargo under a Transaction, the range of time specified in or determined under the applicable Confirmation Notice in respect of such LNG Cargo (or such range of time as may be subsequently amended or agreed in writing by the Parties) within which the arrival of the applicable LNG Ship at the PBS of the applicable Loading Port is scheduled to occur;

Arrival Period means, with respect to the given Cargo, the period of time specified in the Confirmation Notice (or such range of time as may be subsequently amended or agreed in writing by the Parties) for the Cargo in which the Vessel is scheduled to give its Notice of Readiness at the Discharge Location.

Examples of Arrival Period in a sentence

• The delivery by Seller of any of the LNG Cargo Lots provided for herein shall be subject to the reception by Seller not later than the 15th day of the month preceding the month of the Arrival Period for the applicable LNG Cargo Lot of a stand-by letter of credit, issued by a financial institution rated not less than A3 (▇▇▇▇▇’▇) or A- (Standard & Poors), substantially in the form as attached in Exhibit A.

• By giving Seller notice at least six (6) days prior to the scheduled Arrival Period, Buyer may request that the affected cargo be delivered at an alternate receiving terminal in North America where Buyer may have regasification capacity.

• The Arrival Period shall be: [ ] The Allowed Laytime shall be: [ ] hours.

• This letter of credit shall be valid until the (15th) day of the second month following the month in which the respective Arrival Period falls.

• Its amount shall be equal to the product of the Nominal Quantity multiplied by the closing price (in USD per MMBtu) on the 10th day (or the following trading day if the 10th day is not a trading day) of the month preceding the month of the Arrival Period on the trading exchange owned or operated by the New York Mercantile Exchange, Inc.

• The [guarantee] [letter of credit] shall remain in place for [] Days following the expiry of the Arrival Period and the value of the [guarantee] [letter of credit] required by Seller from Buyer shall be [].] [Seller shall provide [a guarantee from a Parent Company] [an irrevocable standby letter of credit] by the earlier of: [(i) five (5) Days from the date of execution of this Confirmation Notice; and (ii) five (5) Days prior to the commencement of the Arrival Period].

• Supplier will record the actual On-site Arrival Period and Problem Resolution Period in Supplier’s call tracking system, which will electronically communicate that information to IBM’s Help Desk problem management system.

• Buyer shall use reasonable endeavours to verify as quickly as practicable (having regard to the Arrival Period in respect of each LNG Cargo) and in any event, not later than the date specified in the Confirmation Notice (if applicable), that all Conditions of Use meet the criteria specified in this Clause 7.3. Once any Conditions of Use have been expressly approved by Buyer, Seller shall ensure that the LNG Ship is not called upon to agree to any Conditions of Use other than the approved Conditions of Use.

• Buyer shall endeavor to accept the Potential Arrival Periods proposed by Seller in its Election Notice but shall not be obliged to accept any Potential Arrival Period which is not the first Potential Arrival Period of the relevant month as stated in the Terminal Annual Program.

• By giving Seller notice at least six (6) days prior to the scheduled Arrival Period, Buyer may request that the affected cargo be delivered at an Alternate NA Terminal.