Auction definition
Examples of Auction in a sentence
For its participation in an LNG Auction, the Transmission User is obliged to comply with and is bound by the rules and conditions of the LNG Auction procedure set out in Chapter [11] of the Network Code, the NNGS Tariff Regulation, the LNG Auction Manual, the Auction Manual of the LNG Auction Platform, published by the Operator and the terms of this Agreement.
Website using the same registered email 30 minute before Auction Time.
Upon completion of the LNG Auction and based on its results, the Delivery Transmission Capacity is booked in favor of the Transmission User that has emerged as the highest bidder for the LNG Entry Point, through an Approved Application for Firm Services, and the Transmission User is obliged to pay to the Operator the corresponding charge, based on Article 4 of this Agreement, as this charge is specified in the NNGS Tariff Regulation and the NNGS Usage Tariff.
With the participation of the Transmission User in the LNG Auction, the unconditional acceptance of these terms is presumed.
In that case, the Transmission User is also liable towards the Operator as being bound and is committed to comply with the contractual terms of the aforementioned agreement, the terms of use and/or the general terms of transactions of the Transmission Capacity electronic booking platform, as well as the rules provided in the Auction Instruction Manual, pursuant to the relevant provisions of Article 20h of the Network Code.