Custody Transfer Point definition

Custody Transfer Point means the point at which custody, title and risk of Crude Oil passes to the Buyer, and this point will also be considered as “Delivery Point”;

Custody Transfer Point means the transfer of natural gas from upstream separation, processing, treatment, or in-field gathering to a pipeline or any other form of transportation occurring at sales metering equipment.

Custody Transfer Point means the physical point of interconnection designated in a contract or otherwise defined by the Carrier between the Carrier and (i) Trans Mountain Pipeline (Puget Sound) LLC, (ii) a receipt or delivery facility or terminal, or (iii) a Vessel, where control of Petroleum transfers from the Carrier to the Shipper or from the Shipper to the Carrier. The Custody Transfer Point for Westridge Marine Terminal shall be the outlet flange of the marine loading arms.

Examples of Custody Transfer Point in a sentence

• If, immediately prior to giving NOR, at hoses off, the Vessel is discharging or loading another cargo in a berth at the port wherein the Cargo Custody Transfer Point is located, or waiting at a layberth there, NOR may be tendered at such berth, but time used in shifting from such berth to the anchorage or to the loading or discharging berth shall not count as laytime or time on demurrage.

• Unless otherwise agreed in writing, the Vessel Party shall give notice in writing to the Terminal Party of the Vessel’s ETA at the Cargo Custody Transfer Point.

• If the Cargo Custody Transfer Point has ballast water and/or slops handling facilities, the Vessel may discharge ballast water and/or Cargo slops up to the maximum capacity available.

• If requested by the Terminal Party, Vessel shall load or discharge Terminal Party’s grades simultaneously whenever the Cargo Custody Transfer Point allows.

• If the Cargo Custody Transfer Point requires barges to berth individually, time consumed in shifting the barges shall count as used laytime or as time on demurrage.

More Definitions of Custody Transfer Point

Custody Transfer Point means the physical point along a pipeline where control or ownership of crude oil or marketable natural gas transfers from one person to another;

Custody Transfer Point means that specific point where physical custody of the Gas transfers and at which the Parties have agreed to transfer the rights and responsibilities of custody.

Custody Transfer Point has the meaning ascribed to it in Section 11.1 (Liabilities).

Custody Transfer Point means a nonphysical (accounting) point where the transfer of Gas occurs.

Custody Transfer Point means that point at which the custody of gas transfers from ANR to LSP, which shall occur at the insulating flange between the ANR Interconnection Facilities and the LSP Interconnection Facilities.

Custody Transfer Point means the flange at the downstream of the meter at which the LNG is transferred from the LNG Carrier by a hose into the FSRU or land-based facility of LNG terminal;

Custody Transfer Point means the point agreed hereunder where the title and risk of Crude Oil and/or Condensate passes on from the Sellers to the BUYER. Under this Agreement, Delivery Point is the Custody Transfer Point.