Open Stock Status definition
Open Stock Status means that a Shipper may withdraw at a Carrier Destination the same quantity of the Petroleum Product which Carrier is receiving at a Carrier Origin from Shipper on the same day if both Shipper's and Carrier's inventories are sufficient as stated in Item 85.
Open Stock Status means that a Shipper may w ithdraw at a Carrier Destination the same quantity of the Petroleum Product w hich Carrier is receiving at a Carrier Origin from Shipper on the same day if both Shipper's and Carrier's inventories are
Open Stock Status means that a Shipper may withdraw at a Carrier Destination the same quantity of the Petroleum Product which Carrier is receiving at a Carrier Origin from Shipper on the same day if both Shipper's and Carrier's inventories are sufficient as stated in Item 75. "Origin" means the facility of Carrier at which Carrier receives Petroleum Products into Carrier's pipeline. "Origin Release" means the written commitment of a Consignor to schedule a batch of Petroleum Products into Carrier's facilities. "Petroleum Products" means the commodities more specifically defined in Item 20 and meeting the specifications referenced in Item 25. "Shipment Request" represents a commitment by an established Shipper to receive Petroleum Product from an Origin point into the Carrier's system. "Shipper" means the party who contracts with the Carrier for transportation and/or terminaling of Petroleum Products pursuant to the terms of this tariff. "Tender" means an offer by a Shipper to a Carrier of a stated quantity of Petroleum Products from a specified Origin or Origins to a specified Destination or Destinations pursuant to the terms of this tariff. "Transit Time" means the time a shipment would take to move from Origin to Destination.
Examples of Open Stock Status in a sentence
An Inventory Owner's Minimum Allocation is calculated by applying the Inventory Owner's percentage of overall demand from all Carrier's terminals for a specific Open Stock Petroleum Product against Carrier's system inventory required to maintain Open Stock Status for such Open Stock Petroleum Product.