Operational Tolerance definition

Operational Tolerance as defined in Section 5.6.3;
Operational Tolerance means a quantity of Product which is plus or minus five percent (+/-5%) of the Firm Quantity, unless provided otherwise in the Transaction Documents. Parties: means Buyer and Seller collectively. Party: means Buyer or Seller individually. Personal Data: means information related to an identified or directly or indirectly identifiable individual. Product: means Marine LNG or such other product as specified in the Transaction Documents.
Operational Tolerance is as defined in Clause 7.9. EXECUTION VERSION

Examples of Operational Tolerance in a sentence

  • Buyer shall always use commercially reasonable efforts to offtake Product volume in line with the Monthly Operational Tolerance, however, a monthly product offtake volume tolerance for Product supplies under this Contract of up to [*****] is permissible for as long as this higher monthly tolerance occurs only on an occasional basis, and under no circumstances for more than three (3) consecutive months.

  • In the event there is a deviation of Buyer from the Monthly Operational Tolerance for three (3) consecutive months, then the Parties will meet within ten (10) working days following the last day of the relevant month to discuss such consecutive deviation, with the aim to prevent a near-term reoccurrence of that deviation.

  • In the event there is a deviation of Buyer from the Monthly Operational Tolerance [*****], then the Parties will meet within ten (10) working days following the last day of the relevant month to discuss such consecutive deviation, with the aim to prevent a near-term reoccurrence of that deviation.

  • If the Quantity Delivered is less than [***] of the Scheduled Loading Quantity for a Cargo, the Scheduled Loading Quantity (excluding the Operational Tolerance) shall be used for the purpose of calculating amounts due in accordance with the provisions of Clauses 7.4 or 7.6, as applicable.


More Definitions of Operational Tolerance

Operational Tolerance means a quantity of LNG which is plus or minus five per cent (+/-5%) of the Nominal Quantity, unless otherwise agreed in the Confirmation Notice.
Operational Tolerance means an annual delivery shortfall of not greater than an amount of LNG (in MMBtus) equal to *** of the AACQ for such Commercial Operations Period; provided that if Seller claims an Operational Tolerance during any Commercial Operations Period, (a) Seller shall not have the right to claim any Operational Tolerance in the immediately following Commercial Operations Period, (b) the ACQ in the immediately following Commercial Operations Period shall be increased by the amount of Seller’s shortfall during such Commercial Operations Period, not to exceed the maximum Operational Tolerance, and (c) Seller shall credit Buyer the Operational Tolerance Credit (as defined and calculated in accordance with paragraph VIII of Exhibit A (Pricing)).

Related to Operational Tolerance

  • Tolerance means a state of adaptation in which exposure to a drug induces changes that result in a diminution of one or more of the drug’s effects over time.

  • Generator Planned Outage means the scheduled removal from service, in whole or in part, of a generating unit for inspection, maintenance or repair with the approval of the Office of the Interconnection in accordance with the PJM Manuals.

  • Working voltage means the highest value of an electrical circuit voltage root-mean-square (rms), specified by the manufacturer, which may occur between any conductive parts in open circuit conditions or under normal operating condition. If the electrical circuit is divided by galvanic isolation, the working voltage is defined for each divided circuit, respectively.

  • Operational Acceptance Tests means the tests specified in the Technical Requirements and Agreed Project Plan to be carried out to ascertain whether the System, or a specified Sub system, is able to attain the functional and performance requirements specified in the Technical Requirements and Agreed Project Plan, in accordance with the provisions of GCC Clause 27.2 (Operational Acceptance Test).

  • Continuous parameter monitoring system (CPMS means all of the equipment necessary to meet the data acquisition and availability requirements of the Prevention of Significant Deterioration program, to monitor process and control device operational parameters (for example, control device secondary voltages and electric currents) and other information (for example, gas flow rate, O2 or CO2 concentrations), and to record average operational parameter value(s) on a continuous basis.

  • Operating System refers to the software that manages Hardware for Programs and other software.

  • Co-generation means the sequential production of electricity

  • operating site means a site, other than an aerodrome, selected by the operator or pilot-in-command or commander for landing, take-off and/or external load operations;

  • Stormwater management planning area means the geographic area for which a stormwater management planning agency is authorized to prepare stormwater management plans, or a specific portion of that area identified in a stormwater management plan prepared by that agency.

  • Operational means that the system or sensor, at the time of the event, is active or can be activated/deactivated by the driver.

  • cogeneration means the simultaneous generation in one process of thermal energy and electrical or mechanical energy;

  • Quality system means documented organizational procedures and policies: internal audits of those policies and procedures: management review and recommendation for quality improvement.”

  • Production Operations means all operations conducted for the purpose of producing Petroleum from the Development Area after the commencement of production from the Development Area including the operation and maintenance of all necessary facilities therefor.

  • Gasification means the substoichiometric oxidation or steam reformation of a substance to produce a gaseous mixture containing two or more of the following: (i) oxides of carbon; (ii) methane; and (iii) hydrogen;

  • Project Operational Manual means the Project Operational Manual, to be adopted in accordance with Section 6.01 (a) of this Agreement, giving details of guidelines and procedures agreed with the Association for the implementation, supervision, and monitoring and evaluation, of the Project, and the procurement procedures and guidelines for Sub-Projects, as same may be amended from time to time in agreement with the Association, and such term includes any schedules to the Project Operational Manual;

  • operational area means the geographical area wherein an operational activity is to take place;

  • Operational Manual means the manual referred to in Section 3.03 of this Agreement;

  • Working face means any place in a mine in which work of extracting coal from its natural deposit in the earth is performed during the mining cycle.

  • Service Animal means an animal that is required by a person with a disability for assistance and is certified, in writing, as having been trained by a professional service animal institution to assist a person with a disability and which is properly harnessed in accordance with standards established by a professional service animal institution.

  • Commissioning means the process for determining the need for and for obtaining the supply of healthcare and related services by the Trust within available resources.