Refined Petroleum definition
Examples of Refined Petroleum in a sentence
Each Shipper’s share of such cost shall be determined by the Carrier based on the proportion of the volume of the Shipper’s Refined Petroleum Products in the possession of the Carrier on the date of such loss to the total volume of Petroleum in the possession of the Carrier on the date of such loss.
This Confirmation, and the LEAP Master Agreement for Purchasing and Selling Refined Petroleum Products and Crude Oil (the “Agreement”), dated as of [●] between Seller and Buyer, which is incorporated herein, together constitute the Parties’ entire agreement as to the Transaction contemplated hereunder and supersedes all prior communications between the Parties and any broker’s confirmation.
The Carrier may withhold the Shipper’s Refined Petroleum Products from delivery, and may exercise any other rights and remedies provided at law or by contract, until all such charges and costs have been paid.
Unless Carrier requires payment of transportation charges before delivery as allowed in this item, transportation charges shall be due ten days after receipt of invoice from Carrier for delivery of Refined Petroleum Products.
This tariff applies to the transportation of Refined Petroleum Products by the Carrier.
The Carrier shall pay from the proceeds of such sale all costs incurred by the Carrier with respect to the storage, removal and sale of such Refined Petroleum Products.
The Carrier shall evidence the receipt and delivery of Refined Petroleum Products by tickets showing the volume, type, temperature, density and any other data with respect to such Refined Petroleum Products as may be specified from time to time by the Carrier.
If tank gauges are used, the volume of Refined Petroleum Products shall be computed from tank tables on a 100 percent volume basis.
Out of the proceeds of said sale, Carrier shall pay itself for all transportation, demurrage, and other lawful charges, expenses of notice, advertisement, sale and other necessary expenses, and expenses of caring for and maintaining the Refined Petroleum Products, and the balance shall be held for whosoever may be lawfully entitled thereto after the auction.
The Shipper shall, unless otherwise agreed to with the Carrier, accept at the designated Regular Delivery Point for its Refined Petroleum Products the volume of buffer material determined by the Carrier to be applicable to the transportation of such Refined Petroleum Products.