Sales And Purchase Agreement Crude Oil

In delivery locations other than rental/unit locations, crude oil delivery to the buyer is made when crude oil passes through the last sustainable delivery bridle and/or the last meter that joins the delivery facility designated by the seller to the buyer`s carrier. If the delivery is made by online transfer, the crude oil is delivered to the buyer in the pipeline facility designated in this contract. The property and the risk of loss of crude oil is transferred with the delivery of the seller to the buyer. A. Measurements and tests: all measurements below must be made from static gauges at 100% of the refuelling table or by positive displacement indicators. All measurements and tests must be carried out in accordance with the latest ASTM or ASME (Code Meter petroleum) methods, which are then in effect, depending on the application. Volume and gravity are adjusted to 60 degrees Fahrenheit by the use of the D1250 oil measurement tables, Table 6A and 5A. The crude oil supplied must be marketable and acceptable in the common or separate electricity applicable to the air carriers concerned, but must not exceed 1% S-W. Each party has the right to have a representative witness for all measurement instruments, tests and measurements. In the absence of the other party`s representative, these instruments of measurement, testing and measurement are considered correct. “delivery ticket,” a shipping/loading document or document indicating the nature and quality of the crude oil delivered, the volume delivered and the method of measurement, the specific gravity corrected, the temperature and the content of S-W. (2) Multiple deliveries.

Where this agreement provides for multiple deliveries of one or more varieties of crude oil in the same month or month of delivery or for the purchase or exchange of crude oil by the parties, all deliveries made under this agreement to the same party at the same place of delivery are considered a single transaction of goods (“goods transaction”) for the purpose of determining the compensatory amounts or amounts. If the liquidator decides to liquidate this contract, the liquidating party must terminate all commodity transactions under this agreement. “carrier,” a pipeline, an inland shipping vessel, a truck or any other suitable crude oil carrier.

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