Sale Purchase Agreement Crude Oil

Force majeure: with the exception of the payment due, each party is exempt from the responsibility for not performing this sub-activity for the duration and to the extent that: in which such a failure is caused by war, riots, riots, fires, explosions, sabotage, strikes and other labour or labour disturbances, acts of God or elements, government laws, regulations or requests, action to promote the International Energy Program, disruption or failure of production or transportation facilities, delays of pipeline promoter in receiving and supplying offers of crude or other oil, similar or otherwise, outside the control of that part. These performance defects are corrected by all appropriate shipments, but neither party is required to provide replacement quantities from other sources of supply. Non-performance due to events of force majeure does not extend the terms of this agreement. (6) Payment of the amount of compensation. Any compensatory amount due at the end of the agreement is paid within two working days of the end of the agreement, in funds immediately available. However, if the agreement provides for more than one product transaction or where compensatory amounts are due under other agreements denounced by the liquidating party, the settlement amounts owed to each party for such commodity transactions and/or agreements are aggregated. The party that owes the net amount after this aggregation will pay this net amount to the other party within two business days from the date the liquidating party terminates the contract, in immediately available funds. Party that delivered the lower volume during the balancing month (the subcontractor part) provides the other party with an amount of crude oil equal to the difference between a) the volume provided by the subcontracting part during the balancing month and (b) the volume provided by the other party during the balancing month (this difference is the “volume of imbalance”). The volume of imbalances is delivered as quickly after the month of imbalance, it is reasonable to do so, given that the parties strive to provide confirmed imbalance volumes up to the 20th day of the balancing month during the following calendar month immediately, and volumes of imbalances confirmed after the 20th day of the balancing month, which must be delivered in the second calendar month following the month of equilibrium, unless this is avoided by a new or persistent force majeure event. 3. If a party does not provide or accept the volume agreed during a month of imbalance due to a force majeure event, if the volume of imbalance has not been delivered before the end of the second calendar month following the imbalance month: if no other imbalance volume solution has been agreed between the parties in the third month following the balancing month, the subcontracting part provides an amount of crude oil equal to the volume of imbalance and the other part takes an amount of crude oil equal to the volume of imbalance, and that delivery must be of the same type of crude oil and, except as shown in section J.4 below) at the same price as the crude oil received by the subcontractor during the month. G.

Financial liability: Notwithstanding the contrary provisions of this contract, the seller may, if the seller deems it reasonably necessary, request at any time, by written notification to the purchaser, a satisfactory prepayment or guarantee in the form or letter of credit at the buyer`s expense in a form and bank acceptable to the seller, in order to cover all or all crude oil deliveries.