Reliance and its partner BP of UK, in a notice inviting offer (NIO) for sale of gas from R-Series fields in the KG-D6 block in the Bay of Bengal have, for the first time, offered to pay the buyer for the purchase of alternative fuel for the default quantity.
This clause is in addition to the take-or-pay clause requiring the buyer to offtake the committed quantity or pay for it.
“If a shortfall quantity arises in a quarter, then, sellers shall reimburse buyer as liquidated damages for the purchase by buyer of a quantity of gas equal to such shortfall quantity,” according to the gas sales purchase agreement (GSPA) accompanying the NIO. It provides for the buyer procuring the replacement quantity on a competitive price and provides the sellers detailed documentary evidence of all costs.
Esta historia es de la edición September 13, 2019 de The Hindu Business Line.
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Esta historia es de la edición September 13, 2019 de The Hindu Business Line.
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