Garden Banks Gas Pipeline, LLC

Original Volume No. 1

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Effective Date: 11/01/2003, Docket: RP04- 1-000, Status: Effective

Fifth Revised Sheet No. 100 Fifth Revised Sheet No. 100 : Effective

Superseding: Fourth Revised Sheet No. 100

GENERAL TERMS AND CONDITIONS

 

 

18.2 Bidding Procedure & Conditions

 

Each bidder for the firm capacity, or any part thereof,

must submit its bid to Transporter in writing or

through Transporter's Interactive Internet Website

(with the appropriate service request form and any

required prepayment under Rate Schedule FT-1 submitted

to Transporter under separate cover) within the

Internet Web Site posting period. Each bid shall

contain the term for which the capacity is sought and

the percentage of the maximum rate applicable to Rate

Schedule FT-1 which the bidder is willing to pay for

the capacity, not to exceed 100% of the maximum rate.

 

18.3 Selection of Best Bid(s)

 

If Transporter receives one or more bids for the

capacity, and it does not reject all bids as provided

below, it will choose the bid, or combination of bids,

which represent the largest present value of the

product of capacity and rate contained in each bid;

provided, however, that Transporter reserves the right

to reject any bid which is for less than 100% of the

maximum rate applicable to Rate Schedule FT-1 or FT-2.

 

18.4 Existing Shipper's Review

 

Transporter will notify the party(ies) who submitted

the best bid(s) that their best bid(s) is subject to

Existing Shipper's review and post notice of the best

bid(s) on its Internet Web Site. Transporter will

notify Existing Shipper of the best bid(s) received,

and Shipper shall have the time period specified in the

above schedule (Existing Shipper's Review Period)

within which it must match the rate and contract term

offered in the best bid(s) in order to retain its firm

capacity.