Keyspan LNG, LP (Alng)

Third Revised Volume No. 1

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Effective Date: 01/27/2003, Docket: RP03-241-000, Status: Effective

Original Sheet No. 62 Original Sheet No. 62 : Effective

 

 

GENERAL TERMS AND CONDITIONS

(continued)

 

 

14. CAPACITY RELEASE (continued)

 

14.5 Effect of Notices and Bids.

 

(a) The posting of Releasing Customer's Notice shall constitute an

invitation to entertain bids on the Releasing Customer's firm

storage capacity rights and obligations pursuant to its terms and

the terms herein, but shall not constitute an offer by KLNG. A

bid shall constitute an offer by the bidding party to accept from

KLNG such rights and obligations, and shall remain open until

KLNG accepts the bid or a competing bid, unless retracted by the

bidder prior to the close of the Bid Period by any means that

meets the requirements of the tariff and the Releasing Customer's

terms and conditions. Bids will be legally binding on the

Replacement Customer or Prearranged Customer until written or

telephonic notice of withdrawal is received by KLNG. Bids may be

revised during the Bid Period, and shall be deemed received as of

the time of the last revision; provided, however, that no bidder

shall maintain more than one bid for the same capacity. No bid

may be resubmitted or revised in order to submit a lower bid.

 

(b) Releasing Customer's Notice shall constitute authorization for

KLNG to accept bids by posting notice of such acceptance on its

Internet Web site. Releasing Customer may withdraw Releasing

Customer's Notice at any time prior to the close of the Bid

Period associated with Releasing Customer's Notice, where

unanticipated circumstances justify the withdrawal and no bids

meeting the minimum conditions have been made. The Releasing

Customer's notice will be legally binding on the Releasing

Customer until the written or telephonic notice of withdrawal is

received by KLNG. The reason for withdrawal must be submitted to

KLNG for posting.

 

In the event Releasing Customer has not specified the bid

evaluation method, KLNG shall accept bids in accordance with the

following: