Gulf Crossing Pipeline Company LLC

Original Volume No. 1

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Effective Date: 12/20/2008, Docket: RP09-61-000, Status: Effective

Original Sheet No. 802 Original Sheet No. 802

 

GENERAL TERMS AND CONDITIONS

Section 11

(Continued)

 

 

(b) Gulf Crossing shall notify the winning Bidder by telephone

within 10 minutes following the close of the auction. The

winning Bidder shall within 10 minutes of notification,

accept the capacity by notifying Gulf Crossing by

telephone. Any winning Bidder not accepting its bid prior

to the 10-minute deadline will forfeit its capacity and

Gulf Crossing will award the forfeited capacity to the next

highest Bidder. The next highest Bidder will then accept

its capacity within 10 minutes of notification or forfeit

the capacity. If that Bidder forfeits its capacity or if

some of the auctioned capacity was not subject to a Winning

Bid, then Gulf Crossing shall close the auction and retain

the right to auction the capacity at a later date.

 

(c) The winning Bidder shall within 24 hours execute a new

service agreement setting forth the terms and conditions of

the Winning Bid. The new service agreement will be

provided to the Customer before the close of business on

the Day the capacity has been awarded. If the Customer

fails to timely execute a service agreement, Gulf Crossing

shall have the ability to re-auction the capacity.

 

(d) Any winning Bidder who forfeits its capacity to the next

highest bidder or who fails to execute a service agreement

setting forth the terms and conditions of their winning bid

will be required to pay Gulf Crossing an amount equal to

the price difference between the best bid when the capacity

is resold and the price established in Customer's best bid

multiplied times the MDQ provided in Customer's best bid.

 

(e) Gulf Crossing shall post the results of the auction on its

Internet Web Site no later than the close of business on

the Business Day following the Day of the auction. The

posting will include:

 

(i) Name of winning Bidder;

(ii) Winning Bid rate and maximum rate;

(iii) duration of contract;

(iv) contract quantity;

(v) receipt point and delivery point; and

(vi) any affiliate relationship between Gulf Crossing and

winning Bidder.