Gulfstream Natural Gas System, L.L.C.

Original Volume No. 1

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Effective Date: 05/21/2002, Docket: CP00- 6-004, Status: Effective

Original Sheet No. 145 Original Sheet No. 145 : Effective

 

 

GENERAL TERMS AND CONDITIONS

(CONTINUED)

 

 

10. PAYMENTS

 

10.1 All payments for invoices due to Transporter by Shipper

shall be made by Shipper to a depository designated by

Transporter via electronic funds transfers within ten (10)

Days of the Day the invoice is rendered, (the "Payment Due

Date"). Shipper shall submit any necessary supporting

documentation with its payment except as provided below;

Transporter shall apply payment per supporting

documentation provided by Shipper, and if payment differs

from the invoiced amount, remittance detail shall be

provided with the payment except when payment is made by

electronic funds transfer (EFT), in which case, the

remittance detail is due within two Business Days of the

payment date. Invoice number(s) shall be identified on all

payments. If presentation of an invoice to Shipper is

delayed after the 10th Day of the Month, the Payment Due

Date shall be extended by an equal number of Days, unless

Shipper is responsible for such delay.

 

10.2 Should Shipper fail to pay all of the amount of any invoice

as herein provided, on or before the Payment Due Date,

Shipper shall pay a charge for late payment which shall be

included by Transporter on the next regular Monthly bill

rendered to Shipper under this Section 10. Such charge for

late payment shall be determined by multiplying (a) the

unpaid portion of the invoice, by (b) the ratio of the

number of Days from the Payment Due Date to the date of

actual payment to 365, by (c) the interest rate determined

in accordance with Section 154.501(d) of FERC's

regulations. If such failure to pay continues for 30 Days

after the Payment Due Date, Transporter, in addition to any

other remedy it may have under the relevant Agreement, may

terminate such Agreement and suspend further delivery of

Gas without further notice; provided Transporter provides

Shipper with 10 Days prior written notice of such

termination and provided further such termination shall not

be effective if, prior to the date of termination Shipper

complies with the billing dispute procedure in Section 10.4

of the General Terms and Conditions of Transporter's

Tariff.