U-T Offshore System, L.L.C.

Third Revised Volume No. 1

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Effective Date: 06/01/1997, Docket: RP97-146-001, Status: Effective

Original Sheet No. 61A Original Sheet No. 61A : Superseded

 

 

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

 

(c) Extension and Withdrawal of Release Proposal.

 

The Releasing Shipper shall not be able to specify an extension of the

original Bid Period or Prearranged Transaction Match Period without first

posting a new release. A Releasing Shipper, including a Releasing Shipper

with a Prearranged Transaction that is subject to competitive bidding, may

withdraw its Release Proposal, at any time prior to the close of the bid

period if such withdrawal is due to unanticipated circumstances and no

minimum bid has been made. Release Proposals are binding until written

notice or notice via U-TOS' Electronic Delivery Mechanism is received by

U-TOS. Once the Release Proposal is withdrawn, the Release Proposal shall

remain posted on U-TOS' Electronic Delivery Mechanism for a period of

thirty (30) days for monitoring and control purposes.