Except where the context otherwise indicates, the following terms shall have the meaning as described to them in this paragraph 1, and shall include plural as well as singular.
“Bill of Lading” The official document, issued at the load port after completion of the loading operations, stating, among other things, the ship’s loaded quality, expressed in Cubic Meters (M3) and in Metric Tons (MT) or barrels per the definitions herein. This document has to be signed in original by the ship’s Master and made out in accordance with the instruction hereinafter specified in the agreement.
“TTO” Strictly as referred to in the interpretations defined by INCOTERMS, Edition 2000 with latest amendments.
“Loading Date” The date mutually accepted by both the SELLER and the BUYER as the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the product pumped into the Buyer’s designated vessel.
“Platt’s” Platt’s McGraw Hill, London
“Execution Date” The date on which the SELLER and the BUYER receive their respective faxed copies of this agreement, or as may be indicated otherwise in The Agreement.
“API/ASTM” Standards referenced to this Agreement are those in effect as at July 1st 1993 . In the event that such Standards are subsequently revised or modified or new standards are issued, the new revised or modified standards will apply. Each party must advise the other party to this Agreement, within three (3) months after such revision, new or modified Standards are introduced and until such this standards shall be used.
“Affiliate” shall mean any company or corporation of seller or buyer which owns directly or indirectly fifty (50) percent or more of the shares carrying voting rights of such party (party company) and any company or corporation other than such party of which such parent company or such party owns directly or indirectly fifty (50) percent or more of the shares carrying voting rights.
“NNPC” shall mean Nigerian National Petroleum Corporation.
“Agreement” shall mean the Crude Oil Sales / Purchase Contract of which these specific provisions agreed between Buyer and Seller form the conditions of Sales and Purchase.
“API” shall mean American Petroleum Institute.
“ASTM” shall mean American Society for Testing and Materials.
“Barrel” shall mean a volume of forty-two (42) US gallons corrected for temperature to (60) degrees Fahrenheit.
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