21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
price-renegotiation clause
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A quick definition of price-renegotiation clause:
A price-renegotiation clause is a part of a contract in the oil and gas industry that allows for the price to be changed at certain times or when one of the parties decides to do so. This means that the price of the gas can be renegotiated if certain conditions are met, which can affect the amount of money that is paid for the gas.
A more thorough explanation:
A price-renegotiation clause is a provision in a contract that allows for the renegotiation of prices at a later time or upon the request of one of the parties involved. This type of clause is commonly found in gas contracts in the oil and gas industry.
For example, a gas contract may include a price-renegotiation clause that allows for the price of gas to be renegotiated every six months. This means that after six months, either party can request a renegotiation of the price of gas based on current market conditions or other factors that may affect the price.
Another example of a price-renegotiation clause is one that allows for the price of gas to be renegotiated if there is a significant change in the cost of production or transportation. This type of clause can help ensure that both parties are able to adjust the price of gas to reflect changes in the market or other factors that may impact the cost of production.
Overall, a price-renegotiation clause is an important provision in contracts that involve the sale of goods or services, as it allows for both parties to adjust the price of the goods or services to reflect changes in the market or other factors that may impact the cost of production.