risk for short term traders, given shippers have an opportunity to bilaterally negotiate different regimes for longer term trades. Commented the electricity market does not have force majeure, and this was a decision made in forming the National Electricity Market. Discussed which parties should be able to call force majeure and the consequences for each. Commented that payment tends to be in arrears. Discussed termination 12 months of majeure. Confidentiality Confidentiality Discussed the potential Recommends this clause be introduction of reporting drafted as per the standard requirements through agreements or the Gas the reform process. Supply Hub Exchange. Commented further Agreement with carve outs reporting requirements for any obligations may also require existing introduced in the Rules primary Gas Transport Agreements to be amended. Dispute resolution Dispute resolution Clarified the difference Recommends the following between this clause and dispute resolution the Arbitration and mechanisms to be offered in Dispute Resolution work the secondary contracts: stream: this clause is Negotiation between the required after the parties document has been If applicable (technical or signed for if there is a financial) experts can be breach of contract or engaged for a binding default or similar. decision Discussed the Court as a last resort. mechanisms available for The team agreed to not dispute resolution as include arbitration negotiation, expert, arbitration, and courts of law, and the value of each. System use gas System Use Gas The team provided Ref ST.5.20170426.9: agreement for the Shippers are required to process to provide provide System Use Gas, System Use Gas to be with the process for specified in a schedule to doing so specified in a as per the preliminary schedule or manual. view made in the previous meeting (Reference: ST.5.20170426.9).
risk for short term traders, given shippers have an opportunity to bilaterally negotiate different regimes for longer term trades. Commented the electricity market does not have force majeure, and this was a decision made in forming the National Electricity Market. Discussed which parties should be able to call force majeure and the consequences for each. Commented that payment tends to be in arrears. Discussed termination 12 months of majeure. Confidentiality Discussed the potential introduction of reporting requirements through the reform process. Confidentiality Recommends this clause be drafted as per the standard agreements or the Gas Supply Hub Exchange. Commented further reporting requirements may also require existing primary Gas Transport Agreements to be amended. Agreement with carve outs for any obligations introduced in the Rules Dispute resolution Clarified the difference between this clause and the Arbitration and Dispute Resolution work stream: this clause is required after the document has been signed for if there is a breach of contract or default or similar. Discussed the mechanisms available for dispute resolution as negotiation, expert, arbitration, and courts of law, and the value of each. Dispute resolution Recommends the following dispute resolution mechanisms to be offered in the secondary contracts: Negotiation between the parties If applicable (technical or financial) experts can be engaged for a binding decision Court as a last resort. The team agreed to not include arbitration System use gas The team provided agreement for the process to provide System Use Gas to be specified in a schedule to as per the preliminary view made in the previous meeting (Reference: ST.5.20170426.9). System Use Gas Ref ST.5.20170426.9: Shippers are required to provide System Use Gas, with the process for doing so specified in a schedule or manual.