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Take-or-pay Contract
A take-or-pay contract, or a take-or-pay clause within a contract, is a payment obligation agreed between a business customer and its supplier. With this kind of contract, the customer either takes the product from the supplier or pays the supplier a penalty. For any product the company takes, it agrees to pay the supplier a certain price, say $50 per ton. Furthermore, up to an agreed-upon ceiling, the company is required to pay the supplier even for products it does not take. This "penalty" price may be lower, say $40 a ton. Take-or-pay clauses are common in the energy industry and, in particular, for gas sales; see volume risk. The High Court in England and Wales recognises such clauses as "a familiar provision in commercial contracts", but also notes that they have been a source of commercial dispute "for more than 100 years". Advantages #Reduces risk to the company's suppliers, in return for which the company can ask to pay less. #Reduces the supplier's rival’s incentive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distributor (business)
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion. Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning. At the strategic level, as well as deciding whether to distribute directly or via a distribution network, there are three broad approaches to distribution, namely mass, selective and exclusive distribution. The number and type of intermediaries selected largely depends on the strategic approach. The overall distrib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penalty
Penalty, The Penalty, Penalization, Penalisation, Penalize or Penalise may refer to: Sports * Foul (sports) ** Penalty (golf) ** Penalty (gridiron football) ** Penalty (ice hockey) ** Penalty (rugby) ** Penalty (rugby union) ** Penalty kick (association football) *** Penalty shoot-out (association football) * Penalty (brand) Entertainment * ''The Penalty'' (1920 film), an American crime film starring Lon Chaney * ''The Penalty'' (1941 film), an American crime film * ''Penalty'' (2019 film), an Indian sports film * ''The Penalty'' (novel), a 2006 sports novel for children by Mal Peet Other uses * Penalty (Mormonism), an oath made during the original Nauvoo Endowment ceremony of the Latter Day Saint movement * Penalty (contract), a type of contractual clause * Penalty Records, a record label * Sentence (law) In criminal law, a sentence is the punishment for a crime ordered by a trial court after conviction in a criminal procedure, normally at the conclusion of a trial. A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Industry
The energy industry refers to all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, oil refinery, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries. In particular, the energy industry comprises: * the Fossil fuel industry, fossil fuel industries, which include petroleum industry, petroleum industries (oil companies, Oil refinery, petroleum refiners, fuel transport and end-user sales at gas stations), Coal industry, coal industries (extraction and processing), and the natural gas industries (natural gas extraction, and coal gas manufacture, as well as distribution and sales); * the electrical power industry, including electricity generation, electric power distribution, and sales; * the nuclear power industry; * the renewable energy industry, comprising alternative energy and sustainable e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Gas
Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium. Methane is a colorless and odorless gas, and, after carbon dioxide, is the second-greatest greenhouse gas that contributes to global climate change. Because natural gas is odorless, a commercial odorizer, such as Methanethiol (mercaptan brand), that smells of hydrogen sulfide (rotten eggs) is added to the gas for the ready detection of gas leaks. Natural gas is a fossil fuel that is formed when layers of organic matter (primarily marine microorganisms) are thermally decomposed under oxygen-free conditions, subjected to intense heat and pressure underground over millions of years. The energy that the decayed organisms originally obtained from the sun via photosynthesis is stored as chemical energy within the molecules of methane and other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Volume Risk
Volume risk, also known as quantity risk, is the risk of production or sales volumes materially and adversely deviating from their expected quantities.Volume Risk openriskmanual.org It is context-specific. Application As regards , a major concern is yield risk, which is the uncertainty regarding production fearing insufficient quantities of the respective mined,[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Justice
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal (England and Wales), Court of Appeal and the Crown Court, are the Courts of England and Wales, Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at Court of first instance, first instance with all high-value and high-importance Civil law (common law), civil law (non-Criminal law, criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the #Chancery Division, Chancery Division and the #Family Division, Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawsuit
A lawsuit is a proceeding by one or more parties (the plaintiff or claimant) against one or more parties (the defendant) in a civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used with respect to a civil action brought by a plaintiff (a party who claims to have incurred loss as a result of a defendant's actions) who requests a legal remedy or equitable remedy from a court. The defendant is required to respond to the plaintiff's complaint or else risk default judgment. If the plaintiff is successful, judgment is entered in favor of the plaintiff, and the court may impose the legal or equitable remedies available against the defendant (respondent). A variety of court orders may be issued in connection with or as part of the judgment to enforce a right, award damages or restitution, or impose a temporary or permanent injunction to prevent an act or compel an act. A declaratory judgmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenge
Revenge is defined as committing a harmful action against a person or group in response to a grievance, be it real or perceived. Vengeful forms of justice, such as primitive justice or retributive justice, are often differentiated from more formal and refined forms of justice such as distributive justice or restorative justice. Function in society Social psychologist Ian Mckee states that the desire for the sustenance of power motivates vengeful behavior as a means of impression management: "People who are more vengeful tend to be those who are motivated by power, by authority and by the desire for status. They don't want to lose face". Vengeful behavior has been found across a majority of human societies throughout history. Some societies encourage vengeful behavior, which is then called a feud. These societies usually regard the honor of individuals and groups as of central importance. Thus, while protecting their reputation, an avenger feels as if they restore the pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price War
A price war is a form of market competition in which companies within an industry engage in aggressive pricing activity "characterized by the repeated cutting of prices below those of competitors". This leads to a cycle, where each competitor attempts to match or undercut the price of the other. Competitors are driven to follow the initial price-cut due to the downward pricing pressure, referred to as “price-cutting momentum”. While price wars can offer short-term benefits to consumers by providing them with lower prices, they can have a negative impact on the companies involved by reducing their profit margins. Moreover, the negative effects of price wars on companies can extend beyond the short term, as the companies involved may struggle to recover their lost profits and maintain their market share. Firms may be cautious when engaging in price wars as this competition can lead to prices that are unsustainable for long-term profitability. Definition The repeated cutting of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Courts In The United States
The courts of the United States are closely linked hierarchical systems of courts at the federal and state levels. The federal courts form the judicial branch of the U.S. government and operate under the authority of the United States Constitution and federal law. The state and territorial courts of the individual U.S. states and territories operate under the authority of the state and territorial constitutions and state and territorial law. Federal statutes that refer to the "courts of the United States" are referring only to the courts of the federal government, and not the courts of the individual states and counties. Because of the federalist underpinnings of the division between sovereign federal and state governments, the various state court systems are free to operate in ways that vary widely from those of the federal government, and from one another. In practice, however, every state has adopted a division of its judiciary into at least two levels, and almost every ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oklahoma Supreme Court
The Supreme Court of Oklahoma is a court of appeal for non-criminal cases, one of the two highest judicial bodies in the U.S. state of Oklahoma, and leads the judiciary of Oklahoma, the judicial branch of the government of Oklahoma.Okla Const. art. VII, § 4 Oklegal.net (accessed May 23, 2013) The Oklahoma Supreme Court meets in the Oklahoma Judicial Center, having previously met in the until 2011.Hoberock, Barbara [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
