Wspp Agreement Schedule C
Confirmation agreements contain transaction-specific terms, including amendments to the basic agreement, which the parties mutually agree. Verbal confirmation agreements are allowed for transactions of less than one week. For transactions of one week or more, written confirmations are required. At the request of the Buyer or at the Seller`s Choice, the Seller must provide written confirmation within five days of the request or agreement. The buyer has five days to respond. If the Buyer does not respond, the Seller`s written confirmation will be considered final. If the seller does not provide a requested written confirmation, the buyer may provide a written confirmation within five days of the deadline for submitting a written confirmation. If the seller does not respond within five working days, the buyer`s confirmation is considered final. If a party declares that it will not accept the amendments to the WSPP Agreement proposed by a party, those amendments will be rejected. The WSPP agreement represents a standard contract for the sale of electrical power and physical options.
In other words, if the parties to a WSPP transaction do not mutually agree on the changes to the WSPP Agreement, the terms of the WSPP Agreement shall prevail. However, the WSPP Agreement provides the parties with the flexibility to amend the Agreement by mutual agreement that may apply to any WSPP transaction, as explained below. The WSPP Agreement, subject to its terms, applies only to transactions between WSPP Members. The parties to a transaction may, by mutual agreement, modify many of the key terms of the WSPP agreement for that transaction. Such a change must be set out in a confirming agreement. The only provisions that can be amended are those explicitly set out in the WSPP Agreement. Seller`s obligation is to sell and deliver to the delivery point(s) in accordance with the WSPP Agreement and the applicable Confirmation Agreement. The Buyer`s obligation is to receive and purchase at the place of delivery in accordance with the WSPP Agreement and the applicable Confirmation Agreement. Ownership and risk of loss passes to the buyer at the place of delivery. Seller warrants good title, free from privilege or seizure, but disclaims all other warranties, including any warranties of merchantability or fitness for a particular purpose.
If a party has a reasonable basis for challenging the solvency or capacity of the other party, that party may require the other party to provide a letter of credit, advance cash payment, guarantee or guarantee, guarantee agreement or any other mutually appropriate method of ensuring performance. The second party has three working days to give such assurances; Failure to make such statements will be considered a default resulting in the termination and liquidation of all WSPP transactions between the parties. The obligations of the second party to provide a letter of credit, deposits, etc. are limited to the amount of damages that the party would be liable for non-performance; that is, the coverage. The Agreement also lists certain events that would provide reasonable security, including (1) knowing that a party is not providing under other contracts; (2) a party that exceeds a credit or trading limit; (3) downgrading debt securities to investment grade; and (4) significant changes in market prices that have a significant impact on the performance of a party […].