The term “Petroleum” shall mean a company incorporated under the laws of Israel and has a minimum daily generating capacity of 5,600 Btu, all of which is used to provide electricity for the Israeli customers; b. This Agreement may constitute legal obligations of Client subject to the conditions in clause 3 c below ; c. This Agreement shall include the following provisions with respect to storage tanks: (i) the company shall have the title to all assets used for storage by the client, (ii) storage tanks located in Israel shall be considered an asset of the company; (iii) the client shall not permit any other party to have any interest in a storage tank, (iv) all tank assets shall become the property of the company when they are not being used for the purpose of storing petroleum, (v) there may be a fee of 50 Nisses paid for storage services (e.g. to a third party) in the event that tank storage is not performed (e.g. storage tank is left unused or the tank is removed from the port); and (vi) the client shall pay the company a fee of IS 200,000 per month, on top of any fees or charges assessed for storage services to which the company is entitled. 7.5. The Client shall be responsible, under the terms of this Agreement, for obtaining, prior to commencement of storage services, the approval of the Director of Environmental Monitoring of the Ministry of Environment, as required by law (MOD-7), and for ensuring that all the tanking tank facilities, installation and maintenance by the tanking company, and the proper use and operation of the tanking facilities comply with those requirements. In the event the Director of Environment issues a notice or otherwise imposes fines on the client for non-compliance with the MOD-7 requirements, the client shall promptly pay to the company a penalty in an amount not in excess of 25 Nisses per day for each day the tanking company, whether the company is contracted or unincorporated, fails to comply with the MOD-7 requirements. 8.
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Purchasing & Contracts division STORAGE SERVICES AGREEMENT THIS STORAGE SERVICES AGREEMENT (the Agreement) is made as of the day of, (the Effective Date), between Petroleum & Energy Infrastructure
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What is storage services agreement?
A storage services agreement is a contract between a storage service provider and a client that outlines the terms and conditions for the storage of goods or items.
Who is required to file storage services agreement?
Both the storage service provider and the client are required to file the storage services agreement.
How to fill out storage services agreement?
The storage services agreement can be filled out by including necessary details such as the parties involved, the scope of storage services, the payment terms, and any specific terms and conditions.
What is the purpose of storage services agreement?
The purpose of a storage services agreement is to establish a legal and binding contract that defines the rights and responsibilities of both the storage service provider and the client in relation to the storage of goods.
What information must be reported on storage services agreement?
The storage services agreement should include details such as the names and contact information of the parties, the duration of storage, the fees or payment terms, and any specific terms or conditions agreed upon.
When is the deadline to file storage services agreement in 2023?
The deadline to file the storage services agreement in 2023 may vary depending on the specific regulations or requirements of the relevant jurisdiction. It is recommended to consult with legal advisors or relevant authorities for accurate deadlines.
What is the penalty for the late filing of storage services agreement?
The penalty for the late filing of a storage services agreement can vary depending on the jurisdiction and the specific regulations in place. It is advisable to consult with legal advisors or relevant authorities to determine the exact penalties for late filing.
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