Drafting and Reviewing Energy Contracts.
Gas Sale Agreements (GSAs)
A gas sale agreement (GSA) is the legally binding contract between parties for the sale and purchase of natural gas, which assumes that gas delivery will be made via pipeline.
Gas Sale Agreements may be concluded as:
Agreements based on gas supply, where the seller commits to deliver to the buyer specific quantities of gas with a degree of flexibility in terms of the source of supply
Specific (GS) term agreements - the sale of gas is secured for period of time which is specified in the agreement. These type of agreements can be short-term or long-term.
To breach a gas sale agreement implies that one of the contracting parties fails to satisfy their part of the agreement.
Executing a GSA has the following stages:
Inspecting the offer, evaluating pros/cons & possible risks;
Negotiating the agreement and completing a formal agreement;
Actual performance of the contract;
Enforcement if there is a breach and subsequent pursuit of damages.
GSA contract review checklist should include but not limited to the following conditions such as:
Whether the terms of the gas sales agreement and expiration are identified;
Whether the agreement can be terminated early? If yes, then what is the procedure?
Description of the rights and responsibilities, performance obligations of the parties;
Whether the payment terms, dates, methods are accurate;
Whether parties agree to the venue, governing law & jurisdiction
Thoroughly drafted GSA agreements with clear terms, rights and responsibilities are the finest way to circumvent disputes and ensure projects stay on course.
Located internationally, T & G lawyers are able to review, negotiate and draft energy agreements for oil, gas, wind, solar energy companies.
We can tailor oil and gas agreements to meet your needs as well as review agreements that have been already drafted to ensure the accuracy.
We can assist you with due diligence for energy projects and contracts, corporate transactions , EPC contracts, operation contracts, maintenance agreements, regulatory issues, asset management contracts, joint ventures.