Template:GTMA Master Agreement 2004 6.1: Difference between revisions
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{{gtmaprov|6.1}} '''{{gtmaprov|Failure Circumstances}}'''<br> | {{gtmaprov|6.1}} '''{{gtmaprov|Failure Circumstances}}'''<br> | ||
Except to the extent that a {{gtmaprov|Party}} is relieved from complying with a relevant obligation under clause {{gtmaprov|9}} ({{gtmaprov|Force Majeure}}), if, in respect of a {{gtmaprov|Settlement Period}}, a {{gtmaprov|Party}} (the | Except to the extent that a {{gtmaprov|Party}} is relieved from complying with a relevant obligation under clause {{gtmaprov|9}} ({{gtmaprov|Force Majeure}}), if, in respect of a {{gtmaprov|Settlement Period}}, a {{gtmaprov|Party}} (the “{{gtmaprov|Non-Complying Party}}"):<br> | ||
:{{gtmaprov|6.1.1}} ({{gtmaprov|ECV Notification Agent Authorisation}} or Appointment Failure) is in breach of clause 4 and no {{gtmaprov|Accurate ECV Notification}} is made;<br>{{gtmaprov|6.1.2}} ({{gtmaprov|ECV Nomination}} Failure) is in breach of clause 5 and no {{gtmaprov|Accurate ECV Notification}} is made;<br>{{gtmaprov|6.1.3}} (Non-compliance with {{gtmaprov|Balancing and Settlement Code}}) has not complied with clause 3.3 and as a result no {{gtmaprov|Accurate ECV Notification}} can be made or an {{gtmaprov|Accurate ECV Notification}} is wholly or partly cancelled or rejected and not remade before the {{gtmaprov|ECV Notification Deadline}}; or <br>{{gtmaprov|6.1.4}} (Withdrawal of {{gtmaprov|ECV Nomination}} or {{gtmaprov|ECV Notification}}) is in breach of clause {{gtmaprov|5.3}} and no {{gtmaprov|Accurate ECV Notification}} is made,<br> | :{{gtmaprov|6.1.1}} ({{gtmaprov|ECV Notification Agent Authorisation}} or Appointment Failure) is in breach of clause 4 and no {{gtmaprov|Accurate ECV Notification}} is made;<br>{{gtmaprov|6.1.2}} ({{gtmaprov|ECV Nomination}} Failure) is in breach of clause 5 and no {{gtmaprov|Accurate ECV Notification}} is made;<br>{{gtmaprov|6.1.3}} (Non-compliance with {{gtmaprov|Balancing and Settlement Code}}) has not complied with clause 3.3 and as a result no {{gtmaprov|Accurate ECV Notification}} can be made or an {{gtmaprov|Accurate ECV Notification}} is wholly or partly cancelled or rejected and not remade before the {{gtmaprov|ECV Notification Deadline}}; or <br>{{gtmaprov|6.1.4}} (Withdrawal of {{gtmaprov|ECV Nomination}} or {{gtmaprov|ECV Notification}}) is in breach of clause {{gtmaprov|5.3}} and no {{gtmaprov|Accurate ECV Notification}} is made,<br> | ||
then the {{gtmaprov|Non-Complying Party}}shall pay to the other {{gtmaprov|Party}} (the | then the {{gtmaprov|Non-Complying Party}}shall pay to the other {{gtmaprov|Party}} (the “{{gtmaprov|Complying Party}}") an amount calculated by reference to clause {{gtmaprov|6.2}}.<br> | ||
If, in respect of a {{gtmaprov|Settlement Period}}, both {{gtmaprov|Parties}} are {{gtmaprov|Non-Complying Parties}} under this clause {{gtmaprov|6.1}} , then both {{gtmaprov|Parties}} shall be deemed not to be a {{gtmaprov|Non-Complying Party}}and no amount shall be payable under clauses {{gtmaprov|6.2}} or {{gtmaprov|6.3}}.<br> | If, in respect of a {{gtmaprov|Settlement Period}}, both {{gtmaprov|Parties}} are {{gtmaprov|Non-Complying Parties}} under this clause {{gtmaprov|6.1}} , then both {{gtmaprov|Parties}} shall be deemed not to be a {{gtmaprov|Non-Complying Party}}and no amount shall be payable under clauses {{gtmaprov|6.2}} or {{gtmaprov|6.3}}.<br> | ||
Latest revision as of 03:37, 16 September 2016
6.1 Failure Circumstances
Except to the extent that a Party is relieved from complying with a relevant obligation under clause 9 (Force Majeure), if, in respect of a Settlement Period, a Party (the “Non-Complying Party"):
- 6.1.1 (ECV Notification Agent Authorisation or Appointment Failure) is in breach of clause 4 and no Accurate ECV Notification is made;
6.1.2 (ECV Nomination Failure) is in breach of clause 5 and no Accurate ECV Notification is made;
6.1.3 (Non-compliance with Balancing and Settlement Code) has not complied with clause 3.3 and as a result no Accurate ECV Notification can be made or an Accurate ECV Notification is wholly or partly cancelled or rejected and not remade before the ECV Notification Deadline; or
6.1.4 (Withdrawal of ECV Nomination or ECV Notification) is in breach of clause 5.3 and no Accurate ECV Notification is made,
then the Non-Complying Partyshall pay to the other Party (the “Complying Party") an amount calculated by reference to clause 6.2.
If, in respect of a Settlement Period, both Parties are Non-Complying Parties under this clause 6.1 , then both Parties shall be deemed not to be a Non-Complying Partyand no amount shall be payable under clauses 6.2 or 6.3.