PART GG: ICE FUTURES ABU DHABI MURBAN CRUDE OIL FUTURES (“ICE MURBAN CRUDE 

OIL FUTURES CONTRACT”)[RB1]

1. APPLICABILITY AND DEFINITIONS

1.1 This Part GG applies to all ICE Futures Abu Dhabi Murban Crude Oil Futures Contracts which go to physical 

delivery on the expiry date. Such contracts are referred to in this Part as “ICE Murban Crude Oil Futures 

Contract” or the “Contract”).

1.2 The following definitions apply to this part of the Delivery Procedures:

(a) “ADNOC” means the Abu Dhabi National Oil Company, a company organised and existing under 

the laws of Abu Dhabi, UAE and whose principal postal address is P.O. Box 898, Abu Dhabi, UAE;

(b) “ADNOC General Terms and Conditions” or “ADNOC GTCs” shall have the meaning given to 

such term in the Contract;

(c) “ADP” means an alternative delivery procedure as may be agreed between the Buyer and the Seller, 

as further detailed in Section 11 of the Delivery Procedures;

(d) “Clearing Day” means, for the purposes of these Delivery Procedures, a day on which the Clearing 

House is open for business, or such other day as may be determined by the Clearing House;

(e) “Delivery Confirmation Form” means the form specified in Section 5 of these Delivery 

Procedures;

(f) “Delivery Day” means a day, specified by the Buyer in accordance with ICE Murban Crude Oil 

Futures Contract, within the Delivery Range (unless otherwise agreed by the Terminal Operator and 

Buyer in accordance with the procedure specified below) during which loading of Murban Crude 

Oil under the Contract is expected to commence;

(g) “Delivery Period” means the timeframe within which delivery is to be scheduled to take place, 

commencing on the first Terminal Loading Day of the delivery month and ending no later than the 

third Terminal Loading Day prior to the end of the said delivery month;

(h) “Delivery Range” means the three (3) consecutive day period (falling within the Delivery Period) 

proposed by the Buyer and confirmed by the Terminal Operator to the Seller, starting at 08:00 UPT 

on the first Terminal Loading Day and ending at 07:59 UPT on the fourth Terminal Loading Day, 

during which loading of the Murban Crude Oil into the Buyer’s Vessel at the Terminal is scheduled 

to commence. Notwithstanding, the Terminal Operator may shorten the Delivery Range from three 

consecutive Terminal Loading Days to two consecutive Terminal Loading Days, in which case any 

such shortened Delivery Range will be notified by the Terminal Operator to the parties and the 

Clearing House;

(i) “Delivery Range Nomination Form” means the form specified in Section 5 of these Delivery 

Procedures;

(j) “Document Receipt Day” means the day on which documents are received by the Clearing House, 

being on or before the tenth (10th) Clearing Day after completion of loading;

(k) “ECS” means ICE Clear Europe’s Extensible Clearing System;
(l) “ICE Murban Crude Oil Futures Contract Rules” means the Contract Terms and Contract 

Procedures as set out in the Rules of ICE Futures Abu Dhabi;

(m) “Last Trading Day” means the day on which trading shall cease in respect of a particular Contract, 

being the last Trading Day of the second month preceding the Delivery Period for such expiring 

Contract. If the day on which trading is due to cease is the Trading Day preceding New Year’s Day, 

then trading shall cease on the next preceding Trading Day;

(n) “Letter of Indemnity” means a letter of indemnity issued by the Seller in favour of the Buyer in 

the form set out in the Appendix to the ICE Murban Crude Oil Futures Contract Rules (or such other 

form as ICE Futures Abu Dhabi may from time to time permit), countersigned by the Seller’s bank 

if so requested by the Buyer, provided that where the Seller is the Clearing House, the letter of 

indemnity shall be issued by the Seller whose tender has been allocated by the Clearing House to 

the Buyer for the purposes of delivery, and where the Seller is not the Clearing House, the letter of 

indemnity shall be issued in favour of the Buyer to whom the Clearing House has allocated such 

Seller’s tender for the purposes of delivery;

(o) “London Prevailing Time” or “LPT” means the prevailing time in London, United Kingdom;

(p) “MFT” means ICE Clear Europe’s Managed File Transfer Service for reporting and data file 

downloads;

(q) “MPFE” means Futures Expiry Report; 

(r) “Murban” means Murban Crude Oil as defined and meeting the specifications set out in the ICE 

Murban Crude Oil Futures Contract Rules in the ICE Futures Abu Dhabi Rules;

(s) “Singapore Prevailing Time” or “SPT” means the prevailing time in Singapore;

(t) “Terminal” means any delivery facility managed by the Terminal Operator at which Murban is 

delivered, located in Fujairah, UAE;

(u) “Terminal Loading Day” means, for the purposes of any Delivery Range, a period of time of 

twenty-four (24) consecutive hours beginning at 08:00 UPT on any day of a nominated Delivery 

Range, and, for all other references, shall mean a calendar day in UAE;

(v) “Terminal Operator” means Abu Dhabi Company for Onshore Petroleum Operations Ltd, or 

whichever company performs and/or regulates the operations and procedures for the shipment and 

export of Murban, including any loading programme, that is to be shipped and delivered under this 

Contract at the Terminal;

(w) “Trading Day” means a day on which the Market is open to trade as determined by ICE Futures 

Abu Dhabi from time to time;

(x) “UAE Prevailing Time” or “UPT” means the prevailing time in the United Arab Emirates;

(y) “Vessel” means any ship or vessel designed, constructed, equipped and maintained to safely load 

and carry crude oil; and

(z) “Vessel Nomination Form” means the form specified in Section 5 of these Delivery Procedures.
1.3 In sections where more than one time zone is referenced, (e.g. both London Prevailing Time and Singapore 

Prevailing Time, or UAE Prevailing Time), this is for convenience only. In the event of a conflict between 

such times specified, the first time zone specified shall take precedence.

2. DELIVERY SPECIFICATION

2.1 Scope

The ICE Murban Crude Oil Futures Contract shall be for the sale and delivery of Murban meeting the relevant 

contract specification set out in ICE Futures Abu Dhabi Rules and in accordance with, or as otherwise 

allowed under, the Contract Terms and Contract Procedures in those rules, by the Seller to the Buyer, at the 

Terminal. Delivery shall be scheduled to take place on one or more consecutive Terminal Loading Days 

within the Delivery Range. Such Delivery Range must fall within the Delivery Period.

2.2 Delivery Mode

2.2.1 Delivery shall be made by the Seller on a free-on-board (“FOB”) Fujairah basis at the Terminal onto the 

Buyer’s Vessel, as a full or part cargo, during the Delivery Period, within a delivery loading volume 

tolerance of plus or minus zero point two percent (0.2%).

2.2.2 There is no specified minimum quantity of Murban Crude Oil to be delivered for the purposes of the ICE 

Murban Crude Oil Futures Contract. However, parties should be aware that in relation to each Vessel the 

Terminal Operator imposes a minimum loading requirement (which may be amended from time to time) of 

two hundred thousand (200,000) Barrels (i.e. 200 lots) for deliveries at the Terminal of Murban Crude Oil 

resulting from the ICE Murban Crude Oil Futures Contract (“Terminal Minimum Loading 

Requirement”).

For the purposes of complying with the Terminal Minimum Loading Requirement, a Buyer may co-load on 

the Vessel:

(a) one or more Exchange traded lots of Murban Crude Oil delivered in accordance with one or more 

ICE Murban Crude Oil Futures Contract(s); with

(b) one or more parcel(s) of Murban Crude Oil in one or more over the counter / non-Exchange 

transaction(s) (“OTC”) for FOB loading at Fujairah;

provided that:

(i) loading of all co-loaded lots and parcels on the Vessel is completed within the same 

delivery month as the month in which the Delivery Range of the relevant Murban 

Contract(s) falls; and

(ii) as between Seller and Buyer, the Murban Crude Oil to be delivered to the Buyer in 

accordance with Murban Contract(s) shall be deemed delivered in full before the 

commencement of loading of any OTC Murban Crude Oil referred to in (a).

In the event the total number of lots of Murban Crude Oil going to physical delivery under an ICE Murban 

Crude Oil Futures Contract in a particular delivery month does not meet the Terminal Minimum Loading 

Requirement, each Buyer taking delivery will be required to confirm in writing to the Clearing House by 

13.30 LPT on the first Clearing Day following the Last Trading Day that it can meet such Terminal Minimum 

Loading Requirement by co-loading Exchange traded lots and OTC parcels of Murban Crude Oil for FOB 

loading at Fujairah.
2.2.3 If the Terminal Minimum Loading Requirement cannot be met as set out above and in the ICE Murban 

Crude Oil Futures Contract, the parties may use the ADP mechanism to settle the Contract. The Clearing 

House reserves the right to treat such failure to meet the Terminal Minimum Loading Requirement as an 

Event of Default on the part of the party concerned in accordance with Part 9 of the Clearing House Rules.

2.2.4 As between Sellers under different Murban Contract(s), Murban Crude Oil shall be deemed delivered pro 

rata in respect of each lot until all lots have been deemed delivered, unless otherwise agreed between the 

Sellers and the Buyer.

2.3 Quantity and Quality

The quality and quantity of delivered Murban shall be determined in accordance with the ICE Murban Crude 

Oil Futures Contract.

2.4 Delivery Basis and Property

Murban under the ICE Murban Crude Oil Futures Contract shall be delivered free from any liens and claims, 

charges and encumbrances of whatsoever kind (including but not limited to unpaid taxes, fees or other 

charges), and shall conform to the specifications and other requirements set out in the ICE Futures Abu Dhabi 

Rules.

Property in Murban delivered pursuant to the ICE Murban Curde Crude [IS2]Oil Futures Contract will pass 

from the Seller to the Buyer at the point specified in the ICE Murban Crude Oil Futures Contract Rules.

2.5 Price

The price at which the ICE Murban Crude Oil Futures Contract is delivered is the Exchange Delivery 

Settlement Price (as defined in the ICE Murban Crude Oil Futures Contract Rules) published on the Last 

Trading Day for the contract month.

2.6 Cessation of trading

Contracts shall cease trading on the Last Trading Day, in accordance with the ICE Murban Crude Oil Futures 

Contract.

2.7 Exchange for Physical (EFP)

In accordance with the ICE Murban Crude Oil Futures Contract, EFPs executed on the Last Trading Day for 

the expiring Contract month may be reported at any time after the cessation of trading up until 19:30 SPT on 

the Last Trading Day.

3. ICE MURBAN FUTURES DELIVERY TIMETABLE

Last Trading Day

Cessation of Trading 16:30 SPT Trading in ICE Murban Crude Oil Futures Contracts ceases.

EFPs By 19:30 SPT EFPs may be posted by 19:30 SPT on the Last Trading Day.

Expiry By 13:30 LPT All position maintenance must be performed by Clearing 

Members.
Sellers and Buyers must each submit to the Clearing House 

a Delivery Confirmation Form in relation to Contracts 

remaining open at 13:30 LPT on Last Trading Day.

By 13:30 LPT Sellers and Buyers are obliged to make or take delivery 

respectively of all Contracts remaining open in the expiring 

contract month.

After 13:30 

LPT

The MPFE report is available via ECS and MFT advising 

each Clearing Member of its delivery positions and 

obligations.

After 13:30 

LPT

The Clearing House allocates tenders to Sellers / Buyers at 

its sole discretion based on the Delivery Confirmation Forms 

received, endeavouring to minimise the number of Clearing 

Members and tenders involved.

After 13:30 

LPT

The Clearing House will notify each Seller of the Buyer(s) 

with whom it has been matched or allocated for each delivery 

and instruct Sellers to deliver directly to Buyer(s) in 

accordance with the ICE Futures Abu Dhabi Rules.

The Clearing House will send a notice to each Buyer 

identifying the Seller(s) and receipt quantity involved per 

allocated tender.

Last Trading Day + 1 Clearing Day

Margin By 09:00 LPT Buyer’s delivery Margin and Seller’s delivery Margin shall 

be debited from Clearing Members that are Buyers and 

Clearing Members that are Sellers, respectively, for their 

deliverable positions.

Delivery Margin will be calculated by the Clearing House as 

undelivered volume (lots x 1,000 barrels) x an appropriate 

scanning range as determined by the Clearing House.

The Clearing House will apply contingent (Variation) 

Margin to the Buyer’s and the Seller’s Clearing Member 

accounts for their respective deliverable positions.

By the 25

th Calendar Day prior to of first Calendar Day of delivery mMonth Preceding 

Delivery Period, or

the following Clearing Day if the 5th Calendar Day is not a Clearing Day[IS3]

Preferred Delivery 

Range(s) Submission

By 164:00 

LPT

The Buyer sends an ICE Murban Crude Oil Futures: 

Delivery Range Nomination Form to the Clearing House and 

the Seller stating the Buyer’s preferred three-day Delivery 

Range(s).

The ICE Murban Crude Oil Futures Delivery Range 

Nomination Table in Section 4 of this Part GG sets out the 
appropriate Clearing Day to submit a nomination for a 

specific Delivery Range.[IS4]

By the 15th Calendar Day prior to first Calendar Day of delivery Mmonth Preceding 

Delivery Period[IS5]

Loading Programme The Terminal Operator will establish the loading programme for the Delivery 

Period.

The Clearing House will receive the loading programme from the Terminal 

Operator.

For the avoidance of any doubt, the Clearing House has no input or influence 

in respect of the loading programme determined by the Terminal Operator.

By the 15th Calendar Day prior to first Calendar Day of delivery month + 1 Clearing Day of 

Month Preceding Delivery Period[IS6]

Delivery Range 

Determination

By 18:00 LPT The Clearing House advises all agreed Delivery Ranges to 

the Buyers and the Sellers based on the loading programme 

established by the Terminal Operator.

Once the Buyers and the Sellers are informed of the loading 

programme, the Delivery Range becomes final, save that:

(i) a Buyer may request a change to the agreed Delivery 

Range in accordance with the procedure set out in this 

paragraph. Any such request must be submitted in such 

form and such manner as the Clearing House may 

prescribe from time to time, and will be assessed by the 

Clearing House and Terminal Operator, who each may 

approve or reject the request at their discretion. The 

requested changes will only become effective if 

approval is received from each of the Clearing House 

and Terminal Operator by the earlier of: (a) five 

Clearing Days prior to the first day of the original 

published Delivery Range; and (b) five Clearing Days 

prior to the first day of the Delivery Range requested 

by the Buyer; and

(ii) the Terminal Operator may agree with the Buyer to the 

early loading of Murban Crude Oil into the Buyer’s 

Vessel provided that any such early loading shall not 

take place (a) earlier than 48 hours prior to the first day 

of the agreed Delivery Range; or (b) earlier than the 

first Terminal Loading Day of the delivery month; and

(ii)(iii) the Terminal Operator may 

shorten the Delivery Range from three consecutive 

Terminal Loading Days to two consecutive Terminal 

Loading Days at any time, provided that the Terminal 
Operator gives notice to the Buyer, Seller and the 

Clearing House..[IS7]

No later than the 5th Calendar Day prior to the first day of the Delivery Range

Vessel Nomination,

Re-nomination, and / 

Substitution

By 14:00 LPT The Buyer submits to the Seller (with a copy to the Clearing 

House) the ICE Murban Crude Oil Futures: Vessel 

Nomination Form. The Seller shall liaise with the Terminal 

Operator in respect of the vessel nomination, vessel 

nomination which in turn may be confirmed or rejected by 

the Terminal Operator.

The Vessel Nomination Form includes details of the 

Delivery Day and the Vessel onto which Murban Crude Oil 

subject to delivery is to be loaded.

The ICE Murban Crude Oil Futures Vessel Nomination 

Table in Section 4 of this Part GG sets out the appropriate 

Clearing Day to submit a vessel nomination for a specific 

Delivery Range.[IS8]

The Delivery Day nominated must be within the agreed 

Delivery Range (unless otherwise agreed by the Terminal 

Operator and the Buyer in the manner specified above). If 

this nomination is received by the Clearing House after 14.00

LPT hours, it is deemed to have been given on the following 

calendar day.

Re-nomination or substitution of Vessel is permitted 

provided the Buyer submits a new form to the Seller (with a 

copy to the Clearing House) no later than 5 calendar days 

prior to first day of the Delivery Range. A shorter period may 

be permitted provided all the parties agree namely the 

Terminal Operator, the Clearing House, the Buyer and the 

Seller.

The Seller must notify the Buyer and the Clearing House of 

any rejection of a nomination of a Vessel. Such notice must 

contain the reasons for rejection. A nomination may not be 

rejected for frivolous or vexatious reasons, or obvious 

clerical errors.

3

rd Clearing Day prior to first day of Delivery Range

Margin By 09:00 LPT Delivery Margin increases to full contract value plus 0.2 % 

for the Buyer or by such an amount as may be specified by 

the Clearing House from time to time; the Clearing House 

will debit the Buyer’s account accordingly. Contingent 

variation margin requirements end for the Buyer.
The delivery and contingent (Variation) Margin obligation 

remains for the Seller.

Delivery Day

Delivery Day Delivery is scheduled to be made at the Terminal, in accordance with the 

Contract Rules, Applicable Laws and the scheduling instructions given by the 

Terminal Operator.

Loading shall be scheduled to commence on the nominated Delivery Day and 

take place in accordance with the Terminal Operator’s terms and any other 

applicable procedures. The Buyer’s Vessel must arrive and present its notice 

of readiness to load within the Delivery Range.

On or before 10th Clearing Day after Completion of Loading (“Document Receipt Day”)

Receipt of documents 

by the Clearing House

By 12:00 LPT Seller (either directly or through the Terminal Operator) 

shall lodge the following original documents with the 

Clearing House, with a copy to the Buyer:

(i) the certificates of quality and quantity; and

(ii) a full set of original, negotiable, to order bills of lading.

Seller shall use reasonable endeavours to provide any 

additional customary documentation reasonably requested 

by the Buyer and / or the Clearing House.

Any documents received by the Buyer and the Clearing 

House after 12:00 LPT will be deemed to be received on the 

following Clearing Day.

If either of the original documents specified in (i) or (ii) are 

not available by the time specified above for delivery of such 

documents to the Clearing House, the Seller shall provide to 

the Clearing House a Letter of Indemnity in favour of the 

Buyer in lieu of the unavailable document(s) and the Buyer 

shall be required to make payment against that Letter of 

Indemnity. 

The Buyer may request that any such Letter of Indemnity be 

countersigned by the Seller’s bank. Any such request must 

be submitted to the Seller and the Clearing House by 18.00 

LPT on the fourth Clearing Day following the Last Trading 

Day, specifying the reasons for such request, and may not be 

based on frivolous or vexatious reasons. If no notification is 

received by this deadline, the Buyer will be deemed to have 

agreed to make payment to the Clearing House against a 

Letter of Indemnity provided by the Seller regardless of 

whether it has been countersigned by a bank.
In the event that the Buyer has submitted a valid request as 

specified above, the Seller will be required to have the Letter 

of Indemnity countersigned by a bank with a credit rating 

equal or greater than the minimum credit rating score for 

bank Letter of Indemnity providers for ICE Murban Crude 

Oil Futures Contracts as advised by ICE Futures Abu Dhabi 

from time to time, unless the Buyer agrees to an alternative 

bank. Any such agreement between the Seller and Buyer to 

have an alternative bank countersign a Letter of Indemnity 

must be notified to the Clearing House by 18.00 LPT on the 

seventh Clearing Day following the Last Trading Day.

Document Receipt Day + 3 Clearing Days (if received before 12:00 LPT)

Confirmation of 

receipt by Buyer

By 09:00 LPT Buyer shall provide a Document Receipt Confirmation Form 

to the Clearing House and the Seller confirming its receipt 

of a full set of documents, or its acceptance of a Letter of 

Indemnity in respect of any unavailable document(s). A 

Buyer may not reject the documents or the Letter of 

Indemnity (in the event that the Buyer has agreed to make 

payment against a Letter of Indemnity) provided by the 

Seller due to frivolous or vexatious reasons.

Non-receipt of the Document Receipt Confirmation Form by 

the times specified herein shall be construed as deemed 

acceptance of the documents and/or a Letter of Indemnity, 

where applicable, by the Buyer.

Upon receipt of the Buyer’s Document Receipt 

Confirmation Form or at the expiry of the timeline specified 

herein, whichever is earlier, the Clearing House shall release 

the Seller’s delivery Margin and contingent (Variation) 

Margin.

Buyer’s delivery Margin requirement remains.

3 Clearing Days prior to the 30th Calendar Day following Bill of Lading Date

Final Invoice Payment By 09:00 LPT Subject to the receipt of a complete set of documents (Letter 

of Indemnity where applicable), Buyer pays the invoice 

amount to the Clearing House (cash requirement). Buyer 

shall not be entitled to require the presentation of any 

documents in return for payment other than the certificates 

of quality and quantity, a full set of original, negotiable, to 

order bills of lading as specified above or, in the event that 

the Buyer has agreed to make payment against a Letter of 

Indemnity, a Letter of Indemnity as specified above.

Buyer’s delivery Margin obligation for invoiced lots is 

removed (0.2% is retained until final invoice is generated).
30 Calendar Days following the Bill of Lading Date

By 09:00 LPT Provided the Clearing House is in receipt of satisfactory 

documents from the Seller, the Clearing House will generate 

the Seller’s invoice credit (cash credit).

4. ICE MURBAN CRUDE OIL FUTURES DELIVERY [IS9]VESSEL NOMINATION TABLE

The table below indicates the deadlines for the receipt of an ICE Murban Crude Oil Futures: Vessel 

Nomination Form. 

D = first day of Delivery Range

N = day by which nomination must be received (by 14:00 LPT)

For example: in the first line below, the first day of the Delivery Range is Monday and the deadline for receipt 

of the nomination is 14:00 LPT on the previous Wednesday.

If the Monday is a non-Clearing Day, the deadline for receipt of nomination for the following Sunday is the 

previous Friday instead of the Monday.

These days may vary over UK and UAE holiday days.[IS10]

5. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full

Name of Delivery 

Document

Explanation Timing

ICE Murban Crude Oil 

Futures: Delivery 

Confirmation Form

This form must be completed in full for all 

Contracts subject to delivery.

Delivery Confirmation Form must include:

(i) name(s) of underlying client(s) or whether 

Seller/Buyer is acting for its own account;

(ii) the volume going to delivery; 

(iii) any other relevant information.

By 13:30 LPT on the 

Last Trading Day
Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full

Name of Delivery 

Document

Explanation Timing

ICE Murban Crude Oil 

Futures: Delivery 

Range Nomination 

Form

This notice is submitted by the Buyer to the Seller, 

with a copy to the Clearing House, confirming:

(i) Buyer’s name (and Clearing Member if 

different from the Buyer);

(ii) the tender(s) against which it is given;

(iii) the Buyer’s preferred consecutive three-day 

delivery range(s);

(iv) the volume;

(v) Buyer’s unique reference;

(vi) any relevant co-loading information;

(vii) customary documentation reasonably 

requested by Buyer to be provided by Seller 

in addition to documents otherwise required 

under the Contract Procedures (including 

under L.6(c)) and the (Clearing House) 

Rules;

(viii) any additional information that may be 

required by the Clearing House.

The Seller shall arrange for the Terminal Operator 

to also receive a copy of the Delivery Range 

Nomination Form.

By 146:00 LPT on the 

25th Calendar Day 

prior to first Calendar 

Day of delivery 

month5

th Calendar 

Day of Month 

Preceding Delivery 

Period[IS11]

ICE Murban Crude Oil 

Futures: Vessel 

Nomination Form

This notice is submitted by the Buyer to the Seller, 

with a copy to the Clearing House, confirming:

(i) the name of the Seller;

(ii) tender number;

(iii) name and IMO registration number of 

proposed Vessel, Vessel’s Q88 and the 

approximate size of the Vessel;

(iv) the Delivery Range;

No later than the 5th

Calendar Day prior to 

the first day of the 

Delivery Range by 

14:00 LPT
Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full

Name of Delivery 

Document

Explanation Timing

(v) the nominated Delivery Day (estimated time 

of arrival) and approximate time for 

initiating delivery;

(vi) the volume;

(vii) documentary instructions (e.g. bill of lading 

mark-up);

(viii) any additional information that may be 

required by the Clearing House.

The Seller must acknowledge and return to the 

Buyer, with a copy to the Clearing House and the 

Terminal Operator, confirming the Seller’s 

acceptance or rejection of the nomination.

ICE Murban Crude Oil 

Futures: Document 

Receipt Confirmation

Form

The form submitted by the Buyer to the Clearing 

House confirming the Buyer’s receipt and 

acceptance of the full set of documents, or its 

acceptance of a Letter of Indemnity from the Seller 

in relation to any unavailable document(s).

Document Receipt 

Day + 3 Clearing 

Days (if received 

before 12:00 LPT)

ICE Murban Crude Oil 

Futures: Confirmation 

of Agreed ADP Form

This form is submitted by both Buyers and Sellers 

to the Clearing House confirming their agreement 

to the ADP and the number of lots.

Any time before the 

Buyers and Sellers are 

invoiced by the 

Clearing House

The Clearing House reserves the right to request any documentation, whether in non-original electronic 

format or, where necessary, in original, at its sole discretion.

6. INVOICE

In all the examples set out in this section, the EDSP is $60 per barrel.

Invoice Calculation

ICE Murban Crude Oil Futures are traded and delivered in volume, 1,000 barrels per lot.

The amount due to the Seller and payable by the Buyer in respect of deliveries of Murban Crude Oil is 

calculated as follows:

Contract Volume x Exchange Delivery Settlement Price (“EDSP”) x Contract Size (Barrels)

10 lots x 60.00 x 1,000 = USD 600,000.00
Delivery Loading Volume Tolerance

A delivery loading volume tolerance of plus or minus 0.2% of the contract volume in barrels permitted. 

Notwithstanding, the delivery loading tolerance permitted under the Contract, the Clearing House will 

invoice the parties on a full lot basis.

One invoice is produced per nominated Vessel. A final invoice, per tender, is produced to reflect the 

adjustment for actual delivered volume. The final invoice is produced once all individual Vessel invoices 

have been generated.

Based on a 1000 lot delivery:

Maximum tolerance = 1,000 x 1,000 barrels plus 0.2% = 1,002,000 barrels

Minimum tolerance = 1,000 x 1,000 barrels minus 0.2% = 998,000 barrels

Adjustments for Actual Delivered Volumes

(a) Delivery must be for whole lots. If the total amount of Murban Crude Oil delivered falls below the 

number of lots tendered (taking into account the delivery tolerance), the delivery will be deemed to 

be for the nearest full lot below number of lots actually delivered. Clearing Members may agree to 

an ADP for the under-delivered number of lots.

(b) If the total amount of Murban Crude Oil subject to a delivery obligation falls below the number of 

lots tendered and there has been no notice of agreed ADP submitted by the parties to the Clearing 

House, the Clearing House may treat such shortfall in delivery as an Event of Default on the part of 

the party concerned in accordance with Part 9 of the Clearing House Rules.

(c) If the actual amount delivered is above the tendered lots (taking into account the delivery tolerance) 

the surplus will be ignored by the Clearing House for invoice purposes. Any payment for the excess 

must be settled between the Buyer and Seller without the involvement of the Clearing House.

Examples of Invoice Calculations

Basics:

1 lot = 1,000 barrels

EDSP is quoted per barrel, so price of a lot is EDSP x 1,000 barrels

One invoice is produced per vessel. A final invoice is produced to reflect the adjustment for actual delivered 

volume.

All invoice examples below show a tender for 1,000 lots in 3 nominated vessel loadings of 500, 300 and 200 

lots respectively.

Tolerance permitted on 1,000 lots =1,000,000 barrels x 0.2% = 2,000 barrels

Upper Tolerance = 1,002,000 barrels

Lower Tolerance = 998,000 barrels

Final Invoice is generated when the last vessel in the tender is invoiced.
(a) Invoice Calculation - Where Delivered Volume is within the Tolerance for the anticipated number 

of lots.

Invoices reflecting individual Loadings

1st Vessel loads 500,500 barrels

2nd Vessel loads 300,300 barrels

3rd Vessel loads 200,200 barrels

Total loaded 1,001,000 barrels

1st Vessel invoice 500 lots @ 60.00 $30,000,000.00

2nd Vessel invoice 300 lots @ 60.00 $18,000,000.00

3rd Vessel invoice 200 lots @ 60.00 $12,000,000.00

Total invoiced via the Vessel 

Loading Invoices

1,000 lots $60,000,000.00

Final Invoice

Based on total loaded quantity delivered, the number of barrels delivered (within tolerance) is 

1,001,000

Total invoiced already in barrels = 1,000,000

Total delivered in barrels 1,001,000

Total excess in barrels 1,000

Total chargeable excess 1,000

Excess is equivalent to 1,000 barrels @ EDSP of 60.00 $60,000.00

1,001,000 barrels is within the permitted tolerance of +/- 2,000 

barrels allowable on 1,000 lots, so the invoice amount for this 

excess is 1,000 barrels * 60.00

Final invoice amount $60,000.00

(b) Invoice Calculation – Where Delivered Volume is outside the Tolerance - Over-Delivered.

Invoices reflecting individual Loadings

1st Vessel loads 500,900 barrels
2nd Vessel loads 300,900 barrels

3rd Vessel loads 200,900 barrels

Total loaded 1,002,700 barrels

1st Vessel invoice 500 lots @ 60.00 $30,000,000.00

2nd Vessel invoice 300 lots @ 60.00 $18,000,000.00

3rd Vessel invoice 200 lots @ 60.00 $12,000,000.00

Total invoiced via the Vessel 

Loading Invoices

1,000 lots $60,000,000.00

Final Invoice

Based on total loaded quantity delivered, the number of barrels delivered (within tolerance) is 

1,002,000

Total invoiced already in barrels = 1,000,000

Total delivered in barrels 1,002,700

Total excess in barrels 2,700

Total chargeable excess 2,000

Excess is equivalent to 2,000 barrels @ EDSP of 60.00 $120,000.00

1,002,700 barrels is not within the permitted tolerance of +/-

2,000 barrels allowable on 1,000 lots, so the invoice amount 

for this excess is 2,000 barrels * 60.00

Final invoice amount $120,000.00
(c) Invoice Calculation – Where Delivered Volume is outside the Tolerance - Under-Delivered and thus 

resulting in an ADP.

Invoices reflecting individual Loadings

1st Vessel loads 500,500 barrels

2nd Vessel loads 300,300 barrels

3rd Vessel loads 197,100 barrels

Total loaded 997,900 barrels

1st Vessel invoice 500 lots @ 60.00 $30,000,000.00

2nd Vessel invoice 300 lots @ 60.00 $18,000,000.00

3rd Vessel invoice 197 lots @ 60.00 $11,820,000.00

Total invoiced via the Vessel 

Loading Invoices

997 lots $59,820,000.00

Final Invoice

This example is treated, for the purposes of the final invoice, as an over-delivered 997 lot tender. 

However due to the total delivered lots falling outside the lower tolerance of 998 the balance of 

1 lot is settled between the Buyer and Seller under ADP.

Total invoiced already in barrels = 997,000

Total delivered in barrels 997,900

Total excess in barrels 900

Total chargeable excess 900

Excess is equivalent to 900 barrels @ EDSP of 60.00 $54,000.00

997,900 barrels is outside the permitted tolerance of +/- 2,000 

barrels allowable on 1,000 lots, so the invoice amount for this 

excess is 900 barrels * 60.00.

$54,000.00

Final invoice amount $54,000.00