Essentially, the value of the terminated transactions out to the date of termination will be estimated to determine the liquidated amounts plus costs associated with such termination. Revenues based on expected market prices, present valued, will be used in calculating the liquidation payments. Unless the parties agree to different payment dates, payments are to be received on the 20 th day of the invoicing month or the 10 th day after receipt of the bill, whichever is later. Interest for late payments is one percent per month unless the parties agree to a different rate. In the event of a dispute, the entire bill shall be paid when due.
Parties have two years to audit and dispute bills.
If one party has a reasonable basis for questioning the other party s creditworthiness or ability to perform, that party may require the other party to provide a letter of credit, a cash prepayment, collateral or security, a guarantee agreement, or some other mutually agreeable method of assuring performance. Netting of payments is not required but is allowed. If its counter-party has signed the netting agreement, then the parties will net. The members that have agreed to net will be posted on the WSPP homepage. Seller is liable for taxes to the delivery point.