Common use of Invoice/Credit Note for Failed Deliveries Clause in Contracts

Invoice/Credit Note for Failed Deliveries. The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, incurred from GRTgaz, allocated to Clearing Members as a result of Buyer’s and Seller’s failed deliveries. Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value received by the Clearing House from GRTgaz. In the event that the value received by the Clearing House is in excess of the contract value, any such excess will be passed on to ICE Endex. The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries have caused the Clearing House’s net costs or charges arising from the balancing regime under GRTgaz Rules.