Common use of Market Disruption Events Clause in Contracts

Market Disruption Events. If a Party determines in good faith that a Market Disruption Event has occurred in respect of an Index, such Party shall immediately notify the other. If a Market Disruption Event continues for three (3) Working Days or fewer from and including the Relevant Pricing Date, the Relevant Pricing Date shall be deemed to occur on the first Working Day after cessation of the Market Disruption Event. If a Market Disruption Event continues for more than three (3) Working Days from and including the Relevant Pricing Date: as soon as reasonably practicable after the occurrence of the Market Disruption Event the Parties shall in good faith seek to agree an alternative price for the affected Contract Blocks. If the Parties agree, the agreed price shall be treated as the price at which the Authority fixed or unfixed the affected Contract Blocks; and if, within five (5) Working Days of seeking to do so the Parties have failed to agree an alternative price pursuant to Paragraph 7.13.1, the Parties shall seek to agree upon the identity of two (2) dealers (“Nominated Dealers”). The Nominated Dealers shall appoint a third dealer who, with the Nominated Dealers, are referred to as the (“Adjudicating Dealers”). The Parties will procure that the Adjudicating Dealers give a representative price reasonably reflecting conditions prevailing in the wholesale electricity market in Great Britain, and all other relevant considerations, on the Relevant Pricing Date. Such alternative price shall be the arithmetic mean average of the amounts determined by each of the three Adjudicating Dealers and shall be binding and conclusive in the absence of fraud or manifest error. If the Parties have not agreed upon the appointment of the Nominated Dealer on or before the sixth (6th) Working Day following the decision to appoint them, or there is a failure to obtain at least (2) two quotations within six (6) Working Days of the appointment of the Adjudicating Dealers, the price at which the relevant Index Transaction was fixed or unfixed shall be the prevailing market price.

Market Disruption Events. If a Party determines in good faith that a Market Disruption Event has occurred in respect of an Index, such Party shall immediately notify the other. If a Market Disruption Event continues for three (3) Working Days or fewer from and including the Relevant Pricing Date, the Relevant Pricing Date shall be deemed to occur on the first Working Day after cessation of the Market Disruption Event. If a Market Disruption Event continues for more than three (3) Working Days from and including the Relevant Pricing Date: as soon as reasonably practicable after the occurrence of the Market Disruption Event the Parties shall in good faith seek to agree an alternative price for the affected Contract Blocks. If the Parties agree, the agreed price shall be treated as the price at which the Authority fixed or unfixed the affected Contract Blocks; and if, within five (5) Working Days of seeking to do so the Parties have failed to agree an alternative price pursuant to Paragraph 7.13.17.16.1, the Parties shall seek to agree upon the identity of two (2) dealers (“Nominated Dealers”). The Nominated Dealers shall appoint a third dealer who, with the Nominated Dealers, are referred to as the (“Adjudicating Dealers”). The Parties will procure that the Adjudicating Dealers give a representative price reasonably reflecting conditions prevailing in the wholesale electricity gas market in Great Britain, and all other relevant considerations, on the Relevant Pricing Date. Such alternative price shall be the arithmetic mean average of the amounts determined by each of the three Adjudicating Dealers and shall be binding and conclusive in the absence of fraud or manifest error. If the Parties have not agreed upon the appointment of the Nominated Dealer on or before the sixth (6th) Working Day following the decision to appoint them, or there is a failure to obtain at least (2) two quotations within six (6) Working Days of the appointment of the Adjudicating Dealers, the price at which the relevant Index Transaction was fixed or unfixed shall be the prevailing market price.