Spot price

Spot price means the price under a spot sales contract where:
(1) A seller agrees to sell to a buyer a specified amount of oil at a specified price over a specified period of short duration.
(2) No cancellation notice is required to terminate the sales agreement.
(3) There is no obligation or implied intent to continue to sell in subsequent periods.

Source

30 CFR § 1206.20


Scoping language

None
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