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; and
(3) There is no obligation or implied intent to continue to sell in subsequent periods.

Source

30 CFR § 1206.101

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Scoping language

The following definitions apply to this subpart:

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