16 Jun 2015

LEAP EUROPEAN BARGE GTCS NOW AVAILABLE FOR USE

June 2015 — Leadership for Energy Automated Processing (“LEAP”) is pleased to announce the publication of the LEAP European Barge General Terms and Conditions (“LEAP European Barge GTCs”).  The LEAP European Barge GTCs provide a clear set of terms and conditions with which parties can document their purchases and sales of various refined petroleum products and biofuels in the important Amsterdam-Rotterdam-Antwerp (“ARA”) barge market.  LEAP and the European Barge GTCs Committee believe that providing these documents will reduce confusion, inefficiency, and risk among parties in the trading of oil in this market.

Master agreements and GTCs, like those found in the LEAP Master Agreement suite in North America and these LEAP European Barge GTCs, are utilized by counterparties for several reasons, including, to: (i) obtain agreement on legal, credit and operational terms; (ii) obtain transaction simplification; and (iii) in some cases, facilitate the electronic matching of trades.  Where one party and another party buy and sell oil with each other regularly, it makes sense that they would want to obtain agreement on the general terms that govern their trades.

These documents are provided by LEAP for the free and voluntary use of market participants.

LEAP’s mission is to promote efficient and reliable transaction processing within the energy trading industry. More information about LEAP and how to join, including our Limited Project Participation option, is available at http://www.energyleap.org/about-us/how-to-join/.

 

Membership in LEAP is open to energy trading, service and association entities on a nondiscriminatory basis. All members must be legal entities, not natural persons.