Oil Price Protection Terms & Conditions Form

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Oil Price Protection General Terms and Conditions - REV. 4-30-2008 General Terms: This (electronic) document is a contract between the PURCHASER and the seller, Sippin Bros. Oil Company, Inc. (SBOC). Accounts with any past due balances are subject to program cancellation. Force Majure: Should a failure occur in any part of the supply chain due to natural or man-made events beyond the control of SBOC, this contract may be voided. Performance security for heating oil purchased below has been provided by the purchase of Nymex futures contracts as well as heating oil stored at the SBOC bulk facility at 234 Main St. Monroe, CT. All other charges or outstanding balances must be paid in full before purchaser can participate in any program. SBOC may void this contract for non-payment of program fee. Automatic Delivery: All Oil Price Protection programs require automatic delivery. Upon expiration of this contract, the oil delivery account will remain active on automatic delivery, if an oil price protection agreement is not renewed, oil deliveries will be made at the prevailing retail rate. Sippin provides degree-day automatic delivery of heating oil as a customer convenience only and is not liable for any damages caused by failure to deliver heating oil for any reason. Program definitions: FIXED OR PRE-BUY PRICE; A fixed or pre-buy price does not change. It remains the same from the start of the contract, until the expiration date. Minimum pre-buy purchase is 500 gallons. CAPPED PRICE: A cap price program will not exceed the price cap price per gallon, but may go down if market conditions decline. Program deliveries will commence after the START DATE noted above. The program will expire on END DATE noted above. All sales are final, and are not subject to change or alteration. Un-delivered pre-buy gallons: Upon expiration of the pre-buy contract, any undelivered gallons are converted to a credit balance on the customer’s account. A liquidated damages value will be charged to the purchaser if this contract is cancelled prior to the expiration date noted above. Liquidated damages are calculated by subtracting the total contract value (price per gallon X estimated gallons), from (price per gallon of that program type at the time of termination X estimated remaining gallons of contract). Example: A contract is signed for the purchase of an estimated 1,000 gallons at a fixed price of $4.00 per gallon. At the time of the purchaser’s early termination, the price of oil for the same program type is $3.00 per gallon, if the estimated remaining volume of the contract is 500 gallons, the total liquidated damages charged to the purchaser would be (1.00 dollar per gallon X 500 gallons)= $500.00. Estimated gallons are calculated by dividing the k-factor (degree days per gallon) by the estimated remaining degree days of the contract. Telephonically executed agreements: If an agreement is executed by telephone, the customer first confirms that they have read, understand, and agree to these terms and conditions. The term, rate and cost of the program will then be confirmed over the phone, and will be telephonically recorded and time stamped. A confirmation number will be generated and a copy of the contract will then be mailed or e-mailed to the customer. The purchaser has the right to rescind in writing within 3-days of receipt of the confirmation. (telephonic agreements only). A CONTRACT IS NOT VALID UNTIL A CONTRACT CONFIRMATION NUMBER IS GENERATED. THIS HAPPENS WHEN YOU CLICK ON “SUBMIT” AND A CONFIRMATION E-MAIL IS SENT TO YOU. IF THE CONTRACT IS BEING EXECUTED OVER THE PHONE, AN SIPPIN ENERGY AGENT WILL READ AND RECORD THE CONFIRMATION NUMBER WHICH WILL BE INCLUDED IN A COPY THAT WILL BE MAILED OR E-MAILED TO THE PURCHASER. You should print and retain copy of this for your records.
	I have read and agree to the terms and conditions listed above