The Master Power Purchase And Sale Agreement is a fundamental document in India's power sector, designed to facilitate structured power trading relationships between generators, distributors, and bulk consumers. This agreement type is particularly crucial in the Indian context, where the power sector operates under a complex regulatory framework including the Electricity Act, 2003, CERC regulations, and state-specific requirements. It's typically used when parties intend to establish a long-term framework for multiple power purchase transactions, providing flexibility through transaction-specific schedules while maintaining consistent general terms and conditions. The document incorporates essential elements such as power specifications, pricing mechanisms, regulatory compliance requirements, and risk allocation provisions, making it suitable for both conventional and renewable energy transactions in the Indian market.
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1. Parties: Identification and details of the power seller and purchaser
2. Background: Context of the agreement, including brief description of parties' businesses and purpose of the agreement
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Term and Termination: Duration of the agreement, conditions for renewal, and termination provisions
5. Sale and Purchase Obligations: Core obligations of parties regarding power supply and purchase commitments
6. Delivery Point and Metering: Specification of delivery point and metering arrangements
7. Pricing and Payment Terms: Pricing mechanism, billing procedures, and payment terms
8. Security Arrangements: Requirements for payment security, performance security, and credit support
9. Force Majeure: Definition of force majeure events and consequences
10. Events of Default and Remedies: Specified events of default and available remedies
11. Dispute Resolution: Procedures for resolving disputes between parties
12. Representations and Warranties: Standard and specific representations and warranties of both parties
13. Indemnification and Liability: Scope of indemnification obligations and liability limitations
14. Confidentiality: Provisions for protecting confidential information
15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
1. Change in Law: Provisions addressing the impact of regulatory changes - include when regulatory environment is volatile
2. Trading and Scheduling: Detailed provisions for power trading and scheduling - include for day-ahead market transactions
3. Renewable Energy Obligations: Specific provisions for renewable energy sources - include when dealing with renewable power
4. Carbon Credits: Provisions regarding carbon credits and environmental attributes - include for renewable energy projects
5. Assignment and Financing: Detailed provisions for project financing and assignment rights - include when project financing is involved
6. Insurance: Specific insurance requirements - include for high-value or high-risk transactions
7. Step-in Rights: Lender's step-in rights - include when project financing is involved
1. Schedule 1: Technical Specifications: Detailed technical parameters of power supply, including capacity, voltage levels, and technical standards
2. Schedule 2: Testing and Commissioning: Procedures and requirements for testing and commissioning of facilities
3. Schedule 3: Tariff and Payment: Detailed pricing structure, calculations, and payment mechanisms
4. Schedule 4: Operating Procedures: Detailed procedures for day-to-day operations, scheduling, and dispatch
5. Schedule 5: Metering and Communications: Specifications for metering equipment and communication protocols
6. Schedule 6: Performance Standards: Required performance standards and associated penalties/incentives
7. Schedule 7: Interconnection Facilities: Details of interconnection facilities and responsibilities
8. Schedule 8: Contact Details: List of authorized representatives and contact information
9. Appendix A: Form of Performance Security: Standard format for performance security/bank guarantee
10. Appendix B: Monthly Bill Format: Standard format for monthly billing
11. Appendix C: Testing Procedures: Detailed procedures for various tests
12. Appendix D: Operating Committee Procedures: Procedures for operating committee meetings and decision-making
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