Crude oil pipeline throughput agreement is among the take or pay type contracts which is commonly used in oil industry as a security and guaranty of project financing. This is normally a legal document in which oral commitments are incorporated in written to make it finite and legal according to the predefined state federal laws. One party has the benefit of transporting their product while second party earns money for allowing the usage of their pipeline through this professional binding.
Crude oil pipeline throughput agreement is a normal practice for the companies involved in pipeline projects in the oil industry. This pipeline throughput agreement is signed between two companies when one company undertakes the task of passing (called put through) a definite amount of crude oil through their processing plant (called a pipeline) for a fixed period of time. The entire terms and conditions regarding the usage of the pipeline are mentioned in this agreement.
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