The General Terms and Conditions for the Sale and Purchase of LNG (2018)
LNG GTCs 2018
The LNG GTCs 2018 are standard terms and conditions to be incorporated by reference in a confirmation notice to form a contract for the sale of one or more LNG cargoes for FOB or DES delivery.
The GTCs contain default provisions in relation to several matters identified in the confirmation notice templates. In case of discrepancy with the GTCs, the confirmation notice will supersede them to the extent matters are specifically addressed therein.
Note: all uses of the LNG GTCs 2018 are subject to the copyright and conditions of use indicated therein. De Gaulle Fleurance & Associés and the author disclaim any interests or liability whatsoever for loss or damages that may result from use of the LNG GTCs 2018 or portions or variations thereof.
Confirmation notices
Exhibit 1 is a long form confirmation notice similar to the forms found in MSPA templates.
Exhibit 2 is a short form confirmation notice template suggested for use by the buyer and the seller. It is similar to a term sheet form and can be finalised once completed and executed.
Paper on the LNG GTCs 2018
Ruchdi Maalouf, author of the LNG GTCs 2018, wrote an article on the LNG GTCs 2018 in the Journal of World Energy Law and Business (the official journal of the Association of International Petroleum Negotiators published by the Oxford University Press).
The full text of the article is available here: The essential evolution of LNG trading—moving to GTCs, JWELB, Vol. 11-5, Oct. 2018
Working on version 2.0
The IAL is currently reviewing the LNG GTCs 2018 version 1.0. If you have any comment on the draft, please get in touch so that they can be incorporated in version 2.0. Email us at info@ial-ida.org.