Natural Gas Options

The terms and conditions of Natural Gas Options incorporate by reference such credit and other terms as the parties may establish through their pre-existing bilateral agreement. Natural Gas Options have the following characteristics:

Contract Overview:	A natural gas option is a derivative financial instrument that gives one party the right, but not the obligation, to buy or sell a specific quantity of natural gas from or to another party at a specified price on a specified date.
Trade Date:	As agreed by the parties.
Effective Date:	The date on which the calculation of accrued obligations under the contract.
Commodity:	Natural Gas
Notional Amount:	As agreed by the parties.
Option Style:	[American] [European] [Bermuda] [Asia]
Option Type:	[Put] [Call]
Buyer:	Party [A/B]
Seller:	Party [A/B]
Termination Date:	As determined by the parties.
Price Source:	Natural Gas Inelligence, Canadian Gas Price Reporter, Inside FERC, Gas Daily, Platts/McGraw Hill or NYMEX, as determined by the parties.
Settlement Type:	[Cash Settlement] [Physical Settlement]
Specified Delivery Point:	If applicable, as agreed by the parties.
Pricing Date(s):	If applicable, as agreed by the parties.
Method of Averaging:	If applicable, as agreed by the parties.
Total Premium:	The amount payable by the Buyer to the Seller.
Premium Payment Date(s):	The date(s) agreed by the parties.
Expiration Date:	The date agreed by the parties.
Expiration Time:	The time agreed by the parties.