General terms and conditions entered into between a natural gas supplier and a consumer.

A GSA or a GSPA can be a supply contract or a depletion contract. It can be short, medium or long term.

Some of the main clauses in a GSA agreement include: identity of buyer, identity of seller, Securities provided by buyer, Securities provided by seller, Conditions Precedent of Buyer, Conditions of Precedent Seller, Commencement Date / Expected first delivery date, Commissioning Period, Contract Period, Extension of Term, Transportation, Delivery Point, Delivery Pressure, gas quality, Contract Quantities of Gas (hourly, daily, yearly contracted quantity + maximum H/D/Y contracted quantity, Take or Pay Quantity, Make-Up Rights of Buyer, Carry Forward Rights of Buyer, Excess gas, Shortfall gas, Nomination Procedures, Contract Gas Price / formula / indexation / escalation (provisions covering movements in the contract price over the period of the contract, by reference to specified indices), potential Price reviews, Excess gas price, Invoicing and Payment, Maintenance periods of seller and buyer, Planned and Emergency Temporary Shutdowns, Obligation to Supply Gas, Warranties and Undertakings of Seller, Warranties and Undertakings of Buyer, Force Majeure of parties, Effects of Force Majeure, Default, Buyer and seller’s Liabilities, Suspension and Right of Termination, contract assignment, Governing law.