CLARIFICATION NOTE: General Terms and Conditions in Singapore MOC process

S&P Global Platts considers in its Singapore Market on Close oil products assessment process bids and offers that are executable under normal conditions and reflect typical trading practices.

Companies' general terms and conditions are normally recognized provided they are consistently applied and accepted as part of normal trading practice.

Counterparties are expected to perform on trades reported in the MOC based on typical GT&Cs that have been applied and accepted by both counterparties in the open market.

If an offer is lifted by a buyer during the Platts MOC process, Platts would expect typical GT&Cs between both parties to be applicable, even where the GT&Cs stated in the originally published offer may differ, if the companies have not conventionally performed on the published GT&Cs.

At no time can a company impose its own GT&Cs after taking out a bid or lifting an offer made under a different standard.

Furthermore, a company's GT&Cs regarding vetting are not applicable to a third party terminal.

Please send all comments, feedback and questions to asia_products@platts.com and pricegroup@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.