Section 53S — Competition and Consumer Act 2010: Agreements

(1) A gas market code may include rules about agreements relating to supplying or acquiring a gas commodity, including: (a) rules requiring a gas market participant to enter, or not to enter, into an agreement in specified circumstances; or (b) rules about any of the following matters: (i) the manner in which an agreement is made (for example, in writing); (ii) matters dealt with in an agreement, including, in the case of an agreement to supply or acquire a gas commodity, the matters mentioned in subsection (2); (iii) withdrawing from or ending an agreement. Example: Rules requiring specified matters to be dealt with, or not dealt with, in an agreement. (2) For the purposes of subparagraph (1)(b)(ii), the matters are the following: (a) how much of the gas commodity is to be supplied or acquired; (b) flexibility of the volume of the gas commodity to be supplied or acquired; (c) where the gas commodity is to be supplied or acquired; (d) when the gas commodity is to be supplied or acquired; (e) payment terms; (f) a communication protocol for major interruptions to the supply of the gas commodity; (g) the period of the agreement; (h) the consequences of a breach of the agreement; (i) dispute resolution.