A run ticket is a document that serves as proof of the receipt or delivery of oil. It is issued by a carrier, such as a pipeline or other transport service, and details the amount of oil transferred from storage. The information recorded on a run ticket is crucial, as it forms the basis for payment transactions related to the oil delivered.
Run tickets are commonly used in the oil and gas industry, particularly in transactions involving the transportation and sale of oil. They play a vital role in legal agreements and contracts between producers, carriers, and purchasers. Understanding how run tickets function can help users manage their legal obligations effectively, especially when using legal templates from US Legal Forms to create or review related documents.
Here are a couple of examples of abatement:
Example 1: A pipeline company issues a run ticket to a refinery, documenting the delivery of 5,000 barrels of crude oil. The ticket includes the date, time, and signatures from both parties, ensuring that the refinery can process the payment based on this documentation.
Example 2: A small oil producer delivers oil to a storage facility and receives a run ticket in return. This ticket will be used to verify the amount of oil stored and to facilitate future sales to buyers. (hypothetical example)
Examples of state differences (not exhaustive):
| State | Key Differences |
|---|---|
| Texas | Run tickets are often used in conjunction with state regulations on oil transportation. |
| California | Additional environmental documentation may be required alongside run tickets. |
| North Dakota | Specific forms may be mandated for reporting oil transfers. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Bill of Lading | A document issued by a carrier to acknowledge receipt of cargo. | A run ticket specifically pertains to oil transactions, while a bill of lading can apply to various goods. |
| Delivery Receipt | A document confirming that goods have been delivered. | A run ticket includes specific details about oil quantity and payment terms, which may not be present in a general delivery receipt. |
If you are involved in the oil and gas industry and need to manage run tickets, ensure you keep accurate records of all transactions. Utilize US Legal Forms to access templates that can help you create or review run tickets and related documents. If your situation is complex or involves significant legal implications, consider consulting a legal professional for tailored advice.
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A run ticket usually includes details such as the amount of oil delivered, the date and time of the transfer, and signatures from both the carrier and the receiver.