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.