The following describes the terms on which SRECTrade offers you access to our services.
This User Agreement (the “Agreement”) is entered into by and between a user of SRECTrade (hereinafter “User”) and InClime, LLC, (hereinafter “SRECTrade”), a Delaware limited liability company (User and InClime are hereinafter individually referred to as a “Party” or collectively referred to as the “Parties”).
While using the SRECTrade, User agrees that it will not:
violate any laws, third party right, or SRECTrade’s policies;
fail to deliver payment for SRECs purchased by User;
circumvent or manipulate SRECTrade’s fee structure, the billing process, or fees owed to SRECTrade;
post false, inaccurate, misleading, defamatory, or libelous content (including personal information);
transfer User’s SRECTrade account (including feedback) and User ID to another party without the consent of SRECTrade;
distribute viruses or any other technologies that may harm SRECTrade, or the interests or property of SRECTrade users;
copy, modify, or distribute content from the SRECTrade and SRECTrade's copyrights and trademarks; or
harvest or otherwise collect information about users, including email addresses, without their consent.
Without limiting other remedies, SRECTrade may limit, suspend, or terminate SRECTrade’s service and user accounts, prohibit access to SRECTrade’s website, delay or remove hosted content, and take technical and legal steps to keep User off SRECTrade if SRECTrade thinks that it is creating problems, possible legal liabilities, engaging in fraudulent activity or acting inconsistently with the letter or spirit of SRECTrade’s policies.
User agrees that bidding on a quantity of SRECs is a revocable offer to buy the SRECs at the price in the bid, provided User’s offer meets the clearing price, which shall be no greater than the price in the bid. User may cancel a bid prior to the close of the auction without penalty. Once the auction closes, a bid becomes irrevocable. User agrees to read the listing carefully to be certain the SRECs are of the vintage it desires.
If a User bid is equal to or greater than the clearing price in a particular auction, SRECTrade will inform User within one (1) business day of auction close that User was a winner in the auction. Winning bidders are required to deliver the purchase price of the SRECs they have purchased (i.e., the clearing price times the number of SRECs bid upon, plus SRECTrade commission). User is responsible for sending payment to SRECTrade within five (5) days of the date when SRECs are placed in escrow or into the account under the User name in the GATS database. SRECs will be placed in User GATS account within five (5) business days from the close of the auction.
If a User bid is less than the clearing price in a particular auction, SRECTrade will inform User within one (1) business day of the auction close that User was not a winner in the auction. Bidders that do not win are free from any obligations with respect to this auction.
Placing a single or block of SRECs for a particular auction is a revocable offer to sell these SRECs at the clearing price of the auction. As such, User agrees to consider carefully whether it wants to place its SRECs up for auction. The User opening offer must equal the minimum bid that it would accept. Once the auction closes, the offer becomes irrevocable.
If a User offer ends up being equal to or below the clearing price of the auction, SRECTrade will inform User that User has won the auction. At this point, User is legally contracted to sell the specified quantity of SRECs at this clearing price. Within three (3) business days, User is required to transfer these SRECs into SRECTrade’s GATS account. Failure to do so violates this contract and may result in legal prosecution. SRECTrade will initiate payment to User for User’s SRECs within ten (10) business days of the close of the auction. The time between initiation of payment and receipt of payment will depend on the payment method which User has chosen in the "My Accounts" page.
If User’s offer ends up being above the clearing price of the auction, SRECTrade will inform User that User did not win the auction, and User will not be able to sell User SRECs in that auction.
Joining SRECTrade and offering SRECs for sale is free. When User places a bid to purchase an SREC or block of SRECs, User will have an opportunity to review and accept the fees that User will be charged based on SRECTrade’s fees schedule, which SRECTrade may change from time to time. Changes to that policy are effective after SRECTrade provide User with at least fourteen (14) days' notice by posting the changes on the SRECTrade. SRECTrade may choose to temporarily change the fees for SRECTrade’s services for promotional events or new services, and such changes are effective when SRECTrade posts the temporary promotional event or new service on the SRECTrade.
Unless otherwise stated, all fees are quoted in U.S. Dollars. User is responsible for paying all fees and applicable taxes associated with the SRECTrade in a timely manner with a valid payment method. If a User payment method fails or User’s account is past due, SRECTrade may collect fees owed using other collection mechanisms. This includes charging other payment methods on file with us, retaining collection agencies and legal counsel, and for accounts over 180 days past due, deducting the amount owed from User’s PayPal account balance.
Neither party will hold the other responsible for other users' actions or inactions, including things they post.
Further, SRECTrade cannot guarantee continuous or secure access to SRECTrade’s services, and operation of the SRECTrade may be interfered with by numerous factors outside of SRECTrade’s control. Accordingly, to the extent legally permitted, SRECTrade exclude all implied warranties, terms and conditions. SRECTrade is not responsible for bids not being processed or not being accepted due to technical difficulties. Neither party will be liable for any loss of money, goodwill, or reputation, or any special, indirect, or consequential damages arising out of use of SRECTrade. Some jurisdictions do not allow the disclaimer of warranties or exclusion of damages, so such disclaimers and exclusions may not apply to either party.
Regardless of the previous paragraph, if SRECTrade is found to be liable, its liability to the other Party or to any third party is limited. SRECTrade’s liability is limited to the greater of (a) the total fees User paid to SRECTrade in the twelve (12) months prior to the action giving rise to the liability, and (b) $100.
If either Party has a dispute with one or more users, this Party releases the other Party (and their officers, directors, agents, subsidiaries, joint ventures and employees) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes. If User or SRECTrade is a California resident, they waive California Civil Code §1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."
The SRECTrade website contains robot exclusion headers. Much of the information on the SRECTrade website is updated on a real-time basis and is proprietary or is licensed to SRECTrade by SRECTrade’s users or third parties. User agrees that they will not use any robot, spider, scraper or other automated means to access the SRECTrade for any purpose without SRECTrade’s express written permission.
Additionally, User agrees that User will not:
take any action that imposes or may impose (in SRECTrade’s sole discretion) an unreasonable or disproportionately large load on SRECTrade’s infrastructure;
copy, reproduce, modify, create derivative works from, distribute, or publicly display any content (except for User’s information) from the SRECTrade website without the prior expressed written permission of SRECTrade and the appropriate third party as applicable;
interfere or attempt to interfere with the proper working of the SRECTrade or any activities conducted on the SRECTrade; or
bypass SRECTrade’s robot exclusion headers or other measures SRECTrade may use to prevent or restrict access to SRECTrade.
SRECTrade view protection of users' privacy as a very important community principle. SRECTrade will not sell or rent User’s personal information to third parties for marketing purposes without User’s explicit consent. SRECTrade will use User’s information only as described in the SRECTrade Privacy Policy. SRECTrade stores and processes User’s information on computers located in North America that are protected by physical as well as technological security devices. User can access and modify the information User provides us and choose not to receive certain communications by signing-in to User’s account. SRECTrade uses third parties to verify and certify SRECTrade’s privacy principles. For a complete description of how SRECTrade uses and protects User’s personal information, see the SRECTrade Privacy Policy.
If any claim or demand, including reasonable attorneys’ fees, is made by any third party due to or arising out of a breach of this Agreement or violation of any law or the rights of a third party by a Party to this Agreement (the “Offending Party”), the Offending Party will indemnify and hold the other Party (and their officers, directors, agents, subsidiaries, joint ventures and employees) harmless from such claim or demand.
No agency, partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created by this Agreement.
Except as explicitly stated otherwise, legal notices shall be served on SRECTrade's national registered agent (in the case of SRECTrade) or to the email address User provides to SRECTrade during the registration process (in the case of User). Notice shall be given twenty four (24) hours after the email is sent, unless the sending party is notified that the email address is invalid. Alternatively, SRECTrade may give User legal notice by mail to the address provided during the registration process. In such case, notice shall be deemed given three (3) days after the date of mailing.
This Agreement shall be governed in all respects by the laws of the State of Delaware as they apply to agreements entered into and to be performed entirely within Delaware between Delaware residents, without regard to conflict of law provisions.
Any claim, dispute, or controversy of whatever nature arising out of or relating to this Agreement, including, without limitation, any action or claim based on tort, contract, or statute (including any claims of breach), or concerning the interpretation, effect, termination, validity, performance and/or breach of this Agreement (“Claim”), shall be resolved by final and binding arbitration (“Arbitration”) before a single arbitrator (“Arbitrator”) selected from and administered by Judicial Arbitration and Mediation Service Inc. (the “Administrator”) in accordance with its then existing arbitration rules or procedures regarding commercial or business disputes. The Administrator and the Parties must comply with the following rules: a) the Arbitration shall be conducted by telephone, online and/or be solely based on written submissions, the specific manner shall be chosen by the party initiating the arbitration; b) the arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise mutually agreed by the parties; and c) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
The Arbitrator shall, within fifteen (15) calendar days after the conclusion of the Arbitration hearing, issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The Arbitrator shall be authorized to award compensatory damages, but shall not be authorized (i) to award non-economic damages, such as for emotional distress, pain and suffering or loss of consortium, (ii) to award punitive damages, or (iii) to reform, modify or materially change this Agreement or any other agreements contemplated hereunder; provided, however, that the damage limitations described in parts (i) and (ii) of this sentence will not apply if such damages are statutorily imposed. The Arbitrator also shall be authorized to grant any temporary, preliminary or permanent equitable remedy or relief he or she deems just and equitable and within the scope of this Agreement, including, without limitation, an injunction or order for specific performance. Each Party shall bear its own attorney's fees, costs, and disbursements arising out of the arbitration. By agreeing to this binding arbitration provision, the Parties understand that they are waiving certain rights and protections which may otherwise be available if a Claim between the Parties were determined by litigation in court.
All claims User brings against SRECTrade must be resolved in accordance with this Resolution of Disputes Section. All claims filed or brought contrary to the Resolution of Disputes Section shall be considered improperly filed. Should User file a claim contrary to the Resolution of Disputes Section, SRECTrade may recover attorneys' fees and costs up to $1000, provided that SRECTrade has notified User in writing of the improperly filed claims, and User has failed to promptly withdraw the claim.
Either Party may terminate this Agreement at any time by contacting the other Party at least thirty (30) days prior to the termination. This Agreement may not be otherwise amended except in a writing signed by User and SRECTrade. This Agreement sets forth the entire understanding and agreement between us with respect to the subject matter hereof. The following Sections survive any termination of this Agreement: Fees and Services (with respect to fees owed for SRECTrade’s services), Release, Content License, Liability, Indemnity and Resolution of Disputes.
1. Parties. SRECTrade and the below signed generator/seller of solar renewable energy credits (the “Seller”) agree to the following terms and conditions with respect to automatic Solar Renewable Energy Credit (“SREC”) selling (“EasyREC”).
2. Definition. EasyREC refers to a service offered by SRECTrade in which a Seller’s SRECs are sold automatically on SRECTrade’s online monthly auction.
3. Fees. SRECTrade shall charge Seller a fee for performing the EasyREC service.
4. Initial SREC Transfer. As part of the EasyREC process, Seller shall complete the Schedule A form provided allowing for the transfer of Seller’s generating unit into SRECTrade’s PJM-EIS GATS (the “GATS”) account.
5. Posting, Selling and Final SREC Transfer. Once Seller’s SREC is deposited into SRECTrade’s GATS account, SRECTrade shall post it for sale in the current SRECTrade auction. Seller shall have the option to specify a minimum price at which the SREC must sell for a sale to occur (the “Offering Price”).
If the Seller does not indicate an Offering Price, the Offering Price shall be set equal to the clearing price for each auction. If the clearing price of the auction is below the Offering Price, SRECTrade shall hold the SREC and post it for sale in the next auction, along with any new SRECs that are generated by Seller in the meantime. If the clearing price of the auction is above the Offering Price, SRECTrade shall transfer the SREC to the winning bidder and distribute resulting funds to Seller. At Seller’s choice, SRECTrade shall transfer these funds to Seller either by sending a check to Seller’s address or by directly depositing payment into a Seller-specified bank or checking account within 10 business days of the auction close.
6. Control. Even though SRECs transferred for EasyREC are placed in SRECTrade’s GATS account, Seller shall maintain control of them. This control must be exercised through communication with SRECTrade (either via e-mail or via SRECTrade.com), as once an SREC is transferred to SRECTrade’s account, only SRECTrade will have access to them. At any time before the close of an auction, Seller may direct SRECTrade to perform any of the following actions:
6.1. Cancel Seller’s EasyREC Agreement. Seller may cancel the EasyREC arrangement. Seller will complete Schedule A to reassign unit back to Seller’s GATS account. SRECTrade will then transfer all of Seller’s unsold SRECs from SRECTrade’s GATS account to Seller’s GATS account. All of Seller’s future SRECs will be deposited into the Seller’s GATS account.
6.2. Change Offering Price. Seller may change the Offering Price.
6.3. Hold SRECs. Seller may instruct SRECTrade to hold Seller’s SRECs for a later auction.
6.4. Retire SRECs. Seller may opt to have SRECTrade retire Seller’s unsold SRECs.
6.5. Transfer SRECs to Another Person. Seller may instruct SRECTrade to transfer Seller’s unsold SRECs to any person with a GATS account. To affect such a transfer, Seller must supply SRECTrade with that person’s GATS name identification.
6.6. Effectivity Date and Time. Any instructions from the Seller for SRECTrade to perform any of the actions included here shall be executed in a timely manner by SRECTrade.
7. Cancellation. SRECTrade reserves the right to cancel this agreement at any time. In this event, SRECTrade shall notify Seller via e-mail and shall transfer all of Seller’s unsold SRECs from SRECTrade’s GATS account to Seller’s GATS account. All of Seller’s future SRECs will be deposited into the Seller’s GATS account.
8. Entire Agreement. This is the entire agreement between the parties with respect to EasyREC. On this matter, this agreement replaces and supersedes any and all oral agreements between the parties, as well as any prior writings.
9. Successors and Assignees. This agreement binds and benefits the heirs, successors, and assignees of the parties.
10. Governing Law. This agreement will be governed by and construed in accordance with the laws of the state of Delaware.
11. Waiver. If one party waives any term or provision of this agreement at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this agreement, that party retains the right to enforce that term or provision at a later time.
12. Severability. If any court determines that any provision of this agreement is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this agreement invalid or unenforceable and such provision shall be modified, amended, or limited only to the extent necessary to render it valid and enforceable.
These Rules set out the basis on which InClime LLC (the "Exchange", the owner and operator of the www.SRECTrade.com platform) provides its services to you and governs your use of the service. In addition, special terms (Contract Rules, Contract Specifications, and Exchange Announcements) apply for each market and also constitute part of these Rules.
The Exchange provides various services to its registered members including based trading of SRECs and SREC forwards with other members. The Exchange provides order matching, account opening and account facilities to its account holders via its website www.SRECTrade.com. The Exchange is not a bookmaker or market maker nor is it involved in the business of trading, betting or wagering. The Exchange collects fees from its account holders on trade execution and contract expiry and maintains authority to enforce the rules of the exchange to promote functional markets.
The forward contracts traded on the exchange must result in the delivery of the underlying SRECs and cannot be settled for cash or a cash equivalent. The only was to eliminate the exposure inherent in an open forward contract traded on the Exchange prior to contract maturity and resultant exchange of SRECs is to hedge the contract by buying or selling an identical but opposite position. The Exchange does not warrant that such a position will be available to buy or sell at all times. SRECTrade does not offer futures contracts or derivatives on futures contracts of any kind.
The Exchange may vary these Rules at its sole discretion at any time. Notification of any changes will be posted on the Exchange website for at least one week. All changes will apply to all outstanding trades, orders and financial transactions. You agree that should you object to these Rules or any subsequent modification, or are dissatisfied with the service; your only recourse is to close your account.
It is your responsibility to remain apprised of any changes made to these Rules by reviewing the Exchange website on a regular basis.
All notices that the Exchange is required to send to you regarding the service shall be made via e-mail to the e-mail address provided by an account holder and each account is responsible for providing a current e-mail address. Notices served by you on the Exchange pursuant to these Rules shall be sent to the Exchange at the e-mail address given on the Exchange's website. Communications shall be deemed to have been received at the time of transmission.
This agreement is effective when a prospective account holder submits an application to open an Forward Trading account and agrees online to be bound by the Exchange Rules, Contract Rules, and Terms of Service.
To open an account, you must meet the following conditions:
You must carefully read and agree to these Rules, the Contract Rules, Privacy Policy and Terms of Service.
You must not already hold an Exchange account or have had an account that has been closed by the Exchange.
You are not prohibited from using the services of the Exchange for any reason whatsoever, and your use will not cause the Exchange to violate any law from any jurisdiction from which you use the service.
By opening an account on the Exchange you recognize and warrant that:
All transactions are contracted and settled on the Exchange's servers.
You are solely responsible for meeting any requirements of local tax authorities.
Trading on the Exchange is an activity predominantly based on skill, not of chance. You undertake that, when using the Exchange's services, you will not rely predominantly on chance and you will not make any offer or series of offers that would, if matched, be considered an illegal activity.
You may lose money on Exchange trades.
You agree to keep your account number and password confidential and accept that you are fully liable for all trading losses, orders and payment transactions on your account, even if you are acting on behalf of a third party. If the cash deposited in or collateral posted to your account is insufficient to cover your liabilities, the Exchange retains the right to collect through debt collectors, legal means and other methods.
All information provided by you must be a true, accurate, current and complete description of your circumstances. You are responsible for informing the Exchange via the website of any changes to the account information provided. The Exchange is not responsible if you incur any losses because it was unable to contact you.
In applying to open an account, you agree that:
The Exchange may conduct checks on the information that you have provided to ensure that it is correct and that you meet the conditions for becoming an account holder of the Exchange. You authorize the Exchange to use any means necessary to verify your registration details and check your creditworthiness
The Exchange is held harmless against any falsehood or inaccuracy contained in the information you provide when registering as a member.
You may apply to open an account using the application process on the website. When the Exchange has accepted your application it will prepare an account and send you a confirmation e-mail. The Exchange is entitled to reject your application without giving you a reason. Before you may trade, you must deposit funds into your account as collateral for the forward contracts or register a solar facility through our EasyREC service. If an account holder is using to the SRECs produced by a solar facility to partially or fully satisfy collateral requirements, at the Exchange's discretion, the account may not be closed in the SREC registry tracking system currently in use or the system withdrawn from EasyREC.
You agree to disable automatic password memory features in your browser and ensure that you exit from your account at the end of each session. If you suspect that someone else is using your account, you agree to immediately inform the Exchange by e-mail. When the Exchange is informed it will suspend your account.
The Exchange has the right to suspend or close your account at any time without giving you a reason, without further obligation or liability to you resulting from these actions.
If your account is suspended by the Exchange you cannot enter new orders or make deposits/withdrawals and your open orders will be cancelled. You may still login to your account and view your account details. You may request to close your account by contacting the Exchange using the details described in the "Contact Us" section of the website and you may only close your account when there are no open orders or positions and all payments have cleared.
If the Exchange closes your account then it may, at its sole discretion, choose to take any or all of the following actions:
cancel any or all of your outstanding orders and/or trade out of any open positions in your account;
open positions in other similar, but not necessarily Exchange-traded, contracts in order to hedge exposures created by your open positions;
offset any money in your account to cover losses made on all of your transactions, instigated either by you or the Exchange, and any costs incurred by the Exchange in determining and handling your breach of these Rules, including, without limitation, legal costs;
recover any losses resulting from the close out of positions by charging to your registered card.
In closing your account, you recognize that the Exchange's priority is to protect itself, the integrity of its markets and the interests of its other members. The Exchange neither has any obligation to minimize your losses nor to consult with you over its actions.
The Exchange is not a bank and does not provide any banking facilities. All accounts are denominated in US Dollars and deposits and withdrawals will be made in US Dollars. You may deposit funds by bank transfers, or checks, cashiers check payable to InClime LLC. Checks deposits must be in the name of the Intrade account holder. Third party checks will not be accepted. You can request withdrawals through the website. While every effort is made to process your deposits and withdrawal request in a timely manner, the Exchange is not responsible for any delays that may occur. Normally there are no fees charged by the Exchange to process your deposit, however where the Exchange incurs costs as a result of your funds being deposited to your account with the Exchange your account will be debited accordingly.
The Exchange provides an order book for all listed contracts. Members may enter orders to this book or cancel orders through the Exchange website. The Exchange accepts no responsibility for any losses incurred due to a member's inability or delay in accessing or using the website. You are reminded that the Contract Rules contain additional specific regulations relating to trading on contracts, while they do not contain any information specific to Exchange or member downtime.
The Exchange will be open for trading from 11:00 am to 2:30 pm ET Monday through Friday (Closed holidays according SIFMA holiday calendar and half days will open at 11:00 am and close at 12:00 pm ET). During trading hours, all orders may be entered and matched. Orders entered outside of trading hours will be processed during an opening rotation at the next opportunity when the Exchange reopens. All orders are considered good until canceled and can be posted for multiple days.
Where possible, changes to the published trading hours will be published on the "Exchange News" section of the website. Trading hours may be amended at short notice. Trading services may be temporarily suspended to permit scheduled system maintenance and enhancements, after all contracts have been paused. To ensure an orderly market, the Exchange retains the right to pause trading in a contract for any period, at any time and for any duration. While a market is paused, no new orders may be added but open orders may be canceled. Trading Services may also be temporarily unavailable for any number of non-scheduled technical reasons including but not limited to hardware or software failures, or failures related to the Internet. In such eventualities, the Exchange will endeavor on a best efforts basis to follow the procedure detailed here. If trading services become unavailable to all due to hardware, software or other problem, the Exchange will endeavor on a best efforts basis to pause trading in some or all contracts. The Exchange will attempt to process all cancel orders prior to restarting trading or processing new orders. This procedure is designed as far as possible to protect members who had left orders on an order book from loss caused by the movement of a market during the downtime. However, if for whatever reason the Exchange is unable to follow its procedure, any claimed or actual loss suffered by a member for any reason will not be the liability of the Exchange.
For a short period each day, outside of trading hours, the Exchange updates accounts. During this daily maintenance period, requests to cancel orders and deposit/withdraw funds will be delayed. Otherwise, even when the Exchange is closed, you may cancel open orders, initiate new orders to be processed when the Exchange reopens, view account reports, initiate deposits and request withdrawals.
To trade on the Exchange, you must first enter an order. A trade is executed when either your new order is entered and another member subsequently matches all or part of your order, or your new order matches all or part of another member's open order. All orders must be entered through the Exchange's website.
All order prices must be higher than the contract's minimum possible expiry price and lower than the contract's maximum possible expiry price.
Your order will be rejected if you have insufficient "Available Funds" or eligible solar facilities to cover the new initial collateral requirement.
To protect the interests of the Exchange and its members, the Exchange may restrict a member to entering closing orders.
All orders are good until cancelled and will remain on the order book until the appropriate account holder cancels it, the contract expires or the order has been matched.
When the Exchange matches your order with another member's order it becomes a trade.
Matching occurs when a bid/offer is placed on a contract's order book at a higher/lower price than an order already on the order book. Where the quantity of the new order is less than the order already on the order book, the smaller quantity will match and the remaining quantity will remain on the order book. This is known as a "partial fill". When matching orders, the Exchange gives priority first by price and then by the time that the order was received by the Exchange. Members are notified of new trades in the "Account Summary" section of the website. Additionally you may set up a notification where the exchange automatically sends you an email with details of the trade. A trade cannot be withdrawn or cancelled "by the member" and the Exchange cannot guarantee that the resulting open position may be closed.
Your open position represents the net result of your previous trades. Each time you trade, your open position in the contract is updated. Although your trade has been executed with another member, your open position shows your effective net position against the Exchange. A positive open position indicates that you have bought more of a contract than you have sold. A negative open position indicates that you have sold more of a contract than you have bought.
You may close your open positions. If a member had previously bought a contract or created one through EasyREC registration, they can close their position by selling the same contract. If a member had previously sold a contract, they can close their position by buying the same contract. Contracts can never be settled with cash or cash equivilents. An open forwards position can also close through the expiry process. According to each forward contracts rules and specifications, a short forwards position can be satisfied by delivering an eligible SREC to the Exchange and the short position and related commitments under the contract will be extinguished. The Exchange will then assign that SREC to a long position whose position and commitments under the contract will also be extinguished.
Additional rules governing specific markets and contracts, are contained and supplemented by the Contract Specification. If you are unsure about any rules you must contact the exchange before you trade.
The Exchange requires account holders to deposit funds and/or register their solar facilities through EasyREC to cover potential losses on your open orders and positions. Collateral requirements are set by the exchange and can be changed at the Exchange's sole discretion. They are posted on the Exchange's website at www.SRECTrade.com/collateral_requirements.php and changes will be e-mail to members with open positions in any contracts with pending changes to their collateral requirments.
Collateral requirements are recalculated at the beginning and end of each trading session as follows:
For customers with solar facilities registered through EasyREC, collateral requirements are amended as follows
For solar facilities that produce SRECs based on an estimated production schedule, the stream of SRECs to be produced can fully collateralize a forward contract into which these SRECs could be delivered.
For solar facilities that produce SRECs based on actual or metered production, estimated and actual metered production combine to calculate collateral offsets. A calculator and methodology are available on the Exchange's website at www.SRECTrade.com/rolling_SREC_estimate_calculator.php (the Rolling SREC Estimate Calculator) and are recalculated on the second Monday of each month and as meter readings are entered into the Exchange's website. Solar facilities on actual or metered production are given a 50% collateral reduction based upon the Rolling SREC Estimate Calculator and an additional 20% collarteral reduction if the entire solar facilities is insured by a AA rated insurance company and InClime LLC or SRECTrade.com is named as additionally insured.
The Exchange, at its' sole discretion, can change the collateral requirements and collerateral offset levels and methodology without notice to Account holders. Account holders remain liable for losses in excess of initial collateral requirements. Members who opt to trade forward contracts are obligated to meet requests for additional collateral.
If you have insufficient funds in your account to cover the required collateral, the Exchange may make a "collateral call" by e-mailing you to deposit more funds. If, within two trading days of the margin call, you fail to deposit the required funds or reduce your open position to a level whereby you have sufficient collateral, the Exchange has the right to take any or all of the following actions:
immediately terminate this agreement and close Account holder's account.
cancel some or all of Member's open orders.
initiate trades on Member's account to reduce open positions without further notice to the Account holder.
In taking any of the above actions, the Exchange does not have any obligation to trade at any particular price when it liquidates your positions, to minimize any losses you may incur as a result of the Exchange liquidating your account or consult with you about the actions it is taking. All members are responsible for monitoring their accounts and ensuring that they have sufficient funds in their account to avoid collateral calls and/or forced liquidations.
The Exchange may choose not to make a margin call if it deems the amount to be too small or non threatening to the health of the marketplace. Such a decision does not affect your liability to the Exchange.
The Exchange charges Exchange fees for trading in prepaid forward and forward contracts.
3% of transaction price for all prepaid forward contracts
1% of notional value for all forward contracts, buyer pays 3% upon delivery of an SREC into contract.
The failure of a party to take action in respect of any breach of these Rules shall not constitute a waiver of any other breach of the same or any other provisions of these Rules.
If any part of this Agreement is found by a court of competent jurisdiction or other competent authority to be invalid, unlawful or unenforceable then such part shall either be interpreted in a way which can be enforced and is near to the original intent or be severed from the remainder of this Agreement, the remainder of this Agreement continuing to be valid and enforceable to the fullest extent permitted by law.
These Rules (incorporating contract specific rules or related Exchange Announcements) constitute the entire agreement between you and the Exchange and supersede all prior oral or written agreements, understandings, representations or arrangements (unless fraudulent) between you and the Exchange relating to the provisions of the service under these Rules.
These Rules and the agreement they create between an Account holder and the Exchange is not transferable. You cannot assign the agreement or any part to any third party.
These Rules shall be construed and governed by the laws of Delaware and you hereby irrevocably submit to the non-exclusive jurisdiction of the Delaware courts. Irrespective of the foregoing, you agree to comply with any local laws that may apply to your ability to access, use and deal with the services in any manner.
The Exchange shall not be liable for any breach of its obligations hereunder resulting from causes beyond its reasonable control including, without limitation, fires, flood and strikes (of its own or other employees), technology, network or power supply failures.
You agree that your calls made to the Exchange may be recorded for member service or security purposes.
The service is subject to availability. The Exchange will use its reasonable endeavors to provide you with a continuous service but the Exchange makes no warranty or representation that the service will be uninterrupted or error free, nor is any warranty given that the content contained on the website does not contain viruses or may otherwise impact your computer. You acknowledge that neither the Exchange nor any other party has any control over the internet.
Services are provided on an "as is" basis and the Exchange make no warranties or representations of any kind either express or implied in relation to the service including but not limited to warranties or conditions of completeness, accuracy, timeliness, quality (satisfactory or otherwise), merchantability and fitness for a particular purpose.
No advice or information whether oral or written obtained by you from the Exchange or through or from the service shall create any warranty not expressly stated in these Rules.
Save as expressly set out in these Rules, all conditions and warranties which may be implied or incorporated into these Rules by law or otherwise are hereby expressly excluded to the extent permitted by law.
The Exchange's maximum aggregate liability under these Rules for any direct loss or damage that you may suffer shall be limited