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9. For regulations 7 and 8 substitute—
7.—(1) This regulation prescribes the transaction base time for a proposed sale for the purposes of paragraph 4 of Schedule 10.
(2) The transaction base time is the time (and date) at which there is an agreed price (in the form of a unit price or formula for determination of the price) at which oil is to be delivered pursuant to the contract of sale (irrespective of whether or not a legally binding agreement has come into being).”.
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