Section 23 in The Bihar Electricity Regulatory Commission (Licencing for Intra-State Trading in electricity) Regulations, 2007
23. Duties relating to trading transactions.
(1)The trader shall have in place all agreements for the purchase and sale of electricity, and any necessary related authorisations and arrangements as required for the discharge of his obligations under the Licence. Necessary safeguards with regard to supply of electricity through trading, or payment for electricity traded shall be included in the agreements between the parties.(2)The trader shall have in place the open access agreements with each transmission licensee and distribution licensee concerned for the conveyance of electricity, unless the trader's customer or power supplier has entered into such access agreements.(3)The trader shall have in place a well-structured payment security mechanism, i.e., through letters of credit or any other superior instrument mutually acceptable to the parties concerned.(4)The trader shall maintain an up-to-date register or record of his customers and all the business transactions.
