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Custody transfer



In fluid measurement, a custody transfer point is a metering point at a location where the fluid is being measured for sale from one party to another -- hence the term 'custody transfer.'. Custody transfer measurement is distinct from some other types of measurement because of the contractual nature of the meter. A legal regulatory environment has been established in most jurisdictions. Such regulations dictate anti-fraud provisions and specifications regarding minimum precision and accuracy.

In Canada, for instance, all measurement of a custody transfer nature falls under the purview of Measurement Canada. In the USA, the Federal Energy Regulatory Commission (FERC) controls the standards which must be met for interstate trade.

 
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Custody_transfer". A list of authors is available in Wikipedia.
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