An agreement between two parties which defines the terms and conditions for the exchange of gas and title transfer.

A document prepared at the beginning of an exchange outlining all the understandings between the taxpayer and the Qualified Intermediary. This document must be signed by the taxpayer before the exchange can begin.

A contractual agreement in which quantities of crude oil, petroleum products, natural gas, or electricity are delivered, either directly or through intermediaries, from one company to another company, in exchange for the delivery by the second company to the first company of an equivalent volume or heat content. The exchange may take place at the same time and location or at different times and/or locations. Such agreements may also involve the payment of cash. Note: EIA excludes volumes sold through exchange agreements to avoid double counting of data. See energy exchange above.

An agreement executed by the taxpayer and the Safe Harbor which provides for the terms under which the Safe Harbor will participate in the taxpayer's exchange.

A written agreement between the Qualified Intermediary and Exchangor setting forth the Exchangorâ€(tm)s intent to exchange relinquished property for replacement property, as well as the terms, conditions and responsibilities of each party pursuant to the tax-deferred, like-kind exchange transaction.

A deferred Exchange is defined as an exchange in which, PURSUANT TO AN AGREEMENT, the Exchanger transfers the relinquished property and subsequently receives the replacement property. THEREFORE, AN EXCHANGE AGREEMENT IS VITAL.