A second program, called “firm-flex

A second program, called “firm-flexible” contracts, included a set price and a specified total volume of deliveries over the life of the contract, but gave the customer extensive rights to set the delivery schedule—up to a maximum of 20% of its needs in any year—and with 45 days notice. By September of 1993, MGRM was obligated for a total of 52 million barrels under this type of contract. About 47.5 million barrels were covered by contracts running for ten years and 10.5 million barrels were covered by contracts running for five years