Long-term sales contracts – usually for a 20-year term – the long-term LNG sales contract remains the traditional guarantee for financing the LNG capital-intensive value chain. Most of the world`s LNG volume is sold under long-term contracts BP already has a standardized model – known as its General Terms of Sale (GT-Cs) – for the sale and purchase of crude oil and refined petroleum products, which is also widely used by other companies. BP, which has a global LNG portfolio of volumes it has produced or purchased, said on its website that it expected the release of its LNG Management and Sales (MSPA) licensing models „to contribute to a broader debate on standardization and liquidity for LNG transactions.“ Short-term sales contracts – bilateral agreements of one to five years, often with little flexibility of conditions. the law of England and Wales, although it also discusses the concept from an international perspective and contains some comparative examples of other master contracts – a popular agreement under which sellers and buyers sign an agreement that defines the terms and conditions under which they will buy and sell LNG without requiring the parties to buy or sell certain quantities. When the parties wish to carry out transactions, they enter into a complementary „audit notice“ that contains the terms and conditions of the framework contract and the specific terms of each transaction, such as contract price, contract quantity and LNG specification, in which Liquefied Natural Gas (LNG) is generally traded as a portfolio product, in which a participant can split several long-term sales contracts into short-term transactions in order to optimize transport costs and balance commitments in market conditions. The LNG industry also has its own spot market, in which cargoes are purchased and sold through competitive tenders and negotiated transactions. Alternatively, swap agreements (for which two buyers or two sellers accept the exchange of cargoes) are another business model that is becoming more common in the LNG industry. The usual types of LNG sales and sales contracts are: an MSPA is a complex framework agreement between two counterparties that defines the terms and conditions of their LNG agreements. Unlike oil markets, where standardized CTFs such as BP`s provide a framework for traders to refer to in LNG markets, companies generally design separate contracts for each deal.