The Forward Sale Agreement is a crucial commercial document used when parties wish to secure a future sale transaction with predetermined terms. This contract type is particularly relevant in situations where businesses need to lock in prices, secure future supply, or manage market volatility. Under Austrian law, the Forward Sale Agreement must comply with the ABGB (Austrian Civil Code) and UGB (Austrian Commercial Code), making it a robust instrument for commercial transactions. The document typically includes detailed provisions on purchase price, delivery terms, quality specifications, risk allocation, and performance obligations. It's commonly used in commodities trading, manufacturing, agriculture, and other sectors where future planning and price certainty are essential for business operations.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of the goods/assets to be sold and delivered in the future
5. Purchase Price: Specification of the purchase price, payment terms, and payment method
6. Delivery Terms: Timing, location, and conditions of delivery
7. Quality and Specifications: Required quality standards and specifications of the goods/assets
8. Representations and Warranties: Statements of fact and assurances from both parties
9. Risk and Title: Transfer of risk and ownership provisions
10. Force Majeure: Circumstances excusing performance and their consequences
11. Term and Termination: Duration of the agreement and termination rights
12. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
13. Notices: Communication procedures between parties
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, etc.
1. Price Adjustment: Mechanisms for adjusting the price based on market conditions or other factors
2. Quality Testing: Procedures for testing and accepting/rejecting goods, used when quality verification is critical
3. Storage: Terms for storage of goods before delivery, relevant for physical goods
4. Insurance: Insurance requirements and responsibilities, important for high-value transactions
5. Security: Security arrangements such as guarantees or letters of credit
6. Confidentiality: Confidentiality obligations, needed when sensitive information is involved
7. Intellectual Property: IP rights provisions, relevant when the sale involves IP components
8. Competition Law Compliance: Required when the transaction may have competition law implications
9. Export Control: Necessary for international transactions or controlled goods
1. Technical Specifications: Detailed technical requirements and specifications of the goods/assets
2. Delivery Schedule: Detailed timeline and logistics for delivery
3. Price Calculation: Formula or methodology for calculating the purchase price
4. Quality Standards: Detailed quality requirements and testing procedures
5. Form of Notice: Template for formal notices under the agreement
6. Required Certifications: List of required certificates and compliance documents
7. Contact Details: List of key contacts for both parties
8. Bank Details: Banking and payment information for both parties
Relevant legal definitions
Clauses
Relevant Industries
Agriculture
Manufacturing
Energy
Commodities Trading
Mining
Real Estate
Construction
Technology
Automotive
Renewable Energy
Chemical Industry
Metal Industry
Financial Services
Food and Beverage
Relevant Teams
Legal
Procurement
Sales
Trading
Finance
Risk Management
Operations
Supply Chain
Compliance
Treasury
Commercial
Business Development
Relevant Roles
Commercial Director
Procurement Manager
Sales Manager
Legal Counsel
Contract Manager
Trading Manager
Risk Manager
Supply Chain Manager
Operations Director
Chief Financial Officer
Business Development Manager
Compliance Officer
Treasury Manager
Commodity Trader
Finance Director
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