The Forward Sale Contract is a crucial commercial instrument used in Austrian business transactions for securing future delivery of goods at predetermined terms. This document type is particularly relevant when parties wish to lock in prices and delivery terms for future transactions, providing certainty in fluctuating markets. The contract, governed by Austrian law including the ABGB and UGB, typically includes detailed specifications of the goods, delivery schedules, quality parameters, and risk allocation mechanisms. It's commonly used in manufacturing, commodities, and industrial sectors where advance planning and price certainty are essential. The Forward Sale Contract helps manage supply chain risks while ensuring compliance with Austrian commercial law requirements, making it an essential tool for businesses engaged in future-dated transactions.
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1. Parties: Identification and details of the seller and buyer, including full legal names, registration numbers, and addresses
2. Background: Context of the transaction and brief description of the parties' business relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of the goods or assets to be sold and delivered in the future
5. Purchase Price and Payment Terms: Specification of price, currency, payment schedule, and payment methods
6. Delivery Terms: Delivery date, location, method, and transfer of risk provisions
7. Quality and Specifications: Required quality standards, specifications, and any applicable industry standards
8. Representations and Warranties: Parties' representations regarding authority, capacity, and specific assurances about the goods
9. Risk Allocation: Distribution of risks between parties before and after delivery
10. Default and Remedies: Consequences of breach, available remedies, and liquidated damages if applicable
11. Force Majeure: Events excusing performance and procedures for handling such situations
12. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
13. Notices: Communication methods and addresses for formal notices
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Price Adjustment Mechanism: Used when parties want to include provisions for adjusting the price based on market conditions or specific indicators
2. Quality Testing Procedures: Included when specific testing or inspection procedures are required before acceptance
3. Storage Provisions: Necessary when goods need interim storage before final delivery
4. Insurance Requirements: Detailed insurance obligations when significant risks need to be covered
5. Export/Import Requirements: Required for international forward sales involving customs and export/import regulations
6. Intellectual Property Rights: Included when the goods involve patents, trademarks, or other IP rights
7. Confidentiality: Added when sensitive information will be exchanged during the contract period
8. Bank Guarantees: Used when additional financial security is required for the transaction
1. Schedule 1 - Technical Specifications: Detailed technical specifications and requirements for the goods
2. Schedule 2 - Quality Standards: Specific quality parameters, testing methods, and acceptance criteria
3. Schedule 3 - Delivery Schedule: Detailed timeline for production, testing, and delivery milestones
4. Schedule 4 - Price Calculation: Detailed pricing formula and adjustment mechanisms if applicable
5. Schedule 5 - Required Documentation: List of documents required for delivery and acceptance
6. Appendix A - Form of Quality Certificate: Template for quality certification documentation
7. Appendix B - Form of Delivery Notice: Standard form for delivery notifications
8. Appendix C - Testing Procedures: Detailed procedures for quality testing and acceptance
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture
Commodities Trading
Industrial Equipment
Consumer Goods
Energy
Raw Materials
Chemical Industry
Automotive
Construction Materials
Food and Beverage
Textile Industry
Mining
Metals and Steel
Relevant Teams
Legal
Procurement
Sales
Commercial
Operations
Supply Chain
Finance
Risk Management
Quality Assurance
Logistics
Compliance
Business Development
Relevant Roles
Commercial Director
Procurement Manager
Sales Director
Contract Manager
Legal Counsel
Supply Chain Manager
Operations Manager
Chief Commercial Officer
Trading Manager
Risk Manager
Quality Assurance Manager
Logistics Manager
Business Development Manager
Finance Director
Compliance Officer
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