Document background
The Oil Purchase And Sale Agreement is a fundamental commercial document used in the Australian oil and gas industry to facilitate the trading of oil products between sellers and buyers. This agreement is essential when parties wish to establish a formal contractual relationship for the sale and purchase of oil products, whether for a single transaction or ongoing supply arrangement. It must comply with Australian federal and state legislation, including the Competition and Consumer Act, environmental regulations, and dangerous goods requirements. The agreement typically includes detailed provisions for product specifications, pricing mechanisms, delivery arrangements, quality requirements, risk allocation, and dispute resolution procedures. It is particularly important in the context of Australia's significant oil trading market and needs to account for specific local market conditions and regulatory requirements.
