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Crude Oil Purchase Agreement
"I need a Crude Oil Purchase Agreement governed by Qatar law for a 5-year term starting January 2025, where we will be selling to Qatar Petroleum with monthly deliveries of 500,000 barrels of light crude oil, including specific requirements for Letter of Credit and quality testing procedures."
1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Detailed definitions of technical and commercial terms used throughout the agreement
4. Sale and Purchase Obligation: Core obligations of parties including quantity, delivery terms, and basic commercial structure
5. Quality and Quantity: Specifications of crude oil quality and quantity determination methods
6. Price and Payment: Pricing mechanism, payment terms, invoicing requirements, and currency provisions
7. Delivery Terms: Delivery point, transfer of title and risk, shipping terms (using Incoterms)
8. Nominations and Scheduling: Process for nominating vessels and scheduling loadings/deliveries
9. Measurement and Testing: Standards and procedures for measuring quantity and testing quality
10. Transportation and Vessel Requirements: Vessel specifications, vetting requirements, and transportation obligations
11. Force Majeure: Definition of force majeure events and consequences
12. Liability and Indemnification: Allocation of risks and responsibilities between parties
13. Term and Termination: Duration of agreement and termination rights
14. Governing Law and Dispute Resolution: Choice of law and dispute resolution mechanisms
15. General Provisions: Standard boilerplate clauses including notices, amendments, and assignments
1. Letter of Credit: Detailed LC requirements when payment security is required
2. Terminal Requirements: Specific requirements for loading/discharge terminals if relevant
3. Sanctions Compliance: Detailed sanctions compliance obligations for high-risk jurisdictions
4. Environmental Protection: Additional environmental obligations beyond standard requirements
5. Hedging Arrangements: Price hedging mechanisms if parties agree to price risk management
6. Storage Provisions: Terms for storage if required as part of the transaction
7. Local Content Requirements: Specific provisions required by local law for national content
8. Marketing Restrictions: Restrictions on resale or marketing of the crude oil
9. Parent Company Guarantee: Terms of parent company support if required for credit purposes
1. Schedule A - Product Specifications: Detailed quality specifications and testing methods
2. Schedule B - Pricing Mechanism: Detailed pricing formula and price adjustment mechanisms
3. Schedule C - Measurement Procedures: Detailed measurement and sampling procedures
4. Schedule D - Vessel Requirements: Technical and operational requirements for vessels
5. Schedule E - Loading/Discharge Port Requirements: Specific requirements for each loading/discharge port
6. Schedule F - Form of Notices: Standard forms for nominations, scheduling, and other notices
7. Schedule G - Letter of Credit Format: Approved LC format and terms if applicable
8. Schedule H - Safety and Environmental Requirements: Detailed HSSE requirements and procedures
9. Appendix 1 - Contact Details: List of key contacts and notification details
10. Appendix 2 - Incident Reporting Procedures: Procedures for reporting and handling incidents
Authors
Oil & Gas
Energy
Petrochemicals
Manufacturing
Trading & Commerce
Maritime & Shipping
Financial Services
Infrastructure
Industrial
Transportation
Legal
Commercial
Trading
Operations
Supply Chain
Risk Management
Finance
Compliance
Technical
Quality Control
Shipping
Business Development
Environmental
Health & Safety
Trading Manager
Commercial Director
Legal Counsel
Contract Manager
Supply Chain Manager
Risk Manager
Operations Manager
Technical Manager
Shipping Manager
Finance Manager
Compliance Officer
Business Development Manager
Quality Control Manager
Terminal Manager
Chief Commercial Officer
General Counsel
Head of Trading
Environmental Compliance Officer
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