The Oil Purchase And Sale Agreement is a fundamental commercial document used in Saudi Arabia's oil industry for establishing the legal framework for oil trading transactions. It is essential for companies engaged in buying or selling oil products within Saudi jurisdiction, whether domestic or international transactions. The agreement must comply with Saudi Arabian law, including Sharia principles, and typically includes detailed provisions on product specifications, pricing mechanisms, delivery terms, quality requirements, and risk allocation. This document is particularly important given Saudi Arabia's position as a major oil producer and the need to ensure compliance with local regulations while facilitating international trade. The agreement can be used for both spot and term sales, with appropriate modifications to reflect the specific nature of the transaction.
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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 and Interpretation: Definitions of key terms and interpretation rules
4. Sale and Purchase Obligation: Core obligations of parties regarding oil sale and purchase
5. Product Specifications: Detailed specifications of oil grade, quality requirements
6. Quantity and Delivery: Agreement on volumes, delivery schedule, and delivery point
7. Price and Payment: Pricing mechanism, payment terms, invoicing, and currency
8. Quality and Measurement: Testing procedures, measurement methods, and quality verification
9. Title and Risk: Transfer of ownership and risk allocation
10. Representations and Warranties: Legal assurances from both parties
11. Force Majeure: Events excusing performance and related procedures
12. Term and Termination: Duration, renewal, and termination provisions
13. Liability and Indemnification: Allocation of liabilities and indemnification obligations
14. Compliance with Laws: Obligations to comply with applicable laws and regulations
15. Confidentiality: Protection of confidential information
16. Dispute Resolution: Dispute resolution mechanisms under Saudi law
17. Governing Law: Confirmation of Saudi law as governing law
18. Notices: Communication procedures between parties
19. General Provisions: Miscellaneous legal provisions including assignment, amendments
1. Letters of Credit: Detailed provisions for LC requirements when payment is by LC
2. Storage: Terms for storage arrangements if required
3. Transportation: Specific transportation arrangements if included in scope
4. Insurance: Specific insurance requirements beyond standard provisions
5. Environmental Protection: Additional environmental obligations beyond legal compliance
6. Sanctions Compliance: Detailed sanctions compliance for international sales
7. Agency Provisions: Terms regarding sales agents if involved
8. Credit Support: Additional credit support mechanisms if required
9. Price Review: Mechanism for price reviews in long-term contracts
10. Terminal Services: Terms for terminal usage if applicable
1. Product Specifications: Detailed technical specifications of oil grade
2. Pricing Formula: Detailed pricing calculation methodology
3. Delivery Schedule: Specific delivery dates and volumes
4. Testing Procedures: Detailed quality testing protocols
5. Measurement Procedures: Detailed quantity measurement procedures
6. Approved Terminals/Facilities: List of approved loading/discharge points
7. Key Contacts: Contact details for key personnel
8. Form of Documents: Standard forms for notices, certificates etc.
9. HSSE Requirements: Health, safety, security and environmental requirements
10. Vessel Requirements: Technical requirements for vessels if marine transport involved
Relevant legal definitions
Clauses
Relevant Industries
Oil & Gas
Energy
Petrochemicals
Manufacturing
Trading
Transportation
Maritime
Storage & Logistics
Financial Services
Insurance
Relevant Teams
Legal
Commercial
Trading
Operations
Finance
Risk Management
Compliance
Supply Chain
Logistics
Quality Assurance
Technical
Treasury
Credit
Business Development
HSSE
Relevant Roles
Commercial Director
Trading Manager
Legal Counsel
Contract Manager
Supply Chain Manager
Risk Manager
Operations Manager
Finance Manager
Compliance Officer
Technical Manager
Quality Assurance Manager
Logistics Manager
Chief Commercial Officer
Business Development Manager
Treasury Manager
Credit Manager
HSSE Manager
Shipping Manager
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