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Oil Purchase And Sale Agreement
"I need an Oil Purchase And Sale Agreement for a 12-month term starting January 2025, covering the purchase of crude oil from a Singapore-based supplier, with monthly deliveries of 50,000 barrels and payment through letter of credit."
1. Parties: Identification and details of the buyer and seller
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Product Specifications: Detailed specifications of the oil products being sold
5. Quantity and Delivery: Amount of product and delivery terms
6. Price and Payment Terms: Pricing structure and payment conditions
7. Quality and Inspection: Quality standards and inspection procedures
8. Title and Risk: Transfer of ownership and risk allocation
9. Term and Termination: Duration and termination provisions
1. Force Majeure: Provisions for unforeseen circumstances preventing performance of contractual obligations
2. Trade Controls and Sanctions: Compliance with international trade restrictions and sanctions regulations
3. Environmental Protection: Environmental compliance and protection measures for handling and transportation
4. Insurance: Insurance requirements and coverage for product transit and storage
1. Product Specification Sheet: Detailed technical specifications of the oil products
2. Pricing Formula: Detailed calculation method for price adjustments
3. Delivery Schedule: Timing and logistics of deliveries
4. Quality Testing Procedures: Detailed procedures for quality verification
5. Bank Details: Payment information for both parties
6. INCOTERMS: Specific trading terms applicable to the agreement
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