The Crude Oil Sale And Purchase Agreement is essential for businesses engaged in the trading, supply, or procurement of crude oil within or involving German jurisdiction. This document is typically used when parties seek to establish a formal contractual relationship for single cargo or term deals of crude oil, whether for trading purposes or refinery supply. It incorporates specific requirements under German law, including provisions from the German Civil Code (BGB) and Commercial Code (HGB), while also addressing international trading practices. The agreement is particularly important given Germany's position as a major European energy market and its strict regulatory requirements. It includes comprehensive provisions for quality specifications, delivery terms, price mechanisms, and risk allocation, making it suitable for both domestic and international transactions subject to German law.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the agreement and general commercial intent of the parties
3. Definitions: Definitions of technical, commercial, and legal terms used throughout the agreement
4. Sale and Purchase Obligation: Core obligations of seller to sell and buyer to purchase the crude oil
5. Quantity: Contracted quantity, tolerance levels, and measurement standards
6. Quality: Quality specifications, testing procedures, and quality claims process
7. Delivery Terms: Delivery point, transfer of title and risk, delivery schedule
8. Price and Payment: Price calculation methodology, payment terms, invoicing requirements
9. Nominations and Scheduling: Procedures for nominating and scheduling deliveries
10. Transportation and Loading/Discharge: Requirements for transportation and loading/discharge operations
11. Force Majeure: Force majeure events and consequences
12. Law and Jurisdiction: Governing law and dispute resolution procedures
13. Term and Termination: Duration of agreement and termination rights
14. Liabilities and Indemnities: Allocation of risks and liabilities between parties
15. General Provisions: Standard boilerplate clauses including notices, amendments, assignments
1. Letter of Credit: Detailed payment security requirements when documentary credit is required
2. Vessel Requirements: Specific vessel requirements and vetting procedures for FOB sales
3. Storage Provisions: Terms for storage when agreement includes storage at terminals
4. Pipeline Transportation: Specific terms for pipeline delivery when applicable
5. Taxes and Duties: Detailed tax provisions when cross-border sales involve complex tax implications
6. Environmental Compliance: Additional environmental requirements for specific jurisdictions or terminals
7. Insurance: Specific insurance requirements beyond standard coverage
8. Price Review: Mechanism for price review in long-term contracts
9. Take-or-Pay Provisions: Minimum lifting obligations and consequences of failure to lift
1. Quality Specifications: Detailed quality specifications and test methods
2. Price Calculation: Detailed pricing formula and examples
3. Nomination Procedures: Detailed procedures for nominations and scheduling
4. Terminal Requirements: Terminal-specific requirements and procedures
5. Measurement Procedures: Detailed quantity measurement procedures
6. Form of Documents: Standard forms for notices, certificates, and other operational documents
7. Vessel Acceptance Criteria: Detailed vessel vetting and acceptance criteria
8. Credit Support Requirements: Forms of credit support and detailed requirements
9. Anti-Corruption Compliance: Detailed compliance procedures and requirements
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