The Oil Purchase and Sale Agreement is a fundamental document used in Nigerian oil and gas transactions to establish the commercial and operational framework for trading crude oil or refined petroleum products. This agreement is essential for companies operating in Nigeria's oil sector, whether as sellers, buyers, or traders, and must comply with the Petroleum Industry Act 2021 and other relevant Nigerian regulations. The document typically includes detailed provisions on product specifications, delivery terms, pricing mechanisms, payment security, and operational procedures. It addresses key regulatory requirements such as local content obligations, environmental compliance, and foreign exchange regulations. The agreement is structured to protect both parties' interests while ensuring smooth execution of oil trading transactions in compliance with Nigerian law.
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1. Parties: Identification of the seller and buyer, including their legal names, registration details, and addresses
2. Background: Context of the agreement, including any relevant licenses, permits, and authorizations held by the parties
3. Definitions: Detailed definitions of technical, commercial, and legal terms used throughout the agreement
4. Sale and Purchase Obligation: Core obligations of the parties, including quantity, quality, and grade of oil to be sold/purchased
5. Term: Duration of the agreement, including commencement date, termination date, and renewal provisions
6. Delivery: Delivery terms, including delivery point, transfer of title and risk, and shipping arrangements
7. Price and Payment: Pricing mechanism, currency, payment terms, invoicing, and payment security requirements
8. Quality and Quantity: Detailed specifications of oil quality, measurement methods, and quantity determination procedures
9. Loading and Discharge: Procedures and requirements for loading and discharge operations
10. Taxes and Levies: allocation of tax responsibilities and treatment of government levies
11. Force Majeure: Events constituting force majeure and their consequences
12. Termination: Grounds for termination, termination procedures, and consequences
13. Governing Law and Dispute Resolution: Choice of Nigerian law and dispute resolution mechanisms
14. Confidentiality: Obligations regarding confidential information and trade secrets
15. Compliance with Laws: Obligations to comply with Nigerian laws, including PIA 2021 and local content requirements
1. Letter of Credit: Detailed provisions for letter of credit when required as payment security
2. Parent Company Guarantee: Terms of parent company guarantee when required for payment security
3. Pipeline Transportation: Specific terms for pipeline delivery when applicable
4. Storage: Terms for storage arrangements if required
5. Hedging Arrangements: Provisions for price hedging if agreed between parties
6. Local Content Compliance: Detailed provisions for meeting Nigerian local content requirements when applicable
7. Anti-corruption Compliance: Enhanced anti-corruption provisions for high-risk transactions
8. Take-or-Pay Obligations: Minimum lifting obligations and consequences of failure to lift
9. Insurance: Specific insurance requirements beyond standard coverage
1. Product Specifications: Detailed technical specifications of the oil grade(s)
2. Pricing Mechanism: Detailed calculation methods, price adjustments, and benchmarks
3. Delivery Schedule: Planned delivery dates and quantities
4. Testing and Measurement Procedures: Detailed procedures for quality testing and quantity measurement
5. Loading/Discharge Port Requirements: Technical and operational requirements for designated ports
6. Form of Letter of Credit: Standard format for letter of credit if applicable
7. Form of Parent Company Guarantee: Standard format for parent company guarantee if applicable
8. Vessel Requirements: Technical and operational requirements for vessels
9. HSSE Requirements: Health, Safety, Security and Environmental requirements
10. Required Notifications: List of required notices and their timing requirements
Relevant legal definitions
Clauses
Relevant Industries
Oil & Gas
Energy
Commodities Trading
Maritime Transport
Logistics
Financial Services
Infrastructure
Natural Resources
International Trade
Relevant Teams
Legal
Commercial
Trading
Operations
Finance
Risk Management
Compliance
Supply Chain
Shipping
Treasury
Technical
HSSE
Credit
Business Development
Relevant Roles
Commercial Director
Trading Manager
Legal Counsel
Compliance Officer
Risk Manager
Operations Manager
Finance Director
Supply Chain Manager
Shipping Manager
Contract Administrator
Business Development Manager
Treasury Manager
Credit Risk Officer
HSSE Manager
Technical Manager
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