The Crude Oil Sale and Purchase Agreement is essential for structuring and documenting crude oil transactions in the international oil trading market. This agreement, governed by Singapore law, is particularly relevant given Singapore's position as a major oil trading hub in Asia. It provides a comprehensive framework for managing the commercial relationship between buyers and sellers, addressing crucial aspects such as product specifications, pricing mechanisms, delivery terms, and risk allocation. The document incorporates Singapore's regulatory requirements and standard industry practices, making it suitable for both spot transactions and term contracts in the international oil trading market.
Crude Oil Sale And Purchase Agreement for Singapore
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Key Requirements PROMPT example:
Crude Oil Sale And Purchase Agreement
"Need a Crude Oil Sale and Purchase Agreement under Singapore law for a spot sale of 2 million barrels of light crude oil from our Indonesian fields to a Chinese refinery, with delivery scheduled for March 2025 and payment via irrevocable letter of credit."
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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 including technical oil trading terms
4. Product Specifications: Detailed specifications of the crude oil being sold including grade, API gravity, sulfur content
5. Quantity and Measurement: Agreed volume and measurement standards, including tolerance levels
6. Price and Payment Terms: Pricing mechanism, currency, payment conditions, and credit terms
7. Delivery Terms: Delivery schedule, location, method of delivery, and shipping terms
8. Title and Risk: Transfer of ownership and risk allocation between parties
9. Quality and Inspection: Quality standards, testing procedures, and inspection rights
10. Force Majeure: Circumstances excusing performance and related procedures
11. Governing Law and Jurisdiction: Singapore law as governing law and jurisdiction for disputes
1. Price Adjustment Mechanism: Formula and conditions for price adjustments based on market conditions or quality variations
2. Storage Provisions: Terms for storage of crude oil including costs and responsibilities
3. Hedging Arrangements: Terms for price risk management and hedging mechanisms
4. Environmental Compliance: Specific environmental requirements and compliance obligations
5. Insurance Requirements: Specific insurance coverage requirements beyond standard provisions
1. Schedule 1 - Product Specification Sheet: Detailed technical specifications of the crude oil grade(s)
2. Schedule 2 - Pricing Formula: Detailed calculation method for price determination including benchmarks
3. Schedule 3 - Delivery Schedule: Detailed timeline and locations for deliveries
4. Schedule 4 - Testing Procedures: Quality testing protocols, standards and nominated laboratories
5. Schedule 5 - Form of Letter of Credit: Standard format for required financial instruments and credit support
6. Schedule 6 - Vessel Requirements: Specific requirements for vessels used in transportation
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