The Long Term Supplier Agreement is essential for businesses seeking to establish stable, long-term supply relationships in Singapore's commercial environment. This document is particularly relevant when parties require a comprehensive framework for regular supply arrangements, typically spanning multiple years. It addresses key aspects including supply obligations, quality standards, pricing mechanisms, and risk allocation, while ensuring compliance with Singapore's commercial laws and regulations. The agreement is designed to provide clarity and certainty in ongoing business relationships while maintaining flexibility for changing market conditions.
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Key Requirements PROMPT example:
Long Term Supplier Agreement
"Need a Long Term Supplier Agreement governed by Singapore law for regular supply of automotive parts from a Malaysian manufacturer, with quarterly price reviews and minimum order commitments starting from March 2025."
1. Parties: Identification and details of contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Supply Obligations: Core obligations regarding supply of goods/services
5. Pricing and Payment: Price structure, payment terms, invoicing
6. Quality and Standards: Quality requirements and applicable standards
7. Term and Termination: Duration and termination provisions
8. Warranties and Indemnities: Guarantees and protection provisions
1. Intellectual Property: IP rights and protections when IP rights are involved in supply
2. Data Protection: Data handling and privacy requirements when personal data is processed
3. Force Majeure: Provisions for unforeseen circumstances, recommended for long-term or high-value contracts
4. Export Control: Export compliance requirements for international supply arrangements
1. Products/Services Schedule: Detailed description of supplied items
2. Pricing Schedule: Detailed pricing structure and mechanisms
3. Service Levels: Performance metrics and standards
4. Quality Standards: Detailed quality requirements and specifications
5. Key Personnel: List of key contacts and responsibilities
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