The Petroleum Product Supply Agreement is essential for businesses engaged in the supply and purchase of petroleum products in Singapore. This agreement type is specifically designed to comply with Singapore's robust regulatory framework, including the Fire Safety Act and Environmental Protection and Management Act. The document establishes key commercial terms while ensuring compliance with strict safety and environmental standards. It typically includes detailed provisions for product specifications, delivery arrangements, pricing mechanisms, quality assurance, and risk allocation. This agreement is particularly important given Singapore's position as a major petroleum trading hub and its stringent regulatory requirements for handling petroleum products.
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Key Requirements PROMPT example:
Petroleum Product Supply Agreement
"Need a Petroleum Product Supply Agreement for a 5-year supply arrangement starting March 2025, covering the supply of diesel and gasoline products from our Singapore refinery to a network of 25 retail stations, with monthly minimum purchase commitments and specific quality standards compliance."
1. Parties: Identification of supplier and purchaser, including registered addresses and company details
2. Background: Context of the agreement and brief description of the business relationship
3. Definitions: Key terms used throughout the agreement including product specifications, technical terms, and regulatory references
4. Product Specifications: Detailed specifications of petroleum products being supplied, including quality standards and testing requirements
5. Supply Terms: Quantity, delivery schedule, ordering procedures, and supply obligations
6. Pricing and Payment: Price structure, payment terms, invoicing procedures, and price adjustment mechanisms
7. Delivery Terms: Delivery locations, methods, responsibilities, and acceptance procedures
8. Quality Assurance: Quality standards, testing procedures, acceptance criteria, and rejection rights
9. Compliance Requirements: Legal and regulatory compliance obligations under Singapore law including licensing and permits
10. Term and Termination: Duration of agreement, renewal provisions, and termination rights
1. Minimum Purchase Obligations: Minimum quantity commitments and take-or-pay provisions for long-term supply arrangements
2. Storage Requirements: Storage facility specifications, maintenance requirements, and safety standards
3. Transportation: Transportation responsibilities, requirements, and compliance with dangerous goods regulations
4. Force Majeure: Events beyond parties' control affecting performance and related procedures
5. Environmental Protection: Environmental compliance measures, spill prevention, and remediation responsibilities
1. Product Specifications Schedule: Detailed technical specifications of products and quality standards
2. Pricing Schedule: Detailed pricing structure, calculations, and adjustment mechanisms
3. Delivery Locations Schedule: List of approved delivery locations and specific requirements for each
4. Quality Testing Procedures: Detailed testing protocols, standards, and acceptance criteria
5. Safety Procedures: Safety protocols for handling, storage, and emergency response
6. Insurance Requirements: Detailed insurance coverage requirements and minimum coverage amounts
7. Emergency Response Procedures: Protocols for handling emergencies, incidents, and notification requirements
8. Compliance Certificates: Required licenses, permits, and compliance certificates under Singapore law
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