A Forward Sale Contract is utilized when parties want to lock in future prices and delivery terms for specific goods or assets. This type of agreement, commonly used in U.S. commerce, helps manage price volatility and supply chain risks. The contract typically includes detailed specifications about the asset, delivery schedule, payment terms, and quality requirements. It differs from futures contracts in being less standardized and typically resulting in physical delivery. Under U.S. jurisdiction, these contracts are primarily governed by the UCC and state-specific contract laws, with additional regulatory oversight depending on the underlying asset.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context and purpose of the forward sale agreement
3. Definitions: Key terms and their meanings as used in the contract
4. Subject Matter: Description of goods/assets being sold forward
5. Price and Payment Terms: Forward price, payment schedule, and payment mechanisms
6. Delivery Terms: Timing, location, and method of delivery
7. Representations and Warranties: Statements of fact and assurances from both parties
8. Term and Termination: Duration of agreement and termination provisions
1. Quality Specifications: Detailed product specifications, used when the forward sale involves commodity or manufactured goods contracts where quality is critical
2. Force Majeure: Provisions for unforeseeable circumstances that might affect delivery or performance
3. Credit Support: Requirements for guarantees or security when credit risk is a concern
1. Product Specifications Schedule: Detailed technical specifications of the forward-sold items
2. Pricing Schedule: Detailed pricing mechanisms and calculations
3. Delivery Schedule: Detailed timeline of deliveries if multiple deliveries are involved
4. Form of Quality Certificate: Template for quality certification if required
Relevant legal definitions
Clauses
Relevant Industries
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