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Oil Purchase Agreement Template for England and Wales

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Key Requirements PROMPT example:

Oil Purchase Agreement

"I need an Oil Purchase Agreement for a 12-month contract starting January 2025, covering the purchase of 50,000 barrels per month of crude oil from a UK-based supplier, with delivery to our Rotterdam terminal and payment terms of 30 days from bill of lading."

Document background
The Oil Purchase Agreement serves as the primary commercial document governing oil sales transactions in the UK market. It is essential for establishing clear commercial terms, risk allocation, and operational procedures between buyers and sellers of oil products. Governed by English and Welsh law, this agreement typically includes detailed provisions on product specifications, pricing, delivery terms, quality requirements, and compliance obligations. The document is particularly crucial for ensuring regulatory compliance with UK energy sector legislation, environmental requirements, and international trade standards.
Suggested Sections

1. Parties: Identification and details of buyer and seller

2. Background: Context of the agreement and basic commercial intent

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase Obligation: Core obligation to sell and purchase specified quantities of oil

5. Product Specifications: Detailed quality requirements and testing procedures

6. Price and Payment Terms: Pricing mechanism, payment timeline, and invoicing requirements

7. Delivery Terms: Delivery schedule, location, and transfer of title/risk

8. Force Majeure: Events excusing performance and related procedures

9. Termination: Circumstances allowing termination and consequences

10. Governing Law and Jurisdiction: Applicable law and dispute resolution mechanisms

Optional Sections

1. Performance Security: Requirements for letters of credit or other security when dealing with new counterparties or high-value contracts

2. Sustainable Sourcing: Environmental and sustainability requirements for contracts requiring specific environmental commitments

3. Price Review: Mechanism for periodic price adjustments in long-term contracts exceeding one year

4. Storage Provisions: Terms related to storage facilities and responsibilities when storage is part of the arrangement

5. Hedging Obligations: Requirements for price hedging when parties agree to specific hedging arrangements

Suggested Schedules

1. Product Specification Schedule: Detailed technical specifications of the oil product

2. Pricing Schedule: Detailed pricing formulae and adjustment mechanisms

3. Delivery Schedule: Detailed delivery timelines and quantities

4. Testing Procedures: Detailed quality testing protocols and standards

5. Form of Performance Security: Template for letter of credit or other security documents

6. Compliance Requirements: Detailed environmental and regulatory compliance obligations

7. Key Contacts: List of authorized representatives and contact details

8. Standard Operating Procedures: Detailed operational procedures for delivery and handling

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions


































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Relevant Industries
Relevant Teams
Relevant Roles
Industries

Sale of Goods Act 1979: Primary legislation governing the sale of goods in England and Wales, defining rights, duties and remedies in contracts for the sale of goods

Supply of Goods and Services Act 1982: Legislation governing contracts for the supply of goods and services, including implied terms about quality and fitness for purpose

Contracts (Rights of Third Parties) Act 1999: Legislation allowing third parties to enforce terms of contracts in certain circumstances

Unfair Contract Terms Act 1977: Controls the use of exclusion and limitation clauses in contracts

Competition Act 1998: Regulates anti-competitive behavior and agreements between businesses

Petroleum Act 1998: Primary legislation governing the oil and gas industry in the UK, including licensing and regulation of exploration and production

Energy Act 2011: Framework for energy efficiency and security, including provisions affecting oil and gas sectors

Energy Act 2016: Updates to energy industry regulation, including establishment of the Oil and Gas Authority

Environmental Protection Act 1990: Framework for environmental protection, including pollution control and waste management

Climate Change Act 2008: Sets framework for reducing greenhouse gas emissions and addressing climate change

Environmental Permitting Regulations 2016: Regulates activities that could impact the environment, including oil-related operations

Health and Safety at Work Act 1974: Primary legislation for workplace health and safety requirements

Control of Major Accident Hazards Regulations 2015: Regulations governing the prevention and control of major accidents involving dangerous substances

Carriage of Goods by Sea Act 1992: Governs rights and liabilities in relation to the carriage of goods by sea

Pipeline Safety Regulations 1996: Safety requirements for design, construction, and operation of pipelines

Financial Services and Markets Act 2000: Regulates financial services and markets, including oil trading activities

Money Laundering Regulations 2017: Requirements for preventing and detecting money laundering in business transactions

Bribery Act 2010: Anti-corruption legislation affecting business transactions and corporate liability

Value Added Tax Act 1994: Governs the application of VAT to transactions, including oil sales

UK GDPR: Data protection regulation governing the processing of personal data

Data Protection Act 2018: UK's implementation of data protection requirements, complementing UK GDPR

Incoterms 2020: International commercial terms defining responsibilities of buyers and sellers in international trade

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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