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Crude Oil Sales Agreement

Crude Oil Sales Agreement Template for Netherlands

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Key Requirements PROMPT example:

Crude Oil Sales Agreement

"I need a Crude Oil Sales Agreement under Dutch law for a 12-month term deal starting January 2025, covering monthly deliveries of 500,000 barrels of Brent crude on FOB Rotterdam terms, with payment by letter of credit."

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Document background
The Crude Oil Sales Agreement is essential for establishing legally binding terms for crude oil trading transactions under Dutch jurisdiction. It is typically used when parties wish to establish a framework for single or multiple crude oil purchases, whether for trading or refining purposes. The agreement needs to comply with Dutch civil law requirements while incorporating international trading practices and EU regulations. It addresses critical elements including product specifications, delivery terms, price mechanisms, quality and quantity determination, risk allocation, and documentary requirements. This document is particularly relevant for transactions involving Dutch ports (especially Rotterdam), Dutch-based trading entities, or parties specifically choosing Dutch law as their governing law. The agreement can be structured for spot transactions or term deals and includes provisions for both maritime and land-based deliveries.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the agreement and brief description of the parties' business relationship

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase Obligations: Core obligations of parties regarding the sale and purchase of crude oil

5. Quality Specifications: Detailed specifications of the crude oil grade and quality requirements

6. Quantity and Measurement: Agreement on quantities, measurement methods and standards

7. Delivery Terms: Delivery point, transfer of title and risk, shipping terms (typically using Incoterms)

8. Price and Payment: Pricing mechanism, currency, payment terms and invoicing procedures

9. Nominations and Scheduling: Process for nominating vessels and scheduling loadings/deliveries

10. Transportation: Vessel requirements, loading/discharge conditions, demurrage

11. Force Majeure: Definition of force majeure events and consequences

12. Liability and Indemnification: Allocation of risks and responsibilities between parties

13. Term and Termination: Duration of agreement and termination rights

14. Governing Law and Dispute Resolution: Choice of Dutch law and dispute resolution mechanism

15. General Provisions: Standard boilerplate clauses including notices, amendments, assignments

Optional Sections

1. Letter of Credit: Detailed provisions for letter of credit when required as payment security

2. Parent Company Guarantee: Terms of parent company guarantee if required for financial security

3. Price Review: Mechanism for price review in long-term contracts

4. Terminal Requirements: Specific requirements when delivery involves particular terminal facilities

5. Environmental Protection: Additional environmental provisions beyond standard compliance

6. Sanctions Compliance: Detailed sanctions compliance provisions for high-risk jurisdictions

7. Hedging Arrangements: Terms for price hedging if parties agree to specific hedging mechanisms

8. Buffer Stock: Provisions for maintaining buffer stock if required

9. Local Content: Local content requirements if delivering to certain jurisdictions

Suggested Schedules

1. Schedule 1 - Product Specifications: Detailed technical specifications of the crude oil grade

2. Schedule 2 - Pricing Mechanism: Detailed pricing formula and price adjustment mechanisms

3. Schedule 3 - Measurement Procedures: Detailed procedures for quantity and quality measurement

4. Schedule 4 - Loading/Discharge Port Requirements: Specific requirements for designated ports

5. Schedule 5 - Vessel Requirements: Technical and operational requirements for vessels

6. Schedule 6 - Form of Documents: Standard forms including nomination notices, quality certificates

7. Schedule 7 - Credit Support Documents: Forms of any required financial security documents

8. Appendix A - Compliance Procedures: Detailed compliance procedures and requirements

9. Appendix B - HSE Requirements: Health, safety and environmental requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























































Clauses








































Relevant Industries

Oil & Gas

Energy Trading

Maritime Transport

Commodities Trading

Refining

Energy Storage

International Trade

Financial Services

Insurance

Logistics

Relevant Teams

Legal

Trading

Operations

Risk Management

Shipping

Finance

Compliance

Quality Control

Supply Chain

Credit

Commercial

Health Safety Environment

Business Development

Trade Finance

Relevant Roles

Trading Manager

Commercial Director

Legal Counsel

Risk Manager

Supply Chain Manager

Operations Manager

Shipping Manager

Quality Control Manager

Finance Manager

Compliance Officer

Contract Administrator

Business Development Manager

Credit Manager

Trade Finance Manager

HSE Manager

Industries










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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