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Crude Oil Sale And Purchase Agreement
"Need a Crude Oil Sale and Purchase Agreement under Singapore law for a spot sale of 2 million barrels of light crude oil from our Indonesian fields to a Chinese refinery, with delivery scheduled for March 2025 and payment via irrevocable letter of credit."
1. Parties: Identification and details of the buyer and seller
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including technical oil trading terms
4. Product Specifications: Detailed specifications of the crude oil being sold including grade, API gravity, sulfur content
5. Quantity and Measurement: Agreed volume and measurement standards, including tolerance levels
6. Price and Payment Terms: Pricing mechanism, currency, payment conditions, and credit terms
7. Delivery Terms: Delivery schedule, location, method of delivery, and shipping terms
8. Title and Risk: Transfer of ownership and risk allocation between parties
9. Quality and Inspection: Quality standards, testing procedures, and inspection rights
10. Force Majeure: Circumstances excusing performance and related procedures
11. Governing Law and Jurisdiction: Singapore law as governing law and jurisdiction for disputes
1. Price Adjustment Mechanism: Formula and conditions for price adjustments based on market conditions or quality variations
2. Storage Provisions: Terms for storage of crude oil including costs and responsibilities
3. Hedging Arrangements: Terms for price risk management and hedging mechanisms
4. Environmental Compliance: Specific environmental requirements and compliance obligations
5. Insurance Requirements: Specific insurance coverage requirements beyond standard provisions
1. Schedule 1 - Product Specification Sheet: Detailed technical specifications of the crude oil grade(s)
2. Schedule 2 - Pricing Formula: Detailed calculation method for price determination including benchmarks
3. Schedule 3 - Delivery Schedule: Detailed timeline and locations for deliveries
4. Schedule 4 - Testing Procedures: Quality testing protocols, standards and nominated laboratories
5. Schedule 5 - Form of Letter of Credit: Standard format for required financial instruments and credit support
6. Schedule 6 - Vessel Requirements: Specific requirements for vessels used in transportation
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