The Agreement For Supply Of Goods On Credit is essential for businesses operating in the UAE that engage in regular supply arrangements where immediate payment is not required. This document is particularly relevant in the UAE market where credit-based trading is common and requires careful consideration of both UAE Commercial Law and Islamic finance principles. The agreement protects both suppliers and buyers by clearly defining credit terms, payment obligations, and security arrangements, while ensuring compliance with UAE banking regulations and commercial practices. It is commonly used when establishing ongoing supply relationships, particularly for substantial order volumes or high-value goods, and includes comprehensive provisions for delivery, quality control, default scenarios, and dispute resolution under UAE jurisdiction.
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1. Parties: Identification of supplier and buyer, including full legal names, addresses, and commercial registration details
2. Background: Context of the agreement, relationship between parties, and general commercial purpose
3. Definitions: Defined terms used throughout the agreement, including specific goods, credit terms, and technical terminology
4. Supply Terms: Details of goods to be supplied, specifications, quantities, and delivery schedules
5. Credit Terms: Credit limit, payment terms, interest rates (if applicable), and credit period
6. Ordering Process: Procedures for placing orders, order confirmation, and modification
7. Delivery and Acceptance: Delivery terms, inspection rights, acceptance procedures, and rejection protocols
8. Price and Payment: Pricing structure, payment schedule, invoicing procedures, and late payment consequences
9. Title and Risk: Transfer of ownership, risk allocation, and retention of title provisions
10. Warranties and Quality: Product quality guarantees, warranties, and compliance with UAE standards
11. Default and Remedies: Events of default, consequences, and available remedies including termination rights
12. Term and Termination: Duration of agreement, renewal terms, and termination provisions
13. General Provisions: Standard boilerplate clauses including governing law, notices, and dispute resolution
1. Islamic Finance Compliance: Required when parties wish to ensure compliance with Sharia principles
2. Security Arrangements: Include when additional security for credit is required (guarantees, pledges, etc.)
3. Insurance: Detailed insurance requirements when high-value or high-risk goods are involved
4. Intellectual Property: Required when branded goods or licensed products are involved
5. Confidentiality: Include when sensitive commercial information will be exchanged
6. Force Majeure: Detailed force majeure provisions for high-value or critical supply arrangements
7. Export/Import Compliance: Required when goods are imported or involve international trade
8. Anti-Corruption: Include for compliance with UAE anti-corruption laws in major commercial deals
1. Schedule 1 - Goods Specification: Detailed technical specifications of goods to be supplied
2. Schedule 2 - Pricing Schedule: Detailed pricing structure, including any volume discounts or price adjustment mechanisms
3. Schedule 3 - Credit Terms: Detailed credit limits, payment schedules, and interest calculations
4. Schedule 4 - Delivery Schedule: Timing and frequency of deliveries, delivery locations
5. Schedule 5 - Quality Standards: Specific quality requirements and testing procedures
6. Schedule 6 - Form of Purchase Order: Standard form for placing orders under the agreement
7. Schedule 7 - Security Documents: Forms of any required guarantees or security documents
8. Appendix A - Contact Details: Key contact persons and their details for both parties
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