A Forward Purchase Agreement is a crucial commercial document used when parties wish to secure a future transaction with predetermined terms. This agreement type is particularly valuable in situations where businesses need to manage supply chain risks, secure future asset acquisitions, or lock in prices for future purchases. Under Austrian law, the agreement must comply with both the Austrian Civil Code (ABGB) and Commercial Code (UGB), which provide specific requirements for contract formation, performance obligations, and remedies. The document typically includes comprehensive details about the asset specifications, pricing mechanisms, delivery terms, conditions precedent, and risk allocation between parties. It's especially relevant in scenarios involving commodity purchases, real estate acquisitions, or large-scale equipment procurement where future delivery and price certainty are essential.
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1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the agreement and general commercial intent of the parties
3. Definitions and Interpretation: Defined terms, rules of interpretation, and construction
4. Sale and Purchase Obligation: Core obligation to sell and purchase the specified asset at the future date
5. Purchase Price and Payment Terms: Specification of price, payment method, and timing
6. Delivery Terms: Delivery date, location, method, and associated obligations
7. Asset Specifications: Detailed description and specifications of the asset to be purchased
8. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective
9. Representations and Warranties: Statements of fact and assurances from both parties
10. Covenants: Ongoing obligations of the parties until completion
11. Risk and Title: Transfer of risk and ownership provisions
12. Default and Termination: Events of default, consequences, and termination rights
13. Force Majeure: Provisions for unforeseen circumstances affecting performance
14. Confidentiality: Protection of confidential information
15. Notices: Communication procedures between parties
16. Governing Law and Jurisdiction: Application of Austrian law and dispute resolution
17. General Provisions: Standard boilerplate clauses including amendments, waivers, and severability
1. Quality Control and Testing: Used when the asset requires specific quality standards or testing procedures
2. Price Adjustment Mechanism: Include when the purchase price may be adjusted based on specific factors or market conditions
3. Security Arrangements: Required when additional security or guarantees are needed
4. Insurance Requirements: Include when specific insurance coverage is required for the asset
5. Regulatory Compliance: Needed when the transaction is subject to specific regulatory requirements
6. Third Party Rights: Include when third parties have rights under the agreement
7. Anti-corruption and Sanctions: Required for international transactions or when dealing with regulated industries
8. Data Protection: Include when personal data processing is involved
9. Environmental Compliance: Needed for transactions involving environmental considerations
1. Asset Specification Schedule: Detailed technical specifications of the asset
2. Pricing Schedule: Detailed pricing mechanism, calculations, and adjustments
3. Form of Notices: Template forms for various notices under the agreement
4. Testing Procedures: Detailed procedures for quality testing and acceptance
5. Delivery Schedule: Detailed timeline and requirements for delivery
6. Required Certifications: List of required certificates and compliance documents
7. Form of Completion Certificate: Template for the completion certificate
8. Contact Details: List of key contacts and authorized representatives
Relevant legal definitions
Agreement
Asset
Banking Day
Business Day
Completion
Completion Date
Conditions Precedent
Confidential Information
Contract Currency
Delivery Date
Delivery Location
Delivery Period
Deposit
Effective Date
Encumbrance
Event of Default
Force Majeure Event
Forward Price
Governing Law
Group
Initial Payment
Inspection Period
Intellectual Property Rights
Interest Rate
Laws
Losses
Material Adverse Change
Notice
Payment Date
Performance Security
Permitted Encumbrances
Purchase Price
Quality Requirements
Related Parties
Representatives
Security Interest
Seller's Warranties
Specifications
Subsidiary
Taxes
Term
Testing Procedures
Title Documents
Transaction
Transfer Date
VAT
Working Hours
Asset
Banking Day
Business Day
Completion
Completion Date
Conditions Precedent
Confidential Information
Contract Currency
Delivery Date
Delivery Location
Delivery Period
Deposit
Effective Date
Encumbrance
Event of Default
Force Majeure Event
Forward Price
Governing Law
Group
Initial Payment
Inspection Period
Intellectual Property Rights
Interest Rate
Laws
Losses
Material Adverse Change
Notice
Payment Date
Performance Security
Permitted Encumbrances
Purchase Price
Quality Requirements
Related Parties
Representatives
Security Interest
Seller's Warranties
Specifications
Subsidiary
Taxes
Term
Testing Procedures
Title Documents
Transaction
Transfer Date
VAT
Working Hours
Clauses
Parties and Interpretation
Definitions
Sale and Purchase Obligation
Purchase Price
Payment Terms
Conditions Precedent
Delivery
Title and Risk
Representations and Warranties
Covenants
Quality Standards
Testing and Inspection
Force Majeure
Default
Termination
Remedies
Security
Insurance
Confidentiality
Data Protection
Intellectual Property
Assignment and Transfer
Notices
Force Majeure
Anti-corruption
Compliance with Laws
Tax
Costs and Expenses
Amendment and Waiver
Severability
Entire Agreement
Third Party Rights
Dispute Resolution
Governing Law
Jurisdiction
Definitions
Sale and Purchase Obligation
Purchase Price
Payment Terms
Conditions Precedent
Delivery
Title and Risk
Representations and Warranties
Covenants
Quality Standards
Testing and Inspection
Force Majeure
Default
Termination
Remedies
Security
Insurance
Confidentiality
Data Protection
Intellectual Property
Assignment and Transfer
Notices
Force Majeure
Anti-corruption
Compliance with Laws
Tax
Costs and Expenses
Amendment and Waiver
Severability
Entire Agreement
Third Party Rights
Dispute Resolution
Governing Law
Jurisdiction
Relevant Industries
Manufacturing
Agriculture
Energy
Commodities Trading
Real Estate
Construction
Technology
Automotive
Mining
Renewable Energy
Industrial Equipment
Food and Beverage
Pharmaceuticals
Raw Materials
Financial Services
Relevant Teams
Legal
Procurement
Finance
Supply Chain
Operations
Risk Management
Compliance
Treasury
Commercial
Business Development
Contract Management
Relevant Roles
Chief Procurement Officer
Procurement Manager
Legal Counsel
Contract Manager
Supply Chain Manager
Commercial Director
Chief Financial Officer
Risk Manager
Business Development Manager
Operations Director
Treasury Manager
Compliance Officer
Senior Buyer
Category Manager
Strategic Sourcing Manager
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