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Crude Oil Purchase Agreement
"Need a Crude Oil Purchase Agreement for the sale of 500,000 barrels per month of Brent crude oil from March 2025, with delivery at Rotterdam port and payment terms of 30 days from bill of lading date."
1. Parties: Identification and details of the buyer and seller
2. Background: Context of the agreement and commercial relationship
3. Definitions: Key terms used throughout the agreement
4. Product Specifications: Detailed specifications of the crude oil being purchased
5. Quantity: Agreed volumes and measurement methods
6. Price and Payment Terms: Pricing mechanism, payment method and timing
7. Delivery Terms: Delivery location, method, and scheduling
8. Title and Risk: Transfer of ownership and risk allocation
9. Quality and Inspection: Quality testing procedures and standards
10. Force Majeure: Events excusing performance
11. Governing Law and Jurisdiction: Legal framework and dispute resolution
1. Term and Termination: Duration and termination rights (for long-term agreements)
2. Take or Pay Provisions: Minimum purchase obligations (for long-term agreements)
3. Price Review: Mechanism for price adjustments (for long-term agreements)
4. Storage Provisions: If storage is required as part of the agreement
1. Product Specification Schedule: Detailed technical specifications of the crude oil
2. Pricing Schedule: Detailed pricing mechanisms and calculations
3. Delivery Schedule: Specific delivery locations and requirements
4. Testing Procedures: Detailed quality testing methodologies
5. Form of Documents: Template documents such as bills of lading, certificates
6. Compliance Requirements: Specific regulatory compliance procedures
Authors
Applicable Law
API Gravity
Banking Day
Barrel
Bill of Lading
Business Day
Buyer
Cargo
Certificate of Quality
Certificate of Quantity
Commencement Date
Contract Price
Contract Quantity
Crude Oil
Delivery Point
Delivery Window
Demurrage
Effective Date
Force Majeure Event
FOB
Independent Inspector
Initial Term
Incoterms
Laydays
Loading Port
Loading Terminal
Nomination
Notice of Readiness
Party/Parties
Payment Date
Price Adjustment
Quality Specifications
Quarter
Related Entity
Seller
Shipping Documents
Specifications
Term
Terminal Operator
Title
Transfer Point
Vessel
Working Day
Sale and Purchase
Quantity
Quality
Price and Payment
Delivery
Title and Risk
Shipping and Transportation
Nomination
Loading and Discharge
Measurement and Testing
Documentation
Warranties
Force Majeure
Liability and Indemnity
Insurance
Compliance with Laws
Anti-corruption
Sanctions
Health and Safety
Environmental Protection
Confidentiality
Assignment
Termination
Governing Law
Dispute Resolution
Notices
Entire Agreement
Amendments
Severability
Third Party Rights
Waiver
Counterparts
Costs
Time of the Essence
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