The International Buying Agent Contract is essential for companies seeking to establish formal procurement relationships in international markets through local representatives. This document is particularly relevant when a company (Principal) wishes to engage a professional buying agent to handle supplier identification, price negotiation, quality control, and purchase coordination in foreign markets. The agreement, governed by Indian law, provides comprehensive coverage of crucial aspects including agent authority, territorial rights, commission structures, compliance requirements, and quality control standards. It incorporates necessary provisions to comply with Indian legal requirements, including the Indian Contract Act, 1872, Foreign Exchange Management Act (FEMA), and international trade regulations. The document is typically used by companies expanding their procurement operations internationally, seeking cost efficiencies, or requiring local expertise in specific markets.

1. Parties: Identification of the Principal and the Buying Agent, including full legal names, registration details, and addresses

2. Background: Context of the agreement, including the Principal's business, need for a buying agent, and agent's expertise

3. Definitions: Definitions of key terms used throughout the agreement, including Territory, Products, Suppliers, etc.

4. Appointment and Scope: Formal appointment of the agent, territory coverage, and scope of authority

5. Agent's Duties and Responsibilities: Detailed list of agent's obligations, including supplier identification, price negotiation, quality control, etc.

6. Principal's Duties and Responsibilities: Principal's obligations including information provision, support, and payment obligations

7. Commission and Payment Terms: Commission structure, calculation method, payment currency, timing, and payment mechanisms

8. Term and Termination: Duration of agreement, renewal terms, and grounds for termination

9. Confidentiality: Protection of confidential information and trade secrets

10. Compliance with Laws: Obligations regarding international trade laws, anti-corruption, and local regulations

11. Liability and Indemnification: Limitation of liability, indemnification obligations, and insurance requirements

12. Force Majeure: Provisions for handling unforeseen circumstances and their impact on obligations

13. Governing Law and Dispute Resolution: Choice of law, jurisdiction, and dispute resolution mechanisms

14. General Provisions: Standard boilerplate clauses including notices, amendments, assignment, etc.