The Bill of Sale For Stored Materials is a specialized legal instrument used in Malaysian commercial transactions where materials need to be sold while remaining in their current storage location. This document is particularly relevant when immediate physical transfer is not practical or desired, such as in bulk commodity trades, industrial material sales, or warehouse financing arrangements. It addresses the unique challenges of transferring ownership of goods that remain in storage, combining elements of both sale and storage agreements. The document must comply with Malaysian legislation, including the Sale of Goods Act 1957, Warehouse Keepers Act 1963, and relevant storage regulations. It typically includes detailed provisions for material identification, storage conditions, access rights, risk allocation, and eventual delivery arrangements.
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1. Parties: Identification of the Seller and Buyer, including full legal names, registration numbers, and registered addresses
2. Background: Context of the sale and storage arrangement, including current location of materials and purpose of the transaction
3. Definitions: Definitions of key terms used throughout the document, including 'Materials', 'Storage Facility', 'Storage Period', etc.
4. Sale and Purchase: Core terms of the sale, including confirmation of transfer of ownership and purchase price
5. Description of Materials: Detailed description of the materials being sold, including quantity, quality, and condition
6. Storage Terms: Specifications of storage arrangements, including location, duration, and storage conditions
7. Payment Terms: Details of payment, including amount, method, and timing
8. Risk and Insurance: Allocation of risk during storage period and insurance requirements
9. Access Rights: Terms governing access to the stored materials by both parties
10. Representations and Warranties: Seller's warranties regarding ownership, condition of materials, and storage facility compliance
11. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
12. Execution: Signature blocks and execution formalities
1. Storage Facility Obligations: Detailed obligations of the storage facility, used when the storage facility is a third party
2. Quality Inspection: Procedures for quality inspection, used when materials require specific quality verification
3. Environmental Compliance: Environmental requirements and compliance, used for materials subject to environmental regulations
4. Security Interest: Creation of security interest, used when payment is not made in full at completion
5. Delivery Terms: Terms for eventual delivery or collection, used when immediate removal is not contemplated
6. Force Majeure: Force majeure provisions, used for longer storage periods or high-value materials
7. Confidentiality: Confidentiality obligations, used when transaction involves sensitive commercial information
1. Schedule 1 - Detailed Materials Inventory: Comprehensive list and description of all materials included in the sale
2. Schedule 2 - Storage Facility Details: Details of storage facility including location, access procedures, and facility specifications
3. Schedule 3 - Storage Charges: Breakdown of storage costs and payment schedule if applicable
4. Schedule 4 - Insurance Requirements: Specific insurance requirements and coverage details
5. Appendix A - Storage Facility Certification: Copies of relevant storage facility certifications and licenses
6. Appendix B - Material Safety Data Sheets: Safety data sheets for materials where applicable
7. Appendix C - Quality Certificates: Quality certificates or inspection reports for the materials
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