Future Purchase Agreement for Singapore

Future Purchase Agreement Template for Singapore

A Future Purchase Agreement under Singapore law is a legally binding contract where one party commits to purchasing specified goods or services from another party at predetermined terms in the future. The agreement typically includes detailed provisions on pricing, quantity, quality specifications, and delivery terms, governed by Singapore's Contract Law and Sale of Goods Act. It provides certainty for both buyers and sellers while maintaining flexibility for future transactions.

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What is a Future Purchase Agreement?

The Future Purchase Agreement is commonly used in Singapore's business environment when parties wish to establish a framework for future transactions while maintaining certainty in terms and conditions. This document is particularly valuable in situations involving regular procurement, supply chain management, or when parties need to secure future supply or demand. Under Singapore law, the agreement typically includes specific provisions for purchase commitments, pricing mechanisms, quality standards, and delivery terms, while complying with local contract law principles and commercial regulations.

What sections should be included in a Future Purchase Agreement?

1. Parties: Identification and details of the contracting parties

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Purchase Obligations: Core terms of future purchase commitment

5. Pricing and Payment Terms: Price determination, payment schedule, and methods

6. Delivery Terms: Timing, location, and conditions of delivery

7. Term and Termination: Duration and termination conditions

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Future Purchase Agreement?

1. Minimum Purchase Commitments: Used when specifying guaranteed purchase volumes for bulk or regular purchasing arrangements

2. Exclusivity Provisions: Exclusive purchasing arrangements when parties agree to exclusive dealing

3. Force Majeure: Provisions for unforeseen circumstances, typically used in longer-term agreements or high-value transactions

4. Quality Specifications: Detailed product quality requirements for technical or specialized products

What schedules should be included in a Future Purchase Agreement?

1. Product Specifications Schedule: Detailed description of products to be purchased

2. Pricing Schedule: Detailed pricing structure, including any volume discounts

3. Delivery Schedule: Detailed delivery timelines and locations

4. Quality Standards Schedule: Specific quality requirements and testing procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Retail
Technology
Commodities
Food and Beverage

Relevant Teams

Procurement
Legal
Finance
Supply Chain
Operations

Relevant Roles

Procurement Manager
Supply Chain Director
Commercial Director
Chief Financial Officer
Legal Counsel

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What is a Future Purchase Agreement?

What sections should be included in a Future Purchase Agreement?

What sections are optional to include in a Future Purchase Agreement?

What schedules should be included in a Future Purchase Agreement?

Authors

Alex Denne

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