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Oil Purchase Agreement

Oil Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Oil Purchase Agreement

"I need an Oil Purchase Agreement for a 12-month supply contract starting January 2025, between our Philippine refinery company and a Malaysian crude oil supplier, with monthly deliveries of 50,000 barrels and specific quality requirements for light sweet crude."

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Document background
The Oil Purchase Agreement serves as the primary contractual framework for oil trading transactions in the Philippines, establishing rights and obligations between buyers and sellers of oil products. This document is essential for businesses engaged in the purchase, sale, or trading of oil products within the Philippine market, ensuring compliance with local regulations, particularly the Downstream Oil Industry Deregulation Act (RA 8479). It covers crucial elements including product specifications, pricing mechanisms, delivery terms, quality requirements, and risk allocation. The agreement is designed to accommodate both domestic and international trading practices while maintaining compliance with Philippine law, making it suitable for various scales of operation from bulk supply arrangements to regular trading relationships. The document includes specific provisions required by Philippine regulators and addresses local market conditions, environmental requirements, and industry-specific considerations.
Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions: Detailed definitions of technical and legal terms used throughout the agreement

4. Sale and Purchase Obligation: Core obligations of parties including quantity, grade, and basic supply commitments

5. Price and Payment Terms: Pricing mechanism, currency, payment timeline, and invoicing requirements

6. Quality Specifications: Detailed specifications of the oil products, testing procedures, and quality assurance

7. Delivery Terms: Delivery points, transfer of title and risk, shipping terms (INCOTERMS)

8. Measurement and Sampling: Procedures for quantity measurement and quality sampling

9. Term and Termination: Duration of agreement and termination circumstances

10. Force Majeure: Events excusing performance and related procedures

11. Warranties and Representations: Standard and specific warranties from both parties

12. Compliance with Laws: Compliance with Philippine regulations, particularly RA 8479

13. Liability and Indemnification: Allocation of risks and liability between parties

14. Dispute Resolution: Dispute resolution procedures and governing law provisions

15. Confidentiality: Protection of confidential information

16. Miscellaneous: Standard boilerplate provisions including notices, amendments, and assignment

Optional Sections

1. Minimum/Maximum Purchase Obligations: Used when parties want to specify volume commitments - includes take-or-pay or supply-or-pay obligations

2. Price Review Mechanism: Include when parties want periodic price reviews or specific price adjustment mechanisms

3. Storage and Terminal Requirements: Required when the agreement involves storage facilities or terminal usage

4. Environmental Compliance: Detailed section when operations involve significant environmental risks or specific compliance requirements

5. Credit Support: Include when either party requires guarantees, letters of credit, or other security

6. Loading/Discharge Port Requirements: Detailed requirements for specific ports when regular shipments are involved

7. Local Content Requirements: Include when Philippine regulations require specific local content compliance

8. Hedging Provisions: Used when parties agree to specific price hedging arrangements

Suggested Schedules

1. Product Specifications: Detailed technical specifications of oil products

2. Pricing Formula: Detailed pricing calculations and adjustments

3. Delivery Schedule: Timing and quantity of deliveries

4. Testing Procedures: Detailed procedures for quality testing and measurement

5. Terminal/Storage Facilities: Technical details of facilities and operating procedures

6. Required Documentation: List of documents required for delivery and payment

7. Key Personnel: Contact details of key personnel from both parties

8. Compliance Certificates: Required permits and certificates under Philippine law

9. Form of Letter of Credit: Standard form for any required letters of credit

10. Insurance Requirements: Detailed insurance coverage requirements

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions

























































Clauses








































Relevant Industries

Oil & Gas

Energy

Commodities Trading

Maritime Transport

Logistics

Storage & Warehousing

Financial Services

Insurance

Manufacturing

Retail Fuel Distribution

Relevant Teams

Legal

Commercial

Trading

Operations

Finance

Risk Management

Compliance

Quality Control

Logistics

Credit Control

Environmental

Business Development

Relevant Roles

Commercial Director

Trading Manager

Supply Chain Manager

Legal Counsel

Compliance Officer

Risk Manager

Operations Manager

Finance Director

Contract Administrator

Quality Control Manager

Logistics Manager

Environmental Compliance Officer

Credit Manager

Business Development Manager

Terminal Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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