The Oil Purchase And Sale Agreement is a crucial document used in Singapore's thriving oil trading sector, serving as the primary contractual framework for oil product transactions. This agreement is particularly relevant given Singapore's position as a major oil trading hub in Asia. It incorporates specific requirements under Singapore law, including compliance with the Petroleum Act and Environmental Protection and Management Act. The document typically covers essential elements such as product specifications, pricing mechanisms, delivery terms, quality standards, and risk allocation, while ensuring adherence to both local regulations and international trading practices. It's designed to provide comprehensive protection for both buyers and sellers while facilitating smooth commercial operations in the oil trading industry.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Product Specifications: Detailed specifications of the oil products being sold
5. Quantity and Delivery: Amount of product and delivery terms
6. Price and Payment Terms: Pricing structure and payment conditions
7. Quality and Inspection: Quality standards and inspection procedures
8. Title and Risk: Transfer of ownership and risk allocation
9. Term and Termination: Duration and termination provisions
1. Force Majeure: Provisions for unforeseen circumstances preventing performance of contractual obligations
2. Trade Controls and Sanctions: Compliance with international trade restrictions and sanctions regulations
3. Environmental Protection: Environmental compliance and protection measures for handling and transportation
4. Insurance: Insurance requirements and coverage for product transit and storage
1. Product Specification Sheet: Detailed technical specifications of the oil products
2. Pricing Formula: Detailed calculation method for price adjustments
3. Delivery Schedule: Timing and logistics of deliveries
4. Quality Testing Procedures: Detailed procedures for quality verification
5. Bank Details: Payment information for both parties
6. INCOTERMS: Specific trading terms applicable to the agreement
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