Document background
The Oil Purchase and Sale Agreement is a fundamental document in oil trading transactions, used when parties wish to establish a legally binding arrangement for the sale and purchase of oil products. This agreement, governed by English and Welsh law, provides a comprehensive framework covering essential elements such as product specifications, quantity, pricing, delivery terms, and quality requirements. It is particularly important for ensuring clarity in commercial terms and risk allocation between parties, while complying with relevant UK legislation and international trading practices. The agreement can be structured for both spot transactions and long-term supply arrangements, incorporating necessary safeguards and compliance requirements for oil trading operations.
