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Oil And Gas Purchase And Sale Agreement
"I need an Oil And Gas Purchase And Sale Agreement for a long-term supply arrangement between our Texas-based production company and a midwest utility company, with monthly deliveries of 50,000 barrels starting March 2025, including specific quality requirements for light crude oil."
1. Parties: Identifies the buyer and seller with full legal names and addresses
2. Background/Recitals: Sets out the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement including industry-specific terminology
4. Sale and Purchase: Core transaction terms including quantity, quality, and specifications of oil and gas products
5. Price and Payment: Pricing mechanism, payment terms, invoicing requirements, and any price adjustment provisions
6. Delivery: Delivery points, scheduling, nomination procedures, and transportation arrangements
7. Quality and Measurement: Quality specifications, measurement procedures, and testing protocols
8. Title and Risk: Transfer of ownership, risk allocation, and warranties of title
9. Representations and Warranties: Standard assurances from both parties regarding authority, compliance, and operational capabilities
10. Force Majeure: Events excusing performance including industry-specific events
11. Term and Termination: Duration of agreement, renewal options, and termination rights
1. Environmental Compliance: Environmental obligations, compliance requirements, and allocation of environmental liabilities
2. Transportation: Detailed transportation arrangements including pipeline access and capacity rights
3. Storage: Storage arrangements, responsibilities, and facility requirements
4. Take-or-Pay Provisions: Minimum purchase obligations and compensation mechanisms for shortfalls
5. Price Adjustment: Mechanisms for price adjustments based on market conditions or indices
1. Schedule A - Product Specifications: Detailed quality and technical specifications for oil and gas products
2. Schedule B - Pricing Schedule: Detailed pricing mechanisms, calculations, and adjustment formulas
3. Schedule C - Delivery Points: List and description of delivery locations and facility specifications
4. Schedule D - Measurement Procedures: Detailed measurement methodologies and equipment requirements
5. Schedule E - Testing Procedures: Quality testing protocols and standards
6. Schedule F - Transportation Schedule: Detailed logistics arrangements and pipeline specifications
7. Schedule G - Form of Notices: Standard forms for various notices and communications
Authors
Applicable Law
Business Day
Buyer
Commencement Date
Contract Price
Contract Quantity
Delivery Point
Delivery Schedule
Effective Date
Force Majeure
Gas
Gas Day
Governmental Authority
Interest Rate
Maximum Daily Quantity
Measurement Point
Minimum Daily Quantity
Month
Natural Gas
Nomination
Oil
Operating Procedures
Party/Parties
Pipeline
Product
Product Specifications
Quality Standards
Receiving Facilities
Seller
Specification
Storage Facilities
Take or Pay Quantity
Term
Terminal
Transportation Agreement
Units of Measurement
Year
Price and Payment
Delivery
Quality and Measurement
Title and Risk
Transportation
Storage
Force Majeure
Representations and Warranties
Indemnification
Insurance
Confidentiality
Assignment
Termination
Default
Take or Pay
Environmental Compliance
Health and Safety
Taxes
Dispute Resolution
Governing Law
Liability
Notices
Compliance with Laws
Anti-corruption
Records and Audit Rights
Credit Support
Change in Law
Imbalances
Operational Requirements
Nominations
Warranties of Title
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