The Forward Sale Agreement is commonly used when parties wish to secure future trading arrangements with predetermined terms. This contract type is particularly valuable in industries with price volatility or long lead times between agreement and delivery. Under English and Welsh law, it provides a robust framework for managing future sales, including specific provisions for price determination, delivery schedules, quality standards, and risk allocation. The agreement helps parties mitigate market risks while ensuring clarity in their future trading obligations.
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1. Parties: Identification and details of contracting parties
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Subject Matter: Description of goods/assets being sold forward
5. Price and Payment: Purchase price, payment terms, and mechanics
6. Delivery Terms: Timing and conditions of delivery
7. Risk and Title: Transfer of risk and ownership provisions
8. Representations and Warranties: Statements of fact and promises made by each party
9. Termination: Circumstances and process for ending the agreement
10. Governing Law and Jurisdiction: Laws governing the agreement and courts having jurisdiction
1. Conditions Precedent: Conditions that must be met before completion, used in complex transactions requiring specific prerequisites
2. Quality Specifications: Detailed product specifications, used when selling commodities or manufactured goods
3. Force Majeure: Provisions for unforeseen circumstances, typically included in long-term or high-value contracts
4. Regulatory Compliance: Specific provisions relating to regulatory requirements, used when the transaction involves regulated goods or services
5. Insurance: Requirements for insurance coverage, used when significant risks need to be managed
1. Product Specification Schedule: Detailed technical specifications of the goods
2. Pricing Schedule: Detailed pricing mechanisms and calculations
3. Delivery Schedule: Detailed delivery timelines and locations
4. Quality Testing Procedures: Procedures for quality verification and acceptance testing
5. Form of Notice: Template forms for various notices required under the agreement
Relevant legal definitions
Clauses
Relevant Industries
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