A Forward Sale Agreement is essential for businesses engaged in future trading of goods in Indonesia, particularly in commodity-rich sectors. This document type is commonly used when parties want to secure future supply and price certainty while managing market volatility. The agreement must comply with Indonesian law, including the Civil Code (Kitab Undang-undang Hukum Perdata) and Trade Law (Undang-Undang Perdagangan), and typically includes provisions for quality specifications, delivery schedules, price mechanisms, and risk allocation. It's particularly relevant for Indonesia's key export sectors such as agriculture, mining, and manufacturing, where forward contracting is a common practice for securing supply chains and managing price risks.
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1. Parties: Identification of buyer and seller with complete legal details
2. Background: Context of the agreement and commercial relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core obligations regarding the forward sale, including quantity and basic specifications
5. Delivery Terms: Timing, location, and method of delivery
6. Price and Payment: Price determination, payment terms, currency, and payment method
7. Quality Specifications: Detailed quality requirements and testing procedures
8. Title and Risk: Transfer of ownership and risk allocation
9. Representations and Warranties: Standard and specific warranties from both parties
10. Force Majeure: Events excusing performance and consequences
11. Default and Termination: Events of default, remedies, and termination rights
12. Governing Law and Dispute Resolution: Choice of law and dispute resolution mechanisms
13. General Provisions: Standard boilerplate clauses including notices, amendments, assignment
1. Performance Security: Required when parties agree on bank guarantees or other security arrangements
2. Price Adjustment Mechanism: Used when parties agree to price adjustments based on market conditions or indices
3. Storage and Warehousing: Needed when the goods require intermediate storage before final delivery
4. Insurance: Detailed insurance requirements when specific coverage is required
5. Sanctions and Export Control: Required for international transactions or sensitive goods
6. Sustainability Requirements: Used when environmental or sustainability certifications are required
7. Local Content Requirements: Required when dealing with regulated industries in Indonesia
1. Product Specifications: Detailed technical specifications of the goods
2. Pricing Formula: Detailed calculation method for price determination
3. Delivery Schedule: Detailed timeline for deliveries including quantities
4. Quality Testing Procedures: Specific procedures for quality verification
5. Form of Performance Security: Template for bank guarantee or other security documents
6. Key Personnel: List of authorized representatives from each party
7. Required Certifications: Copies or details of required regulatory certifications
Relevant legal definitions
Clauses
Relevant Industries
Agriculture
Mining
Commodities
Manufacturing
Energy
Palm Oil
Textiles
Coal
Metals and Minerals
Food and Beverage
Chemical Industry
Relevant Teams
Legal
Procurement
Sales
Commercial
Risk Management
Treasury
Supply Chain
Operations
Finance
Logistics
Quality Control
Compliance
Relevant Roles
Commercial Director
Procurement Manager
Sales Manager
Legal Counsel
Contract Administrator
Risk Manager
Treasury Manager
Supply Chain Manager
Commodities Trader
Operations Director
Chief Financial Officer
Logistics Manager
Quality Control Manager
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