The Forward Sale Contract is a crucial commercial instrument in Indonesian business practice, particularly utilized in sectors involving commodity trading, manufacturing, and international trade. This document type is essential when parties wish to secure future supply and price certainty, typically involving delivery schedules spanning several months to a year ahead. The contract must comply with Indonesian Civil Code (KUHPerdata) requirements for valid contracts and incorporate specific provisions required by Indonesian commercial regulations. Forward Sale Contracts are commonly used when businesses need to manage supply chain risks, secure pricing, and establish clear delivery commitments. The document includes detailed provisions on quality specifications, delivery terms, price mechanisms, and risk allocation, all structured to provide certainty while remaining enforceable under Indonesian law.
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1. Parties: Identification and details of the seller and buyer, including their legal status and authority to enter into the contract
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of the goods/commodities being sold forward
5. Price and Payment Terms: Forward price, payment schedule, and payment mechanisms
6. Delivery Terms: Delivery schedule, location, and conditions for delivery
7. Quality Specifications: Required quality standards and specifications of the goods
8. Title and Risk: Transfer of ownership and risk allocation between parties
9. Representations and Warranties: Standard representations and specific warranties regarding the goods
10. Events of Default: Circumstances constituting default and consequences
11. Force Majeure: Definition of force majeure events and their consequences
12. Dispute Resolution: Mechanism for resolving disputes, including jurisdiction and governing law
13. Notices: Communication procedures between parties
14. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability
1. Insurance: Required when specific insurance coverage is needed for the goods during transit or storage
2. Performance Security: Include when additional security (bank guarantee, performance bond) is required
3. Inspection Rights: When buyer requires specific rights to inspect goods before or during delivery
4. Confidentiality: When transaction involves sensitive commercial information
5. Anti-corruption Compliance: When required by company policy or regulatory requirements
6. Export/Import Compliance: When transaction involves international trade
7. Sustainability Requirements: When environmental or sustainability standards need to be met
8. Price Adjustment Mechanism: When price might need adjustment based on market conditions or indices
1. Product Specifications: Detailed technical specifications of the goods
2. Delivery Schedule: Detailed timeline of deliveries including quantities and locations
3. Price Calculation Formula: Detailed pricing mechanism and calculations if complex
4. Quality Testing Procedures: Specific procedures for quality assessment
5. Key Personnel: Contact details of key personnel responsible for contract execution
6. Required Certificates: List of required certificates and compliance documents
7. Storage Requirements: Specific requirements for storage if applicable
8. Standard Operating Procedures: Procedures for ordering, delivery, and acceptance
Authors
Relevant legal definitions
Clauses
Relevant Industries
Agriculture
Mining
Manufacturing
Commodities Trading
Energy
Chemical Industry
Textile Industry
Food and Beverage
Palm Oil Industry
Metal and Minerals
International Trade
Wholesale Distribution
Relevant Teams
Legal
Procurement
Supply Chain
Finance
Risk Management
Operations
Commercial
Trading
Quality Assurance
Logistics
Business Development
Relevant Roles
Procurement Manager
Commercial Director
Supply Chain Manager
Legal Counsel
Contract Administrator
Trade Finance Manager
Risk Manager
Operations Director
Commodity Trader
Sales Director
Chief Financial Officer
Logistics Manager
Quality Assurance Manager
Business Development Manager
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