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Future Purchase Agreement for United Arab Emirates

Future Purchase Agreement Template for United Arab Emirates

A comprehensive legal agreement governed by UAE law that establishes the terms and conditions for future purchases of goods or services between two or more parties. This document outlines the commitment to purchase specific items at a predetermined price and quantity at a future date, while ensuring compliance with UAE Civil Code and Commercial Code requirements. It includes detailed provisions for pricing, delivery schedules, quality standards, and dispute resolution mechanisms, all structured within the UAE legal framework and commercial practices.

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What is a Future Purchase Agreement?

The Future Purchase Agreement is a crucial commercial document used in the UAE business environment when parties wish to establish a binding commitment for future transactions. This agreement is particularly relevant in the UAE's dynamic market where businesses need to secure supply chains and manage price fluctuations effectively. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Code), while addressing specific commercial requirements such as payment terms, delivery schedules, and quality standards. It's commonly used in situations where parties want to lock in prices, ensure supply availability, or establish long-term commercial relationships while maintaining flexibility in delivery timing and quantities.

What sections should be included in a Future Purchase Agreement?

1. Parties: Identification and details of the buyer and seller, including full legal names, registration numbers, and registered addresses

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Defined terms used throughout the agreement

4. Subject Matter of Purchase: Detailed description of the goods or services to be purchased in the future

5. Purchase Price and Payment Terms: Agreed price, payment schedule, and payment methods

6. Timing and Delivery: Future purchase date(s), delivery schedule, and logistics arrangements

7. Quality and Specifications: Quality standards, technical specifications, and acceptance criteria

8. Conditions Precedent: Conditions that must be satisfied before the purchase obligation becomes binding

9. Representations and Warranties: Statements of fact and assurances from both parties

10. Term and Termination: Duration of the agreement and circumstances for early termination

11. Force Majeure: Events excusing performance and their consequences

12. Governing Law and Jurisdiction: Confirmation of UAE law application and dispute resolution mechanisms

13. Notices: Process and addresses for formal communications between parties

14. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability

What sections are optional to include in a Future Purchase Agreement?

1. Exclusivity: Used when parties agree to exclusive purchase arrangements

2. Minimum Purchase Commitments: Include when there are guaranteed minimum purchase volumes

3. Price Adjustment Mechanism: Required for long-term agreements where prices may need adjustment

4. Storage and Warehousing: Necessary when goods need interim storage arrangements

5. Insurance Requirements: Include when specific insurance coverage is required

6. Performance Guarantees: Used when additional security for performance is needed

7. Intellectual Property Rights: Include when the purchase involves IP-protected items

8. Confidentiality: Required when sensitive information will be exchanged

9. Change Control Procedure: Include for complex agreements where specifications may change

10. Parent Company Guarantee: Used when additional financial security is required

What schedules should be included in a Future Purchase Agreement?

1. Schedule 1 - Product Specifications: Detailed technical specifications of goods to be purchased

2. Schedule 2 - Pricing Schedule: Detailed breakdown of prices, including any volume discounts

3. Schedule 3 - Delivery Schedule: Timeline of anticipated delivery dates and quantities

4. Schedule 4 - Quality Standards: Specific quality requirements and testing procedures

5. Schedule 5 - Form of Purchase Order: Template for individual purchase orders under the agreement

6. Schedule 6 - Key Personnel: List of key contacts from both parties

7. Appendix A - Performance Metrics: Detailed KPIs and performance measurement criteria

8. Appendix B - Technical Requirements: Additional technical documentation and requirements

9. Appendix C - Compliance Requirements: Specific regulatory or industry compliance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions



































Clauses

































Relevant Industries

Manufacturing

Energy and Resources

Technology and Electronics

Automotive

Construction Materials

Consumer Goods

Industrial Equipment

Pharmaceuticals

Food and Beverage

Textiles and Apparel

Chemical Industry

Telecommunications

Relevant Teams

Legal

Procurement

Supply Chain

Finance

Operations

Commercial

Risk Management

Compliance

Business Development

Contract Administration

Relevant Roles

Procurement Manager

Supply Chain Director

Commercial Director

Legal Counsel

Contract Manager

Chief Financial Officer

Operations Director

Purchasing Officer

Business Development Manager

Risk Manager

Compliance Officer

General Manager

Trading Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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