Forward Sale Agreement

Forward Sale Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need a Forward Sale Agreement for the sale of 10,000 metric tons of rice, with monthly deliveries starting March 2025, including specific storage requirements and quality certification provisions for export to Japan."

Document background

The Forward Sale Agreement is a crucial commercial document used in Philippine business transactions when parties wish to secure future trading arrangements with predetermined terms. This agreement type is particularly valuable in industries with price volatility or where advance planning of supply chains is essential. The document, governed by Philippine law, typically includes detailed provisions on product specifications, pricing mechanisms, delivery schedules, and quality standards. It serves to mitigate market risks while providing certainty for both buyers and sellers in future transactions. The agreement must comply with Philippine Civil Code requirements for validity of contracts and may also need to address specific regulatory requirements depending on the nature of goods being traded. Forward Sale Agreements are commonly used in both domestic and international trade contexts, requiring careful consideration of Philippine commercial laws, securities regulations, and international trade practices where applicable.

Suggested Sections

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

2. Background: Context of the agreement and brief description of the parties' intention to enter into a forward sale arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the goods/assets to be sold, including specifications and quantity

5. Purchase Price: Agreed price, payment terms, and payment schedule

6. Delivery Terms: Delivery date, location, method, and related obligations

7. Quality Specifications: Required quality standards, inspection procedures, and acceptance criteria

8. Title and Risk: Transfer of ownership and risk allocation between parties

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

10. Events of Default: Circumstances constituting default and consequences

11. Force Majeure: Provisions for unforeseen circumstances affecting performance

12. Termination: Conditions and procedures for terminating the agreement

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

14. Execution: Signature blocks and execution formalities

Optional Sections

1. Security Arrangements: Include when additional security or collateral is required for the transaction

2. Price Adjustment Mechanism: Include when parties agree to potential price adjustments based on market conditions or other factors

3. Insurance: Include when specific insurance requirements are needed for the goods during storage or transit

4. Confidentiality: Include when dealing with sensitive commercial information

5. Export/Import Requirements: Include for international forward sales requiring compliance with trade regulations

6. Storage Provisions: Include when specific storage arrangements are required before delivery

7. Quality Certification: Include when third-party quality certification is required

8. Broker Provisions: Include when a broker is involved in the transaction

Suggested Schedules

1. Schedule 1 - Product Specifications: Detailed technical specifications of the goods/assets

2. Schedule 2 - Pricing Formula: Detailed pricing calculations and adjustments if applicable

3. Schedule 3 - Delivery Schedule: Detailed timeline for delivery including any partial deliveries

4. Schedule 4 - Quality Standards: Specific quality parameters and testing methods

5. Schedule 5 - Form of Quality Certificate: Template for quality certification documentation

6. Schedule 6 - Contact Details: Key contact persons and their details for both parties

7. Appendix A - Required Documents: List of documents required for completion of the sale

8. Appendix B - Compliance Requirements: Specific regulatory or compliance requirements applicable to the transaction

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Agriculture

Manufacturing

Mining

Commodities Trading

Energy

Food and Beverage

Construction Materials

Textile

Chemical Industry

International Trade

Wholesale Distribution

Metals and Mining

Relevant Teams

Legal

Procurement

Sales

Finance

Risk Management

Operations

Compliance

Treasury

Supply Chain

Commercial

Business Development

Contract Administration

Relevant Roles

Commercial Director

Procurement Manager

Sales Manager

Contract Administrator

Legal Counsel

Risk Manager

Trading Manager

Supply Chain Manager

Finance Director

Operations Manager

Compliance Officer

Business Development Manager

Chief Financial Officer

Commercial Lawyer

Treasury Manager

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Authors

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