Fuel Trading Payment Agreement

Summary

A comprehensive payment agreement for Dip and Pay fuel trading should include business registration, tax IDs, and signatories details for both parties. The agreement must outline payment terms, conditions precedent, and default clauses. It should specify the governing law and jurisdiction for dispute resolution. Ensure all necessary documents, such as Proof of Product and title of ownership, are verified before payment. Consult legal experts to ensure compliance with applicable laws and regulations.

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Here's a comprehensive Payment Agreement for "Dip and Pay" fuel trading from a legal perspective: PAYMENT AGREEMENT This Payment Agreement ("Agreement") is made and entered into on [DATE] ("Effective Date") by and between: [BUYER'S COMPANY NAME] ("Buyer") with its registered office at [BUYER'S ADDRESS] [SELLER'S COMPANY NAME] ("Seller") with its registered office at [SELLER'S ADDRESS] RECITALS WHEREAS, the Buyer and Seller have entered into a Conditional Final Sales Purchase Agreement ("CFSPA") for the purchase of [VOLUME] metric tons of [FUEL TYPE] ("Product"); and WHEREAS, the Buyer desires to confirm its commitment to pay for the Product. ARTICLE *: PAYMENT TERMS *. *Payment Amount*: The Buyer shall pay the Seller the total sum of [TOTAL AMOUNT] ([CURRENCY]) within [TIMEFRAME, e.g., *-* working days] from receipt of verified title of ownership documents. *. *Payment Method*: Payment shall be made via wire transfer to the Seller's designated bank account: [BANK ACCOUNT DETAILS]. *. *Payment Confirmation*: The Buyer's bank shall issue a Bank Comfort Letter (BCL) confirming the Buyer's readiness to pay. ARTICLE *: CONDITIONS PRECEDENT *. *PPOP Verification*: The Buyer's payment obligation is conditional upon successful verification of final Proof of Product (PPOP) documents. *. *Dip Test Results*: The Buyer shall receive written notice of satisfactory dip test results from a reputable inspector (e.g., SGS). *. *Title of Ownership Documents*: The Seller shall provide all necessary documents, including POP, Certificate of Quality, Bill of Lading, and others. ARTICLE *: DEFAULT AND TERMINATION *. *Non-Payment*: Failure to pay within the specified timeframe constitutes a material breach. *. *Termination*: Either party may terminate this Agreement upon written notice in case of material breach. ARTICLE *: GOVERNING LAW AND JURISDICTION *. *Governing Law*: This Agreement shall be governed by and construed in accordance with [GOVERNING LAW, e.g., English law]. *. *Jurisdiction*: Any disputes shall be resolved through [DISPUTE RESOLUTION MECHANISM, e.g., arbitration] in [JURISDICTION, e.g., London]. ARTICLE *: MISCELLANEOUS *. *Amendments*: This Agreement may not be amended except in writing signed by both parties. *. *Notices*: All notices shall be in writing and delivered to the designated addresses. IN WITNESS WHEREOF The parties have executed this Agreement as of the date first above written. --- [BUYER'S SIGNATURE] [BUYER'S NAME] [BUYER'S TITLE] [SELLER'S SIGNATURE] [SELLER'S NAME] [SELLER'S TITLE] [COMPANY STAMPS] Please review and consult with legal experts to ensure compliance with applicable laws and regulations.

To address your modifications, here are the updates:
*. Include business registration, tax ID details for both buyer and seller, and signatories' names and passport IDs.
*. Update the recitals to reflect that the buyer has not yet entered the sales purchase agreement but is making it based on the buyer's ICPO.
*. Specify that the payment amount is subject to the final dip test report on the total quantity injected into the buyer's vessel tank/onshore tank.

Updated Payment Agreement
PAYMENT AGREEMENT
This Payment Agreement ("Agreement") is made and entered into on [DATE] ("Effective Date") by and between:
[BUYER'S COMPANY NAME] ("Buyer") with its registered office at [BUYER'S ADDRESS], Business Registration: [BUYER'S REGISTRATION NUMBER], Tax ID: [BUYER'S TAX ID]
[SELLER'S COMPANY NAME] ("Seller") with its registered office at [SELLER'S ADDRESS], Business Registration: [SELLER'S REGISTRATION NUMBER], Tax ID: [SELLER'S TAX ID]

RECITALS
- WHEREAS, the Buyer has issued an Irrevocable Corporate Purchase Order (ICPO) for the purchase of [VVOLUME metric tons of [FUEL TYPE] ("Product"); and
- WHEREAS, the Buyer desires to confirm its commitment to pay for the Product.

ARTICLE *: PAYMENT TERMS
*. Payment Amount: The Buyer shall pay the Seller the total sum of [TOTAL AMOUNT] ([CURRENCY]) within [TIMEFRAME, e.g., *-* working days] from receipt of verified title of ownership documents and final dip test report on the total quantity injected into the Buyer's vessel tank/onshore tank.
*. Payment Method: Payment shall be made via wire transfer to the Seller's designated bank account: [BANK ACCOUNT DETAILS].
*. Payment Confirmation: The Buyer's bank shall issue a Bank Comfort Letter (BCL) confirming the Buyer's readiness to pay.

ARTICLE *: CONDITIONS PRECEDENT
*. PPOP Verification: The Buyer's payment obligation is conditional upon successful verification of final Proof of Product (PPOP) documents.
*. Dip Test Results: The Buyer shall receive written notice of satisfactory dip test results from a reputable inspector (e.g., SGS).
*. Title of Ownership Documents: The Seller

Please draft Comprehensive payment agreement of fuel trading Dip and Pay for buyer commitment to pay. Draft it from legal perspective. See the attached final Procedur for your background reference. "Dip and Pay" fuel trading transaction procedure: Step *: Irrevocable Corporate Purchase Order (ICPO) *. The buyer issues an Irrevocable Corporate Purchase Order (ICPO), including the Company Information Sheet (CIS) and banking details. and purchase terms. *. Seller confirms receipt and acceptance of ICPO. Step *: Commercial Invoice and Documentation *. The seller provides a Commercial Invoice (CI) along with a color scanned copy of their company certificate and the signatory's passport, as well as Proof of Product (POP) documents, including a Tank Storage Receipt (TSR), Authorization to Verify (ATV), Unconditional Dip Test Authorization (UDTA), and Certificate of Origin (COO). ----- The Seller provides a Commercial Invoice (CI) Including company certificate, signatory's passport and Partially Proof of Product (PPOP) documents (Tank Storage Receipt (TSR), Authorization to Verify (ATV), Unconditional Dip Test Authorization (UDTA), and Certificate of Origin (COO). *. Buyer verifies CI and PPOP documents. Step *: Counter-Signature and Security *. The buyer countersigns the CI and returns it along with a color scanned copy of their company certificate, the signatory’s passport, and a secured CPA/TSA copy. *. Buyer and Seller sign Payment Guarantee agreement, ensuring buyer's payment commitment. Step *: Final Sales Purchase Agreement *. Buyer and Seller sign the Conditional Final Sales Purchase Agreement, confirming terms, conditions, and product specifications, subject to Buyer's written acceptance of PPOP verification. Both parties authenticate the agreement with signatures and stamps, acknowledging the conditional nature. *. The buyer's bank issues a Bank Comfort Letter (BCL) to the seller’s bank, confirming the buyer is Ready, Willing, and Able (RWA) to pay for the product inspected.after Receive written notice of the dip Test result from the reputable Q&Q inspectior (like SGS etc.). Step *: Dip Test and Payment *.. The buyer conducts a dip test of the product in the seller's tank at their own expense, verifying product quality.& Quantity. *. The buyer makes payment upon Confirms authenticity and completeness of the all necessary title of ownership documents, including: --> all Full POP and shipping docs. Step *: Delivery and Documentation *. The seller injects the total fuel quantity purchased into the buyer's vessel specified at the CPA or into the tank designated at the TSA. *. Title of ownership documents, Seller provides necessary documents (e.g., POP, Certificate of Quality, Bill of Lading etc ) Step *: Post-Delivery *. Buyer Confirms authenticity and completeness. *. The seller pays any intermediaries involved in the transaction. ---- Important things to remain in the stage * process; *. Specify the exact PPOP documents required. *. Define the verification process and timeline. *. Include provisions for disputes or discrepancies. *. Clarify governing law and jurisdiction

PAYMENT AGREEMENT
This Payment Agreement ("Agreement") is made and entered into on [DATE] ("Effective Date") by and between:
[BUYER'S COMPANY NAME] ("Buyer") with its registered office at [BUYER'S ADDRESS], Business Registration: [BUYER'S REGISTRATION NUMBER], Tax ID: [BUYER'S TAX ID]
[SELLER'S COMPANY NAME] ("Seller") with its registered office at [SELLER'S ADDRESS], Business Registration: [SELLER'S REGISTRATION NUMBER], Tax ID: [SELLER'S TAX ID]

RECITALS
- WHEREAS, the Buyer has issued an Irrevocable Corporate Purchase Order (ICPO) for the purchase of [VOLUME] metric tons of [FUEL TYPE] ("Product"); and
- WHEREAS, the Buyer desires to confirm its commitment to pay for the Product.

ARTICLE *: PAYMENT TERMS
*. Payment Amount: The Buyer shall pay the Seller the total sum of [TOTAL AMOUNT] ([CURRENCY]) within [TIMEFRAME, e.g., *-* working days] from receipt of verified title of ownership documents and final dip test report on the total quantity injected intothe Buyer's vessel tank/onshore tank.
*. Payment Method: Payment shall be made via wire transfer to the Seller's designated bank account: [BANK ACCOUNT DETAILS].
*. Payment Confirmation: The Buyer's bank shall issue a Bank Comfort Letter (BCL) confirming the Buyer's readiness to pay.

ARTICLE *: DEFAULT AND TERMINATION
*. Non-Payment: Failure to pay within the specified timeframe constitutes a material breach.
*. Termination: Either party may terminate this Agreement upon written notice in case of material breach.

ARTICLE *: GOVERNING LAW AND JURISDICTION
*. Governing Law: This Agreement shall be governed by and construed in accordance with [GOVERNING

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ARTICLE *: GOVERNING LAW AND JURISDICTION
*. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [GOVERNING LAW, e.g., English law].
*. Jurisdiction: Any disputes arising out of or in connection with this Agreement shall be resolved through [DISPUTE RESOLUTION MECHANISM, e.g., arbitration] in [JURISDICTION, e.g., London].

ARTICLE *: MISCELLANEOUS
*. Amendments: This Agreement may only be amended or modified in writing, signed by both parties.
*. Notices: All notices required or permitted under this Agreement shall be in writing and delivered to the addresses specified above.
*. Severability: If any provision of this Agreement is held invalid, the remaining provisions shall remain in full force and effect.
*. Entire Agreement: This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations and agreements.
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Fuel Trading Payment Agreement

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