Fuel Supply Agreement
1. Overview
This Fuel Supply Agreement ("Agreement") is entered into by and between the Supplier and the Purchaser, collectively referred to as the "Parties". The purpose of this Agreement is to establish the terms and conditions under which the Supplier will supply fuel to the Purchaser.
2. Definitions
In this Agreement, the following terms shall have the meanings ascribed to them below:
"Supplier": The party providing the fuel.
"Purchaser": The party receiving the fuel.
"Fuel": The petroleum product provided under this Agreement.
"Delivery Point": The agreed location where the fuel will be delivered.
3. Term
The term of this Agreement shall commence on the Effective Date and continue for a period of one year, unless earlier terminated in accordance with the provisions herein.
3.1 Renewal
Upon mutual written agreement, this Agreement may be renewed for an additional term under the same terms and conditions.
4. Supply of Fuel
The Supplier agrees to provide and the Purchaser agrees to purchase fuel under the terms specified in this Agreement. The Supplier shall ensure that the fuel meets industry standards and specifications.
4.1 Quantity
Supplier agrees to supply the quantities of fuel as specified in the Purchase Orders issued by Purchaser and accepted by Supplier.
4.2 Delivery
Fuel shall be delivered to the Delivery Point as per the schedule agreed upon by the Parties. In case of any delay, the Supplier must notify the Purchaser at the earliest opportunity.
5. Payment Terms
The Purchaser agrees to pay the Supplier the price for the fuel delivered under this Agreement. Payment is due within thirty (30) days from the date of invoice issued by the Supplier.
5.1 Late Payments
Any late payments will incur an interest charge of 1.5% per month, or the maximum rate permitted by law, whichever is lower.
6. Warranties and Liabilities
The Supplier warrants that the fuel supplied under this Agreement will meet the quality and specifications stated herein. The Supplier's liability for any breach of this warranty is limited to the replacement of non-conforming fuel.
7. Termination
Either Party may terminate this Agreement with thirty (30) days written notice to the other Party if the other Party fails to perform any material obligation under this Agreement and such failure remains uncured following the notice period.
8. Force Majeure
Neither Party shall be liable for failure to perform any obligation under this Agreement if such failure is caused by events beyond its reasonable control, including but not limited to acts of God, war, riots, and natural disasters.
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction specified by the Parties.
10. Entire Agreement
This Agreement constitutes the entire agreement between the Parties related to the subject matter hereof and supersedes all prior agreements or understandings.
11. Signature
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.
[Your Name]
[Your Company Name]
[Date]
Philip Mitchell
IntelShop
[Date]
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