Contracts & documents
SPA
Sale and Purchase Agreement — the binding contract for an oil cargo.
A Sale and Purchase Agreement (SPA) is the main binding contract for a physical oil trade. It covers product specs, volume and tolerance, loading and delivery dates, pricing formula, payment instrument, inspection arrangements, title transfer, force majeure, and arbitration clause.
Standard practice: GAFTA or AGC/CAGB arbitration, English or Swiss law, SGS or Intertek for inspection, LC at sight or CAD against documents. OilFlow Network generates SPA drafts via Claude Opus using legal-reviewed templates, always as DRAFT — FOR REVIEW BY INDEPENDENT LEGAL COUNSEL.
Related: ICPO, FCO, Bill of Lading.
See also