HM 80 Model General Terms and Conditions for Free on Board (FOB) Sale and Purchase of Crude Oil
New ISBN 9780852935101
Date Published: October 2010
Published by: Energy Institute
The GTC (General Terms and Conditions) Hydrocarbon Trading Committee was established with the purpose of developing and maintaining voluntary standard GTCs for hydrocarbon physical trades on behalf of the wider trading community. This first set of terms developed by the Committee is now published and available via the links on the right.
These Model General Terms and Conditions have been developed with the intent of providing a commonly known, commercially neutral set of contract terms which parties may use on a voluntary basis. They will be of use to parties who do not have in-house terms or in cases where in-house terms are not acceptable.
Use of these terms will hopefully facilitate contract certainty for traders operating in this market and will reduce transaction costs which arise if contracts have to be negotiated for individual deals.
Wider adoption of these terms will also facilitate moves towards electronic trading.