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It is common practice for major international oil companies to produce their own in-house General Terms and Conditions (GTCs) for physical oil trading. These can vary considerably in their approach to key contract issues and cause significant difficulties when back-to-back contracts are involved.
To address this, the EI has developed these model terms and conditions with the intent of providing a commonly known, commercially neutral set of contract terms which parties may use on a voluntary basis.
This third edition provides separate clauses for delivery and title and risk, so as to align the document with its sister documents:
Organisations wishing to use these terms as part of their commercial contracts should apply to the Energy Institute for a licence which is available for a nominal fee.
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