HM 81. Model general terms and conditions for cost, insurance and freight (CIF) and cost and freight (CFR) sale and purchase of crude oil

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  • Published: July 2016
  • REF/ISBN: 9780852939178
  • Edition: 2nd
  • Status: Current

This document is freely available to all registered users of this site. 

HM 81 coverIt 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 between trading companies and other parties.

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.

In this second edition the insurance deductible has been deleted from clause 9.3, 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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