# SALES & PURCHASE AGREEMENT (SPA) — CLAUSE CHECKLIST

> **Use this to brief counsel and to check any SPA draft before signature. This is a checklist, not a contract — the SPA itself must be drafted/reviewed by qualified counsel.**

**Deal:** `[DL-YYYY-NNN]` **Product:** `[__]` **Counterparties:** `[Buyer]` / `[Supplier]`

## Essential clauses — confirm each is present and correct
- [ ] **Parties** — full legal names, registration numbers, registered addresses, authorised signatories
- [ ] **Definitions & interpretation**
- [ ] **Product & specification** — grade, full spec, tolerance
- [ ] **Quantity** — total, per-shipment, ±% tolerance
- [ ] **Price & price formula** — fixed or LME-linked; currency (USD); rounding
- [ ] **Incoterms 2020** — exact term + named port; risk/title transfer point
- [ ] **Delivery schedule** — first shipment window, monthly cadence, contract duration
- [ ] **Payment instrument** — SBLC/DLC (MT700) wording, issuing/confirming bank criteria, timelines
- [ ] **Documents against payment** — commercial invoice, B/L, packing list, SGS, COO, insurance cert
- [ ] **Inspection** — SGS/equivalent, load-port, whose cost, tolerance & re-inspection
- [ ] **Performance Bond** — 2% value, format, timing, expiry
- [ ] **Insurance** — CIF cover 110%, Institute Cargo Clauses (A)
- [ ] **Title & risk transfer**
- [ ] **Force majeure**
- [ ] **Non-performance / default** — remedies, penalties, draw-down of instruments
- [ ] **Non-circumvention / non-disclosure** — cross-reference NCNDA
- [ ] **Commission / IMFPA** — Swizz fee, paymaster clause, MT103 pro-rata per shipment
- [ ] **Taxes & duties** — allocation between parties
- [ ] **Assignment & transferability**
- [ ] **Governing law** — `[Swiss / other]`
- [ ] **Dispute resolution** — arbitration seat & rules (e.g. ICC)
- [ ] **Notices** — addresses, email, deemed-receipt
- [ ] **Entire agreement / amendments in writing**
- [ ] **Signatures, seals, date, counterparts**

## Swizz protection gate (do not sign until all true)
- [ ] KYC/AML complete on all counterparties (see KYC checklist)
- [ ] Sanctions & origin screening cleared (EU/SECO, OFAC, UN)
- [ ] POF / financial instrument independently verified bank-to-bank
- [ ] Commission (IMFPA) legally secured and assigned
- [ ] Counsel has reviewed final draft
- [ ] No advance-fee or "release payment" demanded before an operative instrument