MURABAHA CONTRACT Sample Clauses
MURABAHA CONTRACT. 2.1 Purchase of Commodities and Purchase Instruction with Promise to Purchase Upon and subject to the terms and conditions of this Master Murabaha Agreement, the Parties may, from time to time initiate discussions (by telephone or otherwise) to agree the terms of a proposed Murabaha Contract, whereby Party A shall sell Commodities to Party B on immediate delivery and deferred payment terms. Prior to entering into any Murabaha Contract, Party A shall submit a Purchase Instruction with Promise to Purchase to Party B no later than the Specified Time (or such other time as Party A and Party B may agree), confirming that it shall, subject to receiving a duly completed Acknowledgment from Party B, purchase Commodities and requesting Party B to undertake to buy such Commodities once purchased by (or on behalf of) Party A. If Party B agrees to be bound by the terms of the Purchase Instruction with Promise to Purchase, Party B shall sign the Acknowledgement and return this to Party A no later than the Specified Time (or such other time as Party A and Party B may agree).
MURABAHA CONTRACT. As soon as Party A has received the Acceptance Notice in accordance with Clause 2.4 (Acceptance Notice), a Murabaha Contract shall be concluded between Party A and Party B upon the terms of the Offer Notice, the Acceptance Notice and incorporating the terms and conditions set out herein, in particular, the terms set out in Clause 4 (Terms Applicable to Purchase and Sale of Commodities). Upon conclusion of a Murabaha Contract ownership of the Commodities shall immediately pass to and be vested in Party B, together with all rights and obligations relating thereto. The Parties agree that if Party B requests physical delivery of the Commodities, Party A will use reasonable endeavours to facilitate the delivery, provided that any delivery costs incurred in respect of such Commodities shall be payable by Party B.
MURABAHA CONTRACT. As soon as Party A has received the Acceptance Notice in accordance with Clause 2.4 (Acceptance Notice), a Murabaha Contract shall be concluded between Party A and Party B upon the terms of the Offer Notice, the Acceptance Notice and incorporating the terms and conditions set out herein, in particular, the terms set out in Clause 4 (
MURABAHA CONTRACT. 2.1 The Buyer may issue a duly completed Notice of Request to Purchase to the Seller (with a copy to the Commodity Agent and the Representative) in relation to the proposed Murabaha Contract, no later than 9.00 a.m., on the Settlement Date (or such other time and date as may be agreed in writing by the Buyer and the Seller from time to time). Once issued, a Notice of Request to Purchase will be irrevocable.
2.2 On receipt of a duly completed Notice of Request to Purchase, the Seller may purchase the relevant Commodities at the Commodity Purchase Price from the Commodity Supplier on the Settlement Date in accordance with the terms of that Notice of Request to Purchase and this Agreement.
2.3 Upon completion of the purchase of the Commodities by the Seller in accordance with Clause 2.2 and the Seller gaining title thereto and (actual or constructive) possession thereof, the Seller may deliver to the Buyer a duly completed Offer Notice (with a copy to the Commodity Agent and the Representative) by no later than 1.00 p.m. (or such other time as may be agreed in writing by the Buyer and the Seller) on the Settlement Date.
2.4 Provided that the Buyer has received the Offer Notice and it wishes to enter into the Murabaha Contract, the Buyer may:
(a) accept the terms of, countersign and deliver to the Seller, the Offer Notice delivered to it in accordance with Clause 2.3; and
(b) purchase from the Seller the relevant Commodities acquired by the Seller for the Deferred Sale Price (to be paid in U.S.$ dollars and in amounts and on the dates as specified in the Offer Notice, as the same may be adjusted in accordance with Clause 5.2(g) (Deferred Payments by Buyer)) in accordance with the terms of this Agreement, in each case by no later than 2.00 p.m. (London time) (or such other time as may be agreed in writing by the Buyer and the Seller) on the Settlement Date.
2.5 As soon as the Buyer has accepted the Seller's offer by countersigning the Offer Notice in accordance with Clause 2.4:
(a) the Murabaha Contract shall be created between the Seller and the Buyer upon the terms of that Offer Notice and incorporating the terms and conditions set out in this Agreement; and
(b) ownership (including, without limitation, the right of ownership from a ▇▇▇▇▇’a perspective) of and, upon the Buyer obtaining actual or constructive possession of the relevant Commodities, all risks in and to the relevant Commodities shall immediately pass to and be vested in the Buyer, together with ...