Common use of MURABAHA CONTRACT Clause in Contracts

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).