Trade Documentation Clause Samples
The Trade Documentation clause establishes the requirement for parties to create and maintain written records of the terms and details of their trades or transactions. In practice, this means that after a trade is agreed upon, both parties must promptly confirm the transaction in writing, often through standardized forms or electronic confirmations, ensuring that all key terms are accurately captured. This clause serves to prevent misunderstandings and disputes by providing a clear, authoritative record of each trade, thereby ensuring transparency and legal certainty in commercial dealings.
Trade Documentation. Payee (generally Seller) shall promptly send payer (generally Buyer) a written invoice (“Invoice”) showing sufficient detail to determine the amount due, how such amount was calculated, and the Payment Due Date for the Transaction in question, as set forth in the sample forms attached as Exhibit 2.
Trade Documentation is deleted and replaced with the following: “Buyer shall make payment to Seller on receipt of the Invoice/Confirmation which shall include sufficient detail to determine the amount due and how such amount was calculated, as set forth in the sample form attached as Exhibit 1.” If payment is not received within 5 calendar days of Buyer’s receipt of Invoice/Confirmation, then transaction will be canceled.”