GSB-45: What is a Fuel Supply Agreement? How to Understand and Indentify Issues in that Document....Explained

Welcome to Gas station business 101 podcast, I am Shabbir Hossain, This is only podcast show of its kind where I discuss every aspect of gas station business from how to find and buy the right location, how to market your business, how to do bookkeeping, how to minimize theft to what type of insurance do you need to have for your business. So it is a one stop shopping for any of you that are in this line of business. You may ask how does he know it all? Well I don't and that is why I go and ask the experts sometimes, and I also want your participation in this, because I know some of you out there may be great at something that I am not, so together we can share our knowledge and empower the rest of our community for a better future for our business. Sounds good?

Let's get started

The idea of our topic today came from a gentleman name Yash, he sent me a few emails so far and in one of them he asked me to cover FSA and commercial lease, so again this episode is fully dedicated to Yash, Yash my friend, thank you for bringing such an important topic to the forefront of our discuss.

On that note, if any of you have any other topics that you think everyone can benefit from, please let me know and I will cover that one a future episode.

Before I start, let me just let every one of you know that I am attaching a sample fuel supply agreement in the resource section of my blog at http://gasstationbusiness101.com/resources for you to download and read, and see what it really looks like. This way once you listen to this episode you can go back and look at the agreement for a much better understanding.

23 Key Points of a Fuel Supply Agreement to Pay Attention to

1. Parties and Premises
2. Duration
3. Product/ Commodity Schedule
4. Quantity/Allocation (Keep an eye on the minimum quantity)
5. Methods of Payment
6. Liability/Credit
7. Credit card acceptance
8. Failure to Perform
9. Excess Quantity/ Determination of quantity or quality
10. Trademark
11. Audit/Inspection of records
12. Customer service and complaints
13. Assignment
14. Environmental compliance
15. Price regulation
16. Equipment and fixtures
17. Termination
18. Insurance
19. Law compliance
20. Guarantor
21. Key person rider
22. Survivorship
23. Choice of law/ attorney fees

 

Click HERE to download the Sample Fuel Supply Agreement

If you would like for me cover a topic I haven't yet, feel free to email me or post it on Facebook group and I will try my best to have an episode on that topic, but remember if I pick your topic I will dedicate that episode to your name.

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Cheers!