Plastic and Petrochemical Industry, Establishment of Standard Sales Contract

Including raw material product names, quantities, contract periods, etc.
Shared with petrochemical companies and plastic manufacturers by the Shared Growth Committee

The plastic manufacturing industry and the petrochemical industry have established a standard contract form.

On the 1st, the Win-Win Growth Committee announced that it created a standard contract form for the sale and purchase of plastic raw materials through communication and consultation between the plastic manufacturing industry and the petrochemical industry.

This standard contract form is a follow-up measure to the "Win-Win Agreement between Large and Small and Medium Enterprises in the Plastic-Petrochemical Industry," which was jointly signed last November by the Win-Win Growth Committee, the Korea Plastic Industry Cooperative Federation, the Korea Petrochemical Industry Association, and the Korea Federation of SMEs.

The newly prepared standard contract form includes the product name of plastic raw materials, quantity, contract period, price determination method, and more. Although the standard contract form does not have legal binding force, it establishes a foundation for fair transactions between the two industries.

The Win-Win Growth Committee plans to distribute the standard contract form to petrochemical companies and plastic manufacturers, encouraging its use when contracting for plastic raw material transactions. It is expected that the transaction environment will improve and stable raw material supply will be achieved through the standard contract form.

In addition to preparing the standard contract form, the plastic manufacturing and petrochemical industries plan to continuously discover various win-win cooperation programs such as joint purchasing projects for plastic raw materials, support for digital transformation of plastic manufacturing processes, and joint campaigns to improve the image of plastics.

Park Chi-hyung, Director of Operations at the Win-Win Growth Committee, explained, “While the entire industry is facing management difficulties due to increases in electricity rates, interest rates, and export sluggishness, the voluntary establishment of a standard contract form between the plastic manufacturing and petrochemical industries will greatly help enhance the competitiveness of the chemical industry.”

This content was produced with the assistance of AI translation services.