Abstract: An improved outlet valve assembly (12) is provided which is especially adapted for use with an intermediate bulk container (10) having bottom wall drain outlet (20) and support legs (22). The assembly (12) has serially interconnected valves (28,30), namely an emergency ball valve (28) and a manually operable valve (30), with endmost elbow coupler (26) and outlet (32). Tle assembly (12) is of compact design and is dimensioned to permit attachment to container (10) with the entirety of assembly (12) elevated above the bottom of support legs (22). The emergency ball (28) valve includes as spring-loaded operator (58) equipped with a temperature responsive fusible link (86). In the event of a fire adjacent container (10), the link (86) severs, allowing operator (58) to quickly close valve (28).