The Authorization Letter For Promissory Note is a critical document used in Saudi Arabian business and financial transactions when an individual or entity needs to delegate authority for handling matters related to a promissory note. This document becomes necessary in various situations, such as when the original promissory note issuer cannot personally handle related transactions, during corporate dealings requiring designated representatives, or in cases of international business transactions. The letter must strictly comply with Saudi Arabia's Commercial Papers Law and Shariah principles, typically requiring notarization for legal validity. It serves as a protective mechanism for all parties involved by clearly defining the scope of authority granted, the specific promissory note details, and the duration of the authorization.
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1. Date and Place: Clear statement of the date and place of execution of the authorization letter
2. Authorizing Party Details: Full legal name, address, and identification details of the person/entity granting the authorization
3. Authorized Party Details: Full legal name, address, and identification details of the person/entity being authorized
4. Promissory Note Details: Specific details of the promissory note including date, amount, and any unique identifying numbers
5. Scope of Authorization: Clear and specific description of the powers being granted regarding the promissory note
6. Duration of Authority: Specify the time period for which the authorization is valid
7. Signature Block: Space for authorizing party's signature and official stamp if applicable
1. Witness Details: Section for witness information and signatures, used when additional verification is required or preferred
2. Revocation Clause: Specific conditions under which the authorization may be revoked, included when the authorizing party wants to retain specific cancellation rights
3. Language Declaration: Statement about the controlling language if the letter is bilingual (Arabic/English), used when document is in dual languages
4. Shariah Compliance Statement: Explicit statement of compliance with Islamic law principles, used when required by specific institutions or circumstances
1. Copy of Promissory Note: Attached copy of the referenced promissory note
2. Identity Documents: Copies of identification documents of both authorizing and authorized parties
3. Corporate Authorization: If either party is a corporate entity, documentation proving the authority to execute the letter
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Trading and Commerce
Professional Services
Healthcare
Education
Telecommunications
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Executive Management
Corporate Governance
International Business
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Secretary
Treasury Manager
Accounts Manager
Business Development Manager
Managing Director
Company Director
Compliance Officer
Risk Manager
Financial Controller
Board Secretary
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