The Building Loan Agreement is a specialized financing instrument used in Saudi Arabia when a property developer or owner requires funding for construction projects. This document is essential in the Saudi Arabian market where all financing must comply with Islamic principles and local regulations. The agreement details the financing structure, typically using Islamic financing concepts such as Murabaha or Istisna'a, and includes comprehensive provisions for construction milestones, drawdown conditions, and security arrangements. It's particularly important in Saudi Arabia's growing real estate and construction sector, where large-scale development projects require structured financing solutions that align with both Sharia requirements and modern banking practices. The Building Loan Agreement serves as a crucial tool for managing construction finance relationships while ensuring compliance with Saudi Arabian banking regulations, building codes, and real estate finance laws.
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1. Parties: Identification of the finance provider and borrower with full legal names and details
2. Background: Context of the financing arrangement, purpose of the loan, and brief description of the construction project
3. Definitions: Key terms used throughout the agreement, including construction-specific and Sharia-compliant financing terms
4. Facility Amount and Purpose: Details of the loan amount, purpose, and confirmation of Sharia-compliant structure
5. Conditions Precedent: Prerequisites for drawdown including construction permits, plans, and other regulatory approvals
6. Drawdown Mechanics: Process and conditions for drawing down the loan, including construction milestone requirements
7. Payment Terms: Repayment schedule, profit rate (instead of interest), and payment mechanics compliant with Sharia
8. Construction Requirements: Specifications for construction, timeline, and quality standards
9. Representations and Warranties: Standard and construction-specific representations by the borrower
10. Covenants: Ongoing obligations including construction-related and financial covenants
11. Security: Details of security arrangements and guarantees
12. Events of Default: Circumstances constituting default and remedies
13. Governing Law and Jurisdiction: Confirmation of Saudi law governance and dispute resolution mechanisms
1. Insurance: Detailed insurance requirements if not covered in covenants - used for larger construction projects
2. Step-in Rights: Lender's rights to take over project - included for major commercial developments
3. Environmental Compliance: Environmental obligations - required for environmentally sensitive projects
4. Islamic Finance Structure: Detailed Murabaha or Istisna'a structure - needed when specific Islamic financing structure is used
5. Multiple Lender Provisions: Syndication provisions - used when multiple lenders are involved
6. Contractor Provisions: Direct agreements with contractors - needed for large-scale projects
1. Property Description: Detailed description of the construction site and property details
2. Construction Schedule: Detailed timeline of construction milestones and completion dates
3. Payment Schedule: Drawdown and repayment schedule with profit calculations
4. Form of Drawdown Notice: Template for requesting loan disbursements
5. Construction Specifications: Detailed technical specifications and requirements
6. Required Permits: List of required regulatory approvals and permits
7. Form of Progress Certificate: Template for certifying construction progress
8. Security Documents: Forms of security and guarantee documents
9. Insurance Requirements: Detailed insurance specifications and coverage requirements
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate Development
Construction
Infrastructure Development
Commercial Property
Residential Property
Industrial Development
Hospitality
Healthcare Facilities
Educational Facilities
Relevant Teams
Legal
Finance
Real Estate
Construction
Project Management
Risk Management
Compliance
Islamic Banking
Treasury
Technical Services
Facilities Management
Contract Administration
Relevant Roles
Chief Financial Officer
Legal Counsel
Finance Director
Construction Manager
Project Manager
Real Estate Development Director
Risk Manager
Compliance Officer
Islamic Finance Specialist
Property Development Manager
Construction Finance Manager
Technical Director
Facilities Manager
Contract Administrator
Treasury Manager
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