The Contract of Purchase and Sale Addendum is essential in Saudi Arabian commercial transactions when parties need to modify their existing purchase and sale agreements. This document type is commonly used when circumstances require changes to original terms such as price adjustments, delivery modifications, or specification updates. It must be drafted in accordance with Saudi Arabian law, including both civil law principles and Shariah requirements. The addendum serves as a legally binding modification to the original agreement, maintaining compliance with the Law of Commercial Courts (2020) and other relevant regulations. It's particularly important in complex commercial transactions where flexibility is needed to address changing circumstances while maintaining legal certainty.
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1. Parties: Identification of all parties to the original agreement and any new parties being added
2. Background: Reference to the original agreement, its date, and the reason for this addendum
3. Definitions: Key terms used in the addendum, including references to definitions in the original agreement
4. Reference to Original Agreement: Specific identification of which provisions of the original agreement are being modified
5. Amendments: Detailed description of the changes being made to the original agreement
6. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain in full force and effect
7. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and relevant jurisdiction
8. Execution: Signature blocks and execution requirements compliant with Saudi law
1. Additional Representations and Warranties: Used when new representations need to be added specific to the modified terms
2. Price Adjustment: Include when the addendum involves changes to the original purchase price
3. Payment Terms Modification: Used when modifying the payment schedule or method
4. Delivery Terms: Include when changing delivery or completion dates
5. Shariah Compliance Declaration: Optional but recommended statement confirming the modifications comply with Shariah principles
6. Conditions Precedent: Include when new conditions must be met before modifications take effect
7. Third Party Approvals: Used when modifications require approval from additional parties or regulatory bodies
1. Schedule of Amendments: Detailed listing of all specific changes to clauses in the original agreement
2. Revised Price Schedule: If price changes are involved, detailed breakdown of new pricing structure
3. Modified Delivery Schedule: If timing changes are involved, updated delivery or completion schedules
4. Updated Technical Specifications: Any changes to technical requirements or specifications
5. Regulatory Compliance Certificates: Any new or updated certificates required for the modifications
6. Authorization Documents: Copies of corporate or regulatory authorizations for the modifications
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Retail
Construction
Technology
Energy
Healthcare
Automotive
Agriculture
Mining
Industrial Equipment
Consumer Goods
Relevant Teams
Legal
Procurement
Sales
Compliance
Finance
Operations
Risk Management
Business Development
Commercial Operations
Contract Administration
Relevant Roles
Legal Counsel
Contract Manager
Commercial Director
Procurement Manager
Sales Director
Compliance Officer
Chief Legal Officer
Business Development Manager
Project Manager
Risk Manager
Operations Director
Chief Financial Officer
Shariah Compliance Officer
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