The Credit Sales Agreement is essential for businesses operating in Saudi Arabia that wish to offer or purchase goods on credit terms. This document type is particularly important as it must balance commercial requirements with Islamic finance principles, ensuring compliance with both Saudi law and Shariah requirements. The agreement should be used whenever a seller provides goods or assets to a buyer with payment deferred over time. It includes crucial elements such as the purchase price, profit rate (structured to avoid conventional interest), payment schedule, security arrangements, and default provisions. The document must comply with SAMA regulations and the Saudi Commercial Law while maintaining Shariah compliance, making it suitable for both business-to-business and business-to-consumer transactions. Given Saudi Arabia's strict regulatory environment, particular attention must be paid to documentation requirements and Islamic financing principles.
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1. Parties: Identification of the seller and purchaser with full legal names and addresses
2. Background: Context of the agreement and confirmation of Shariah compliance
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Description of goods/assets being sold and purchase price
5. Credit Terms: Payment schedule, profit rate (avoiding interest terminology), and payment mechanisms
6. Delivery and Transfer of Risk: Terms of delivery and point at which risk transfers to purchaser
7. Warranties and Representations: Warranties regarding the goods and parties' capacity to enter agreement
8. Security: Security arrangements and guarantees for the credit portion
9. Events of Default: Circumstances constituting default and consequences
10. Termination: Conditions and process for termination
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
12. Notices: Process for formal communications between parties
13. Execution: Signature blocks and execution requirements
1. Insurance: Required when the goods need specific insurance coverage during credit period
2. Third-Party Guarantees: Include when additional guarantors are involved in securing the credit
3. Assignment: Include if either party needs right to assign rights/obligations
4. Force Majeure: Include for long-term credit sales or where specific risks need addressing
5. Entire Agreement: Include when merging previous agreements or discussions
6. Shariah Board Approval: Include when transaction requires specific Shariah board approval
7. Acceleration Clause: Include when early payment options are available
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold
2. Schedule 2 - Payment Schedule: Detailed payment dates and amounts
3. Schedule 3 - Delivery Schedule: If multiple deliveries are involved
4. Schedule 4 - Security Details: Details of any security or collateral arrangements
5. Schedule 5 - Form of Transfer/Title Documents: Standard forms for transfer of title
6. Appendix A - Required Documents: List of documents required for completion
7. Appendix B - Shariah Compliance Certificate: If required, certification of Shariah compliance
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Automotive
Construction
Electronics
Industrial Equipment
Consumer Goods
Real Estate
Agriculture
Medical Equipment
Telecommunications
Relevant Teams
Legal
Finance
Credit Control
Sales
Commercial
Compliance
Risk Management
Shariah Advisory
Treasury
Business Development
Account Management
Relevant Roles
Legal Counsel
Finance Manager
Credit Controller
Sales Director
Commercial Manager
Compliance Officer
Risk Manager
Shariah Compliance Officer
Contract Administrator
Chief Financial Officer
Treasury Manager
Account Manager
Business Development Manager
Credit Risk Analyst
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