An Employment Promissory Note is a specialized financial instrument used in Saudi Arabian employment relationships to secure financial obligations between employers and employees. This document type is commonly utilized when employers need to protect their interests in situations involving advance salary payments, training cost commitments, or other employment-related financial obligations. The promissory note must be drafted in compliance with Saudi Labor Law, Commercial Papers Regulation, and Sharia principles, which prohibit interest-based transactions. It serves as a legally enforceable document that can be presented to Saudi courts or enforcement authorities in case of default. The document typically includes specific payment terms, due dates, and conditions, while maintaining alignment with Islamic financial principles.
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1. Date and Place of Execution: Specifies the date and location where the promissory note is executed, essential for validity under Saudi law
2. Parties' Information: Full legal names, identification numbers, and addresses of both the promisor (employee) and promisee (employer)
3. Amount and Currency: The specific amount owed in numbers and words, with currency clearly stated
4. Promise to Pay: Unconditional promise to pay the specified amount, including the due date or payment schedule
5. Consideration Statement: Description of the employment-related consideration for which the promissory note is issued
6. Payment Terms: Specific details about how and where payment should be made
7. Authorization: Statement authorizing employer to take necessary legal action in case of default
8. Signatures: Space for signatures of the promisor and witnesses, with proper attestation
1. Acceleration Clause: Optional clause stating that the entire amount becomes due immediately upon default of any installment, if payment is in installments
2. Guarantor Details: Section for guarantor information and signature, if a guarantee is required
3. Notice Provisions: Details about how notices regarding the promissory note will be delivered, if needed
4. Jurisdiction Clause: Specific mention of jurisdiction for enforcement, particularly relevant for international employees
5. Sharia Compliance Declaration: Explicit statement of Sharia compliance, particularly useful when dealing with Islamic financial institutions
1. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts
2. Employment Details: Reference to relevant employment details including position, salary, and other benefits that form the basis of the promissory note
3. Authentication Documents: Copies of identification documents of the promisor and any guarantors
4. Witness Attestation: Formal attestation by witnesses including their identification details
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Manufacturing
Retail
Healthcare
Technology
Oil and Gas
Education
Hospitality
Professional Services
Telecommunications
Real Estate
Transportation and Logistics
Mining
Government and Public Sector
Relevant Teams
Human Resources
Legal
Finance
Compliance
Risk Management
Corporate Services
Employee Relations
Payroll
Training and Development
Relevant Roles
Human Resources Manager
Legal Counsel
Finance Director
HR Director
Compliance Officer
Legal Affairs Manager
Chief Financial Officer
HR Operations Manager
Employee Relations Manager
Recruitment Manager
Compensation and Benefits Manager
Risk Manager
Treasury Manager
Corporate Services Manager
Training and Development Manager
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