The Final Payment Contract is a crucial document used in Saudi Arabia to formalize the final settlement of financial obligations between parties. It is typically employed when concluding major projects, closing business relationships, or finalizing employment settlements. The document incorporates essential elements required under Saudi law, including Sharia compliance, detailed payment terms, and comprehensive release provisions. This contract type is particularly important in the Saudi Arabian context due to the jurisdiction's unique legal framework that combines Islamic law with modern commercial practices. The document serves multiple purposes: it provides clear evidence of the final payment amount, establishes the mechanism for payment, includes necessary releases and waivers, and ensures compliance with local regulations including SAMA requirements and anti-money laundering provisions.
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1. Parties: Identification of all parties involved in the final payment agreement, including full legal names and addresses
2. Background: Context of the underlying relationship and reason for the final payment
3. Definitions: Key terms used throughout the agreement
4. Payment Details: Specific amount, currency, and payment method for the final settlement
5. Payment Terms and Conditions: Timing, mechanism, and conditions precedent for the final payment
6. Release and Discharge: Mutual release of claims and obligations upon payment completion
7. Representations and Warranties: Statements of fact and assurances from both parties regarding the settlement
8. Compliance with Sharia: Confirmation of compliance with Islamic principles and Saudi law
9. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
10. Notices: Communication methods and contact details for formal notices
11. Entire Agreement: Confirmation that this document represents the complete and final agreement
1. Tax Provisions: Include when payment has tax implications or when VAT needs to be addressed
2. Currency Exchange: Include when payment involves foreign currency conversion
3. Confidentiality: Include when settlement terms need to remain private
4. Dispute Resolution: Include when specific dispute resolution mechanisms beyond standard court jurisdiction are required
5. Third Party Rights: Include when the payment affects rights of parties not directly involved in the agreement
6. Force Majeure: Include when payment timing might be affected by external circumstances
7. Anti-Money Laundering Compliance: Include for large payments requiring additional compliance measures
1. Payment Calculation Schedule: Detailed breakdown of the final payment amount including any adjustments or deductions
2. Supporting Documents: List of documents evidencing the underlying obligation and payment justification
3. Bank Details: Complete banking information for payment processing
4. Previous Payments Schedule: Record of any previous payments made and remaining balance
5. Release Documents: Forms and certificates confirming discharge of obligations
6. Authority Documents: Evidence of signatories' authority to execute the agreement
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate
Banking and Finance
Manufacturing
Oil and Gas
Information Technology
Professional Services
Government and Public Sector
Healthcare
Education
Retail
Transportation and Logistics
Relevant Teams
Legal
Finance
Accounts Payable
Treasury
Compliance
Commercial
Procurement
Human Resources
Project Management
Risk Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Contract Manager
Project Manager
Accounts Payable Manager
Treasury Manager
Commercial Director
Settlement Officer
Compliance Officer
Financial Controller
Legal Director
HR Director
Procurement Manager
Company Secretary
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