The Forward Sale Agreement template is designed for use in Saudi Arabian business transactions where parties wish to establish a legally binding and Sharia-compliant arrangement for the future delivery of goods against advance payment. This document type is particularly relevant for manufacturers, traders, and businesses engaged in industrial or commercial activities where production or procurement lead times necessitate forward planning. The agreement incorporates essential elements required by Saudi law and Sharia principles, including clear specification of goods, fixed delivery dates, and upfront payment terms. It addresses key commercial considerations while ensuring compliance with local regulations, SAMA guidelines, and Islamic financial principles. The document is structured to protect both parties' interests while maintaining the validity requirements of a Salam contract under Saudi jurisdiction.
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1. Parties: Identification of the seller and buyer with full legal names and addresses
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Subject Matter of Sale: Detailed description of goods to be sold, including specifications, quantity, and quality standards
5. Purchase Price and Payment: Price, payment terms, and confirmation of upfront payment as required by Salam principles
6. Delivery: Delivery date, location, and terms
7. Quality Assurance: Quality standards, inspection rights, and acceptance procedures
8. Warranties and Representations: Parties' warranties regarding capacity, authority, and goods
9. Default and Remedies: Consequences of breach and available remedies
10. Force Majeure: Events excusing performance and their consequences
11. Governing Law and Jurisdiction: Confirmation of Saudi law and Sharia compliance, jurisdiction details
12. Notices: Communication procedures between parties
13. General Provisions: Standard boilerplate clauses including amendments, waivers, and severability
1. Confidentiality: Required when sensitive commercial information is involved
2. Insurance: Include when specific insurance requirements are needed for the goods
3. Security: Include when additional security or guarantees are required
4. Export/Import Requirements: Include for international transactions
5. Shariah Compliance Declaration: Include when explicitly required by parties or financing institutions
6. Assignment: Include when transfer rights need to be addressed
7. Third Party Rights: Include when third parties may have rights under the agreement
1. Schedule 1 - Specification of Goods: Detailed technical specifications of the goods
2. Schedule 2 - Delivery Schedule: Detailed timeline and milestones for delivery
3. Schedule 3 - Quality Standards: Detailed quality requirements and testing procedures
4. Schedule 4 - Form of Quality Certificate: Template for quality certification
5. Schedule 5 - Payment Schedule: Detailed payment terms and installments if applicable
6. Appendix A - Required Documents: List of documents required for delivery and acceptance
7. Appendix B - Compliance Certificates: Required regulatory and compliance certificates
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Agriculture
Mining
Construction Materials
Industrial Equipment
Commodities Trading
Food and Beverage
Textiles
Petrochemicals
Renewable Energy
Automotive
Relevant Teams
Legal
Procurement
Sales
Finance
Compliance
Operations
Risk Management
Supply Chain
Commercial
Islamic Banking
Business Development
Relevant Roles
Legal Counsel
Commercial Director
Procurement Manager
Sales Director
Contract Manager
Compliance Officer
Chief Financial Officer
Supply Chain Manager
Operations Director
Risk Manager
Islamic Finance Specialist
Business Development Manager
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