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Partial Payment Acknowledgement Receipt for Saudi Arabia

Partial Payment Acknowledgement Receipt Template for Saudi Arabia

A legally binding document governed by Saudi Arabian law that formally acknowledges the receipt of a partial payment against an existing debt or obligation. The document complies with both civil law requirements and Islamic Shariah principles, providing clear documentation of the payment received, the outstanding balance, and the continued validity of the original debt agreement. It serves as official proof of payment while protecting the creditor's rights to collect the remaining balance, incorporating necessary elements to ensure enforceability under Saudi jurisdiction.

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What is a Partial Payment Acknowledgement Receipt?

The Partial Payment Acknowledgement Receipt is a crucial document in Saudi Arabian business transactions where full payment of a debt is not made at once. This document serves multiple purposes: it provides the debtor with official proof of their partial payment, protects the creditor's rights to the remaining balance, and ensures compliance with Saudi Arabian commercial law and Islamic finance principles. The receipt should be used whenever a partial payment is made against any type of debt or financial obligation, whether in commercial, real estate, or other business contexts. It includes essential information such as the parties' details, original debt reference, payment amount received, remaining balance, and relevant terms. The document's format and content are designed to meet local legal requirements while providing clear evidence of the transaction for both parties' records and potential future legal proceedings.

What sections should be included in a Partial Payment Acknowledgement Receipt?

1. Receipt Header: Date, reference number, and document type identification

2. Parties Information: Full legal names and details of both the creditor and debtor

3. Original Debt Reference: Details of the original debt agreement including date, amount, and purpose

4. Payment Acknowledgement: Specific amount received as partial payment, payment method, and date of receipt

5. Outstanding Balance: Clear statement of the remaining balance after the partial payment

6. Payment Terms: Confirmation that this partial payment doesn't waive rights to collect remaining balance

7. Shariah Compliance Statement: Declaration of compliance with Islamic finance principles

8. Signatures: Space for signatures of both parties and witnesses if required

What sections are optional to include in a Partial Payment Acknowledgement Receipt?

1. Payment Schedule: Include when there is an agreed schedule for future payments

2. Currency Exchange: Required when payment is made in a different currency from the original debt

3. Agent Authorization: Include when payment is received by an authorized agent rather than the creditor directly

4. Tax Details: Include when the payment has tax implications that need to be documented

5. Special Conditions: Any special conditions or arrangements related to the partial payment

What schedules should be included in a Partial Payment Acknowledgement Receipt?

1. Payment Details Schedule: Detailed breakdown of the payment including any fees, charges, or deductions

2. Original Debt Documentation: Copy or summary of the original debt agreement or invoice

3. Authorization Documents: If payment is made or received by agents, copies of authorization documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions
























Clauses




















Relevant Industries

Banking & Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Transportation & Logistics

Technology

Government & Public Sector

Islamic Finance

Small & Medium Enterprises

Import/Export

Wholesale Trade

Relevant Teams

Finance

Accounts Receivable

Treasury

Legal

Compliance

Administration

Credit Control

Collections

Account Management

Payment Processing

Relevant Roles

Finance Manager

Accounts Receivable Specialist

Credit Controller

Treasury Manager

Financial Controller

Accounting Manager

Collections Officer

Business Owner

Chief Financial Officer

Accounts Manager

Legal Counsel

Compliance Officer

Company Secretary

Administrative Manager

Payment Processing Officer

Industries







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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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