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The Product License Agreement is essential for businesses operating in Saudi Arabia who wish to license their products to other entities while protecting their intellectual property rights and ensuring regulatory compliance. This document is particularly relevant in the context of Saudi Arabia's Vision 2030 economic transformation, which emphasizes technology adoption and digital transformation. The agreement must carefully balance commercial interests with local legal requirements, including compliance with Saudi commercial law, regulatory frameworks, and Sharia principles. It typically covers comprehensive licensing terms, usage restrictions, payment structures, and compliance obligations. The document is crucial for both domestic and international companies engaging in product licensing within Saudi Arabia, especially in sectors such as technology, software, and industrial products.

1. Parties: Identification of the licensor and licensee with full legal names, addresses, and registration details as per Saudi commercial registration requirements

2. Background: Context of the agreement, brief description of the product, and the parties' intentions

3. Definitions: Detailed definitions of key terms used throughout the agreement, including Product, License, Territory, and Intellectual Property Rights

4. Grant of License: Specific details of the license grant, including scope, territory, and any restrictions on use

5. License Fees and Payment Terms: Financial terms, payment schedule, currency, and payment methods compliant with Saudi banking regulations

6. Intellectual Property Rights: Confirmation of ownership rights, protection of IP, and limitations on use

7. Licensee Obligations: Specific responsibilities and restrictions on the licensee's use of the product

8. Term and Termination: Duration of the agreement, renewal terms, and termination rights

9. Confidentiality: Protection of confidential information and trade secrets

10. Warranties and Representations: Standard warranties regarding product ownership, performance, and compliance with Saudi law

11. Limitation of Liability: Limitations on liability compliant with Saudi law and Sharia principles

12. Regulatory Compliance: Compliance with Saudi regulations and obtaining necessary governmental approvals

13. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction of Saudi courts

14. General Provisions: Standard boilerplate clauses including force majeure, notices, and assignment