The Promissory Contract is a fundamental financial instrument in Saudi Arabian business transactions, governed by the Commercial Papers Regulation and Sharia law principles. It is commonly used when one party commits to making a future payment to another, such as in trade financing, real estate transactions, or business investments. The document must be carefully structured to ensure enforceability in Saudi courts while maintaining compliance with Islamic financial principles that prohibit interest (riba). Promissory Contracts are particularly valuable in commercial transactions where parties need a formal, legally binding commitment for future payment, and they can be used as security instruments in various business arrangements. The document typically includes specific payment terms, party details, and authentication requirements as mandated by Saudi law.
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1. Identification of Parties: Full legal names, addresses, and identification details of the promissor (maker) and promissee (payee)
2. Promise to Pay Statement: Unconditional promise to pay a specific sum, written in both numbers and words, compliant with Sharia principles
3. Payment Terms: Due date, payment method, and currency of payment
4. Place of Payment: Specific location or account where payment should be made
5. Date and Place of Issuance: When and where the promissory note was executed
6. Governing Law Declaration: Statement confirming Saudi law and Sharia compliance
7. Signature Block: Space for promissor's signature, witnesses, and any required authentication
1. Guarantor Details: Used when a third party guarantees the payment obligation
2. Consideration Statement: Description of the underlying transaction or reason for the promise, when relevant for enforcement
3. Transfer Restrictions: Any limitations on transferability of the promissory note
4. Default Provisions: Consequences of non-payment or late payment
5. Notice Requirements: Procedures for sending notices between parties
6. Dispute Resolution: Specific procedures for resolving disputes, if different from standard commercial court procedures
1. Payment Schedule: If installment payments are involved, detailed schedule of payment dates and amounts
2. Authentication Documents: Copies of identification documents and authentication certificates
3. Related Agreements: References to underlying contracts or agreements giving rise to the promissory obligation
4. Witness Statements: Formal statements from witnesses, if required for authentication
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Trading and Commerce
Professional Services
Healthcare
Education
Telecommunications
Energy
Transportation and Logistics
Retail
Relevant Teams
Legal
Finance
Treasury
Credit Control
Compliance
Risk Management
Corporate Secretariat
Commercial Operations
Islamic Banking
Accounts Receivable
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Treasury Manager
Credit Manager
Accounts Receivable Manager
Contracts Manager
Business Development Manager
Risk Manager
Corporate Secretary
Financial Controller
Commercial Director
Legal Director
Islamic Finance Specialist
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