The Simple Partnership Contract is a crucial document used when two or more parties wish to establish a basic business partnership in Saudi Arabia. This type of agreement is particularly suitable for small to medium-sized businesses, professional services, and trading ventures where partners seek to formalize their business relationship without the complexity of more sophisticated corporate structures. The document must comply with Saudi Arabia's Companies Law 2015, Commercial Law, and Sharia principles, making it distinct from partnership agreements in other jurisdictions. It typically includes provisions for capital contributions, profit-sharing, management responsibilities, and basic operational procedures, while remaining straightforward enough for partners to understand and implement without extensive legal support. This contract type is especially popular among small business owners, professionals, and family businesses looking to establish a legal framework for their joint business ventures.
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1. Parties: Identification and details of all partners entering into the partnership agreement
2. Background: Context of the partnership formation and basic intentions of the parties
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Partnership Business: Description of the nature and scope of the partnership business
5. Capital Contributions: Details of initial and any subsequent capital contributions by partners
6. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
7. Management and Decision Making: Structure for partnership management and process for making business decisions
8. Rights and Obligations: Core responsibilities and rights of each partner
9. Banking and Financial Records: Arrangements for partnership banking and maintenance of financial records
10. Term and Termination: Duration of partnership and circumstances for termination
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
12. Signatures: Execution block for all partners to sign
1. Non-Competition: Restrictions on partners engaging in competing businesses - include when partners have other business interests
2. Intellectual Property: Ownership and use of IP in the partnership - include when IP is significant to the business
3. Partnership Property: Handling of partnership assets - include when significant physical or intellectual property is involved
4. Death or Incapacity: Procedures following death or incapacity of a partner - include for longer-term partnerships
5. Dispute Resolution: Detailed dispute resolution procedures - include for complex partnerships or high-value ventures
6. Insurance: Required insurance coverage - include when business activities carry significant risks
1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial capital contribution
2. Schedule 2 - Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3 - Business Plan: Initial business plan and objectives of the partnership
4. Schedule 4 - Partner Contact Details: Complete contact information for all partners
5. Appendix A - Banking Arrangements: Details of partnership bank accounts and authorized signatories
6. Appendix B - Accounting Policies: Agreed accounting principles and procedures
Relevant legal definitions
Clauses
Relevant Industries
Retail
Professional Services
Trading
Manufacturing
Construction
Technology
Food and Beverage
Real Estate
Consulting
Handicrafts
Agriculture
Education
Healthcare Services
Relevant Teams
Legal
Corporate Secretarial
Business Development
Operations
Finance
Commercial
Partnership Management
Compliance
Business Affairs
Relevant Roles
Business Owner
Managing Partner
General Partner
Entrepreneur
Small Business Manager
Legal Counsel
Company Secretary
Business Development Manager
Operations Manager
Financial Controller
Commercial Director
Professional Service Provider
Partner Relations Manager
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