Buy And Sell Agreement Life (Insurance) Template for Saudi Arabia

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Key Requirements PROMPT example:

Buy And Sell Agreement Life (Insurance)

"I need a Buy and Sell Agreement Life Insurance contract for my family-owned manufacturing business in Riyadh with three equal shareholders, where we want to ensure business continuity in case of death or permanent disability of any owner, with insurance coverage of 5 million SAR per owner starting March 2025."

Document background

The Buy And Sell Agreement Life (Insurance) is a crucial document for business continuity planning in Saudi Arabia, particularly for closely-held businesses and family enterprises. It provides a legally binding framework for the orderly transfer of business interests upon specific triggering events such as death, disability, or retirement of a business owner. The agreement must comply with both Saudi Arabian civil law and Shariah principles, particularly in its insurance components. The document includes comprehensive details about insurance policy requirements, premium payments, valuation methods, and proceeds distribution, all structured to meet Saudi Central Bank (SAMA) regulations. This type of agreement is especially important in the Saudi market where business succession planning must balance modern commercial needs with Islamic finance principles.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including the business owners, their respective shares, and the insurance company

2. Background: Context of the agreement, including the business structure and purpose of the buy-sell arrangement

3. Definitions: Key terms used throughout the agreement, including technical insurance terms and business-specific definitions

4. Purchase and Sale Obligations: Core terms governing the purchase and sale of business interests upon triggering events

5. Insurance Policy Requirements: Details of life insurance policies, including coverage amounts, premium payments, and policy maintenance obligations

6. Triggering Events: Specific events that activate the buy-sell provisions (death, disability, retirement, etc.)

7. Valuation Method: Agreed method for determining the business value and purchase price

8. Payment Terms: Structure and timing of payments for business interest purchases

9. Policy Proceeds Distribution: Rules for distributing insurance proceeds and coordinating with purchase payments

10. Shariah Compliance Declaration: Specific provisions ensuring compliance with Islamic finance principles

11. Rights and Obligations: Ongoing responsibilities of all parties during the agreement term

12. Term and Termination: Duration of the agreement and conditions for termination

13. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution procedures

Optional Sections

1. Cross-Purchase Provisions: Used when multiple owners may purchase shares; details the process for allocating purchase rights

2. Entity Purchase Provisions: Used when the business entity itself will purchase the shares

3. Disability Buyout Terms: Include when disability is a triggering event for the buy-sell provision

4. Retirement Planning Provisions: Added when retirement triggers are included in the agreement

5. Third-Party Sale Restrictions: Include when parties want to restrict sales to outside parties

6. Family Member Transfer Provisions: Used when special terms apply to transfers to family members

7. Tax Considerations: Include specific tax planning provisions when relevant to the structure

8. Business Continuation Procedures: Added for complex businesses requiring detailed transition procedures

Suggested Schedules

1. Schedule A - Insurance Policy Details: Specific details of each life insurance policy, including policy numbers and coverage amounts

2. Schedule B - Ownership Structure: Current ownership percentages and shares in the business

3. Schedule C - Valuation Formula: Detailed methodology for business valuation

4. Schedule D - Premium Payment Schedule: Details of insurance premium payments and allocations

5. Appendix 1 - Shariah Compliance Certificate: Documentation of Shariah board approval and compliance requirements

6. Appendix 2 - Required Notices and Forms: Templates for required notices and transfer documentation

7. Appendix 3 - SAMA Compliance Checklist: Checklist ensuring compliance with Saudi Central Bank requirements

8. Appendix 4 - Corporate Resolutions: Required corporate authorizations and resolutions

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Insurance

Financial Services

Professional Services

Legal Services

Islamic Finance

Small and Medium Enterprises

Family Business

Corporate Services

Business Consulting

Risk Management

Relevant Teams

Legal

Compliance

Risk Management

Corporate Finance

Treasury

Insurance Operations

Corporate Governance

Executive Management

Business Development

Shariah Advisory

Relevant Roles

Business Owner

Managing Director

CEO

CFO

Legal Counsel

Compliance Officer

Risk Manager

Insurance Broker

Corporate Lawyer

Shariah Advisor

Financial Advisor

Business Succession Planner

Corporate Secretary

Treasury Manager

Insurance Underwriter

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Let's create your Buy And Sell Agreement Life (Insurance)

Authors

Alex Denne

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