Buy Sell Agreement (Insurance) Template for Saudi Arabia

1. Right of First Refusal: Optional provision giving certain parties priority rights to purchase before others - used when there are multiple owners

2. Disability Provisions: Detailed provisions for handling temporary or permanent disability - included when disability insurance is part of the arrangement

3. Cross-Purchase vs. Entity Purchase: Specific structure of purchase arrangement - included when flexibility in purchase structure is desired

4. Family Member Provisions: Special provisions for family member involvement - relevant for family businesses

5. Non-Competition Clauses: Restrictions on post-sale competition - included when protecting business interests is crucial

6. Tax Considerations: Specific tax planning provisions - included when tax optimization is a key concern

7. Shariah Board Approval: Requirements for Shariah board review and approval - included for explicitly Shariah-compliant structures

1. Schedule 1 - Insurance Policy Details: Specific details of insurance policies, including coverage amounts and terms

2. Schedule 2 - Valuation Formula: Detailed methodology for business valuation

3. Schedule 3 - Current Business Valuation: Most recent agreed valuation of the business

4. Schedule 4 - Ownership Structure: Current ownership percentages and structure

5. Schedule 5 - Premium Payment Schedule: Details of insurance premium payments and responsibilities

6. Appendix A - Required Regulatory Forms: Forms required by Saudi regulators for insurance-related transactions

7. Appendix B - Shariah Compliance Certificate: Documentation of Shariah compliance review and approval

8. Appendix C - Death Benefits Distribution: Specification of how death benefits are to be distributed in accordance with Shariah law