The Buy Sell Agreement Life (Insurance) is a critical document used in Saudi Arabian business planning to ensure smooth business succession and continuity. It is particularly relevant when business owners wish to establish a predetermined framework for the transfer of business interests upon specific events such as death, disability, or retirement. The agreement details how such transfers will be funded through Sharia-compliant life insurance (Takaful) policies, ensuring compliance with both Saudi regulations and Islamic principles. This document is essential for businesses operating under Saudi jurisdiction, requiring careful consideration of SAMA regulations, Cooperative Insurance Companies Control Law, and Sharia advisory opinions. It typically includes comprehensive details about valuation methods, triggering events, payment structures, and insurance policy specifications, while ensuring all arrangements remain compliant with local legal and religious requirements.
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1. Parties: Identification of all parties to the agreement, including business owners and their legal details
2. Background: Context of the agreement, including business ownership structure and purpose of the arrangement
3. Definitions: Key terms used throughout the agreement, including technical insurance terms and Sharia-compliant concepts
4. Purchase and Sale Obligations: Core obligations regarding the purchase and sale of business interests upon triggering events
5. Triggering Events: Specific circumstances that activate the buy-sell provisions (death, disability, retirement, etc.)
6. Insurance Funding Mechanism: Details of the life insurance policies funding the agreement, including Takaful requirements
7. Valuation Method: Agreed method for determining business value when triggering events occur
8. Payment Terms: Structure and timing of payments for business interest purchases
9. Sharia Compliance Declaration: Statement ensuring the agreement's compliance with Islamic principles
10. Representations and Warranties: Statements of fact by the parties regarding their authority and business condition
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Governing Law and Jurisdiction: Application of Saudi law and specification of dispute resolution mechanisms
13. General Provisions: Standard clauses including notices, amendments, and severability
1. Cross-Purchase vs. Entity Purchase: Used when specifying whether surviving owners or the company itself will purchase the departing owner's interest
2. Disability Provisions: Include when disability insurance is part of the funding mechanism
3. Family Member Transfer Restrictions: Added when there are specific rules about transfers to family members
4. Right of First Refusal: Optional provision for voluntary sales scenarios
5. Foreign Ownership Provisions: Required when any party is non-Saudi, addressing SAGIA requirements
6. Tax Considerations: Include when there are specific Zakat or tax planning arrangements
7. Management Transition: Added when specific management transfer provisions are needed
1. Schedule A - Current Ownership Structure: Details of current business ownership percentages and share classes
2. Schedule B - Insurance Policy Details: Specific information about life insurance policies including coverage amounts and beneficiaries
3. Schedule C - Valuation Formula: Detailed methodology for business valuation
4. Schedule D - Specimen Insurance Policies: Copies of actual insurance policy documents
5. Appendix 1 - Company Information: Corporate documents and registration details
6. Appendix 2 - Shareholder Information: Detailed information about each shareholder
7. Appendix 3 - Sharia Advisor Opinion: Written opinion from Sharia advisor confirming compliance
8. Appendix 4 - SAMA Compliance Certificate: Regulatory compliance documentation if required
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