Cancellation Of Purchase Agreement Template for Saudi Arabia

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Cancellation Of Purchase Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Cancellation Of Purchase Agreement

"I need a Cancellation of Purchase Agreement under Saudi law for a mutual termination between my manufacturing company and a supplier who failed to deliver industrial equipment by January 2025, including provisions for the return of our 50% deposit payment."

Document background
The Cancellation of Purchase Agreement is a crucial legal instrument used in Saudi Arabia when parties mutually agree to terminate an existing purchase agreement or when termination rights are exercised under the original agreement's provisions. This document is essential in various commercial contexts, from simple retail transactions to complex business deals, and must comply with both Saudi commercial law and Sharia principles. It typically becomes necessary when circumstances change after the original agreement, when parties discover issues with the transaction, or when business relationships need to be restructured. The document addresses key aspects such as the return of goods or property, refund arrangements, release of obligations, and settlement terms. Its proper execution is critical for businesses operating in Saudi Arabia to ensure legal compliance and protect their interests when unwinding commercial transactions.
Suggested Sections

1. Parties: Identification of all parties to the cancellation agreement, including full legal names, addresses, and registration details

2. Background: Details of the original purchase agreement, including date, subject matter, and key terms

3. Definitions: Definitions of key terms used throughout the cancellation agreement

4. Cancellation Declaration: Formal statement of mutual agreement to cancel the original purchase agreement

5. Effective Date: Specification of when the cancellation takes effect

6. Settlement Terms: Details of any refunds, returns, or financial settlements between the parties

7. Mutual Release: Release of parties from obligations under the original agreement and waiver of claims

8. Return of Property/Goods: Procedures and timeframes for returning any delivered goods or property

9. Governing Law: Confirmation that Saudi law and Sharia principles govern the agreement

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Outstanding Payments: Used when there are pending payments to be addressed as part of the cancellation

2. Third Party Rights: Required when the cancellation affects rights or obligations of third parties

3. Confidentiality: Include when sensitive information was shared under the original agreement

4. Damages or Compensation: Used when one party is compensating the other for costs or losses related to the cancellation

5. Partial Cancellation: Include when only specific parts of the original agreement are being cancelled

6. Dispute Resolution: Optional section for specifying dispute resolution mechanisms if not defaulting to courts

Suggested Schedules

1. Original Purchase Agreement: Copy of the original purchase agreement being cancelled

2. Inventory List: Detailed list of goods/items to be returned, if applicable

3. Settlement Calculation: Breakdown of any financial settlements, refunds, or adjustments

4. Return Protocol: Specific procedures for returning goods or property

5. Powers of Attorney: If signatories are acting under power of attorney, copies of authorization documents

6. Condition Report: Documentation of the condition of goods being returned, if applicable

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

Relevant Industries

Retail

Real Estate

Manufacturing

Automotive

Construction

Technology

Consumer Goods

Industrial Equipment

Healthcare

Education

Agriculture

Energy

Telecommunications

Relevant Teams

Legal

Procurement

Sales

Commercial

Compliance

Risk Management

Operations

Finance

Administration

Corporate Governance

Contract Administration

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Sales Director

Business Development Manager

Commercial Director

Compliance Officer

Risk Manager

Operations Manager

Finance Manager

General Manager

CEO

Managing Director

Company Secretary

Legal Administrator

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Deed Of Cancellation Of Agreement For Sale

A Saudi Arabian law-compliant deed that formally terminates an existing sale agreement between parties, adhering to both civil law and Sharia requirements.

find out more

Vendor Contract Termination Letter

A formal notice governed by Saudi Arabian law to terminate a vendor contract, specifying termination terms and remaining obligations.

find out more

Offer To Purchase Cancellation Letter

A formal letter used in Saudi Arabia to cancel a property purchase offer, complying with Saudi law and real estate regulations.

find out more

Cancellation Of Agreement To Sell

A Saudi Arabian law-compliant document that formally terminates an existing Agreement to Sell, outlining cancellation terms and settlements under Sharia principles.

find out more

Non Renewing Lease Letter

A formal notice under Saudi Arabian law communicating the intention not to renew an existing lease agreement, including termination details and handover requirements.

find out more

Cancellation Of Contract To Sell

A Saudi Arabian law-compliant agreement that formally terminates an existing contract to sell, incorporating both Sharia and commercial law principles.

find out more

Termination Of Purchase Agreement

A Saudi law-compliant document that formally terminates an existing Purchase Agreement, settling all outstanding obligations between parties.

find out more

Cancellation Of Service Contract

A Saudi Arabian law-compliant document that formally terminates an existing service agreement between parties, detailing cancellation terms and settlement arrangements.

find out more

Release Of Contract Letter

A formal document under Saudi Arabian law that releases parties from their contractual obligations and responsibilities, providing legal closure to the agreement.

find out more

Cancellation Of Purchase Agreement

A Saudi Arabian law-compliant document that formally terminates an existing purchase agreement between parties, outlining cancellation terms and mutual obligations.

find out more

Mutual Cancellation Agreement

A Sharia-compliant agreement under Saudi Arabian law for the mutual termination of an existing contractual relationship between parties.

find out more

Contract Cancellation Agreement

A Saudi law-compliant agreement for formal termination of an existing contract, incorporating civil law and Sharia requirements.

find out more

Loan Termination Agreement

A Saudi Arabian law-governed agreement that terminates an existing loan arrangement between lender and borrower, compliant with Sharia law and SAMA regulations.

find out more

Mutual Termination Of Contract

A Saudi Arabian law-compliant agreement for consensual termination of employment between employer and employee, including settlement terms and mutual releases.

find out more

Employee Exit Agreement

A Saudi law-governed agreement formalizing employment termination and settling all related obligations between employer and employee.

find out more

Lease Termination Agreement

A Saudi Arabian law-governed agreement that formally terminates a lease between landlord and tenant, settling all related obligations and arrangements.

find out more

Exit Agreement

A Saudi Arabia-governed Exit Agreement documenting employment termination terms and final settlements in compliance with Saudi Labor Law.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.