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Financial Settlement Agreement

Financial Settlement Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Financial Settlement Agreement

"I need a Financial Settlement Agreement under Saudi law for a phased payment arrangement between my technology company and a defaulting customer, with monthly installments starting March 2025 and including provisions for early payment discounts."

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Document background
The Financial Settlement Agreement serves as a crucial legal instrument in Saudi Arabia for resolving financial disputes and formalizing payment arrangements between parties. It is commonly used in situations involving debt restructuring, commercial disputes, loan settlements, or any scenario requiring a structured financial resolution. The document must comply with both Sharia principles and Saudi commercial regulations, making it unique to the Saudi jurisdiction. It typically includes detailed payment terms, releases from future claims, and enforcement mechanisms recognized by Saudi courts. This agreement is particularly important given Saudi Arabia's Vision 2030 economic reforms and the increasing sophistication of its financial sector. The document must be drafted with careful consideration of the Saudi Civil Transactions Law, Banking Control Law, and relevant SAMA regulations.
Suggested Sections

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

2. Background: Context of the dispute or circumstances leading to the settlement, including reference to any previous agreements or disputes

3. Definitions: Key terms used throughout the agreement, including financial, legal, and technical terms

4. Settlement Amount: Clear statement of the agreed settlement sum and currency

5. Payment Terms: Detailed payment schedule, method of payment, and banking details

6. Release and Discharge: Mutual release of claims and obligations related to the settled matters

7. Representations and Warranties: Statements of fact and assurances from each party regarding their capacity and authority

8. Confidentiality: Obligations regarding the confidentiality of the settlement terms and related information

9. Governing Law and Jurisdiction: Explicit statement of Saudi law as governing law and jurisdiction of Saudi courts

10. Entire Agreement: Confirmation that this agreement represents the complete understanding between parties

11. Execution: Signature requirements and execution formalities compliant with Saudi law

Optional Sections

1. Tax Provisions: Include when settlement has tax implications or involves cross-border payments

2. Zakat Considerations: Include when settlement affects Zakat calculations for Saudi entities

3. Installment Terms: Include when payment is to be made in installments rather than lump sum

4. Security Arrangements: Include when settlement includes collateral or security for payment

5. Third Party Rights: Include when settlement affects rights of parties not directly involved

6. Currency Exchange: Include for settlements involving multiple currencies

7. Force Majeure: Include when long-term payment obligations require force majeure protection

8. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and dates if installment payments

2. Bank Account Details: Specified bank account information for settlement payments

3. Related Agreements: List and copies of relevant previous agreements or documents

4. Settlement Calculation: Detailed calculation of settlement amount including any interest or deductions

5. Required Authorizations: Copies of corporate or regulatory approvals required for settlement

6. Security Documents: Details of any security or guarantee arrangements

7. Power of Attorney: If applicable, POA documents authorizing signatories

8. Compliance Certificates: Relevant compliance or regulatory certificates required for settlement

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Claim
Completion Date
Confidential Information
Defaulting Party
Effective Date
Encumbrance
Event of Default
Final Settlement Amount
Force Majeure Event
Governing Law
Initial Payment
Installment Payment
Interest (Profit Rate)
Liability
Loss
Material Adverse Effect
Outstanding Amount
Payment Date
Payment Schedule
Permitted Assignment
Release Date
Relevant Authority
SAMA
Security
Settlement Currency
Settlement Period
Sharia
Subsidiary
Supporting Documents
Tax
Terms and Conditions
Zakat
Operating Account
Bank Account
Authorized Signatory
Dispute
Enforcement Notice
Related Party
Relevant Jurisdiction
Settlement Deed
Original Obligation
Default Interest
Regulatory Approval
Guarantee
Waiver
Working Hours
Clauses
Parties
Recitals
Definitions
Settlement Amount
Payment Terms
Release and Discharge
Representations and Warranties
Confidentiality
Governing Law
Jurisdiction
Notices
Force Majeure
Assignment
Severability
Entire Agreement
Amendment
Waiver
Costs and Expenses
Further Assurance
Counterparts
Language
Time of Essence
Good Faith
Indemnification
Default
Termination
Security
Tax and Zakat
Regulatory Compliance
Third Party Rights
Electronic Execution
Authority
Acknowledgment
Dispute Resolution
Compliance with Sharia
Records and Audit
Successors and Assigns
Relevant Industries

Banking

Financial Services

Insurance

Real Estate

Construction

Manufacturing

Retail

Healthcare

Technology

Telecommunications

Energy

Professional Services

Transportation

Education

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Affairs

Credit Control

Debt Recovery

Banking Operations

Commercial Operations

Regulatory Affairs

Document Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Treasury Manager

Credit Manager

Risk Manager

Corporate Lawyer

Financial Controller

Accounts Manager

Settlement Officer

Debt Recovery Specialist

Legal Director

Banking Operations Manager

Commercial Director

Chief Legal Officer

Industries
Banking Control Law (Royal Decree No. M/5): Governs banking operations and financial institutions in Saudi Arabia, setting requirements for financial transactions and settlements
Enforcement Law (Royal Decree No. M/53): Regulates the enforcement of financial settlements and judgments, crucial for ensuring the agreement's enforceability
Commercial Courts Law (Royal Decree No. M/93): Establishes jurisdiction and procedures for commercial disputes, including financial settlements
Civil Transactions Law: Governs contractual relationships and obligations between parties in civil transactions
Anti-Money Laundering Law (Royal Decree No. M/20): Ensures compliance with AML regulations in financial settlements and transactions
SAMA Rules and Regulations: Guidelines and regulations issued by the Saudi Central Bank (SAMA) governing financial institutions and transactions
Capital Market Law (Royal Decree No. M/30): Relevant if the settlement involves securities or capital market instruments
Electronic Transactions Law (Royal Decree No. M/18): Governs electronic signatures and digital documentation if the agreement is executed electronically
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

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