The Partnership Contract Agreement is a crucial legal document used when establishing a formal business partnership in Saudi Arabia. It serves as the foundational document that governs the relationship between partners, whether they are local Saudi nationals, foreign investors, or corporate entities. This agreement must comply with the Saudi Companies Law of 2015 and its amendments, as well as Shariah principles, making it essential for any business venture involving multiple parties in the Kingdom. The document typically includes detailed provisions on capital contributions, profit and loss sharing, management structure, partner responsibilities, and dispute resolution mechanisms. It's particularly important for new business ventures, family businesses transitioning to formal partnerships, and professional services firms establishing their operations in Saudi Arabia.
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1. Parties: Identification of all partners with their full legal names, addresses, and registration details
2. Background: Context of the partnership formation, including the business purpose and intentions of the parties
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpreting the document
4. Partnership Structure: Legal form of partnership, duration, and principal place of business
5. Business Scope: Detailed description of permitted business activities and any restrictions
6. Capital Contributions: Details of initial and subsequent capital contributions, including valuation of non-cash contributions
7. Profit and Loss Sharing: Formula for distribution of profits and allocation of losses
8. Management and Control: Partnership management structure, decision-making processes, and partner authorities
9. Partners' Rights and Obligations: Detailed responsibilities and rights of each partner
10. Financial Matters: Accounting procedures, fiscal year, banking arrangements, and financial reporting requirements
11. Transfer of Partnership Interest: Rules for transferring partnership shares and admission of new partners
12. Term and Termination: Duration of partnership and circumstances for termination
13. Dissolution and Liquidation: Procedures for winding up the partnership and asset distribution
14. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms
15. General Provisions: Standard clauses including notices, amendments, and severability
1. Foreign Ownership Provisions: Required when any partner is non-Saudi, addressing SAGIA requirements and specific foreign investment regulations
2. Intellectual Property Rights: Needed when the partnership involves significant IP assets or technology
3. Non-Competition and Confidentiality: Important for partnerships involving trade secrets or competitive business areas
4. Shariah Compliance: Detailed section required for partnerships explicitly operating under Islamic finance principles
5. Partner Death or Incapacity: Special provisions for family businesses or partnerships where continuation after partner death is desired
6. Special Industry Regulations: Required for partnerships in regulated sectors like financial services or healthcare
7. Zakat and Tax Provisions: Detailed section needed for mixed partnerships with Saudi and non-Saudi partners
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions
2. Schedule 2: Profit Sharing Ratios: Detailed formula and calculations for profit distribution
3. Schedule 3: Management Structure: Organizational chart and detailed management responsibilities
4. Schedule 4: Business Plan: Initial business plan and strategic objectives
5. Schedule 5: Partner Information: Detailed partner information including contact details and representatives
6. Schedule 6: Key Performance Indicators: Agreed metrics for measuring partnership performance
7. Appendix A: Required Licenses: Copies or details of all required business licenses and permits
8. Appendix B: Property Details: Details of any property owned or leased by the partnership
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