The Preferred Supplier Agreement is designed for use in the Saudi Arabian market where organizations seek to establish and maintain strategic supply relationships with key vendors. This document is particularly relevant when a company wishes to secure preferential terms, guaranteed supply, and potentially exclusive arrangements with reliable suppliers. The agreement encompasses essential elements required under Saudi law and Sharia principles, including detailed commercial terms, performance metrics, and compliance requirements. It is commonly used in situations requiring regular procurement of goods or services, where the customer wants to streamline the procurement process while maintaining quality and cost advantages. The document typically includes comprehensive provisions for pricing, ordering procedures, quality standards, and dispute resolution mechanisms, all tailored to comply with Saudi Arabian legal requirements.
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1. Parties: Identification of the parties, including full legal names, commercial registration numbers, and authorized representatives
2. Background: Context of the agreement, relationship objectives, and confirmation of supplier's capabilities
3. Definitions: Defined terms used throughout the agreement, including specific Saudi Arabian legal and commercial terms
4. Appointment and Scope: Terms of supplier's appointment, preferred status, and scope of products/services
5. Duration and Renewal: Term of the agreement, renewal provisions, and notice periods
6. Ordering Process: Procedures for placing and accepting orders, including electronic procurement systems
7. Pricing and Payment: Price determination, payment terms, invoicing requirements, and VAT provisions
8. Quality and Performance Standards: Required quality levels, KPIs, and performance monitoring
9. Delivery and Acceptance: Delivery terms, timing, inspection rights, and acceptance procedures
10. Warranties and Representations: Standard and specific warranties, including Sharia compliance declarations
11. Liability and Indemnification: Liability limitations and indemnification obligations
12. Confidentiality: Protection of confidential information and trade secrets
13. Termination: Termination rights, procedures, and consequences
14. Governing Law and Dispute Resolution: Saudi law application and dispute resolution mechanisms
15. General Provisions: Standard boilerplate clauses adapted for Saudi law
1. Exclusivity: Used when the supplier is granted exclusive rights for certain products/services or territories
2. Minimum Purchase Commitments: Include when there are guaranteed minimum purchase volumes
3. Consignment Stock: Required if supplier maintains inventory at customer locations
4. Islamic Finance Provisions: Necessary for Sharia-compliant financing arrangements
5. Technology and IP License: Include when intellectual property rights are being licensed
6. Staff and Training: Required when supplier provides on-site personnel or training
7. Business Continuity: Important for critical supply relationships
8. Compliance with Saudization: Include when relevant to meeting local content requirements
9. Environmental Compliance: Required for environmentally sensitive products or services
1. Schedule 1 - Products and Services: Detailed list of products/services covered by the agreement
2. Schedule 2 - Pricing Schedule: Detailed pricing, discounts, and price review mechanisms
3. Schedule 3 - Service Levels: Detailed KPIs, measurement methods, and reporting requirements
4. Schedule 4 - Technical Specifications: Product/service technical requirements and standards
5. Schedule 5 - Ordering Procedure: Detailed ordering process, forms, and systems
6. Schedule 6 - Key Personnel: List of key supplier personnel and their roles
7. Schedule 7 - Form of Purchase Order: Standard form for individual orders
8. Appendix A - Compliance Requirements: Relevant Saudi regulations and compliance requirements
9. Appendix B - Insurance Requirements: Required insurance coverage and limits
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