Simple Payment Agreement Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Simple Payment Agreement Contract

"I need a Simple Payment Agreement Contract for a construction project in Riyadh, where my company will make quarterly payments of 500,000 SAR to a supplier starting March 2025, with the final payment in December 2025."

Document background

The Simple Payment Agreement Contract is designed for use in Saudi Arabia when parties need to formalize payment obligations in a clear, legally binding manner. This document is particularly useful for business transactions, commercial dealings, or personal arrangements where structured payment terms need to be established. The agreement ensures compliance with Saudi Arabian law and Sharia principles, making it suitable for both domestic and international transactions within Saudi jurisdiction. It includes essential elements such as payment schedules, methods of payment, and default provisions, while avoiding any elements that could conflict with Islamic financial principles. The document can be used across various sectors and can be adapted to different payment scenarios while maintaining its fundamental purpose of documenting payment obligations in a Sharia-compliant manner.

Suggested Sections

1. Parties: Identification of the parties entering into the agreement, including full legal names, addresses, and registration details if applicable

2. Background: Context of the agreement, including the basic premise of why the payment obligation exists

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Payment Terms: Detailed description of the payment amount, currency, and payment schedule

5. Payment Method: Specified method(s) of payment and account details

6. Payment Conditions: Any conditions that must be met before or during the payment process

7. Default and Remedies: Consequences of payment default and available remedies (ensuring Sharia compliance)

8. Representations and Warranties: Basic statements of fact and promises made by each party

9. Notices: How formal communications between parties should be made and delivered

10. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction for disputes

11. Entire Agreement: Statement that the document represents the complete agreement between parties

Optional Sections

1. Early Payment Provisions: Include when there's a possibility of early payment settlement with any applicable discounts

2. Security: Include when payment is secured by any assets or guarantees

3. Force Majeure: Include when needed to address potential disruptions to payment ability due to extraordinary circumstances

4. Confidentiality: Include when payment terms or underlying transaction details need to be kept confidential

5. Assignment: Include when either party might need to transfer their rights or obligations

6. Multiple Currencies: Include when payments might be made in different currencies

7. Dispute Resolution: Include when specific dispute resolution mechanisms beyond court jurisdiction are desired

8. Compliance with Islamic Finance: Include detailed Sharia compliance provisions when dealing with complex payment structures

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and dates if multiple payments are involved

2. Bank Account Details: Complete banking information for making payments

3. Supporting Documents: List of documents evidencing the underlying obligation for payment

4. Calculation Methods: If payment amounts vary or are calculated based on specific factors, detailed calculation methodology

5. Form of Notices: Template forms for payment notifications or default notices

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Technology

Healthcare

Education

Transportation

Energy

Mining

Agriculture

Telecommunications

Relevant Teams

Legal

Finance

Accounts Receivable

Accounts Payable

Treasury

Commercial

Operations

Risk Management

Compliance

Credit Control

Relevant Roles

Finance Manager

Chief Financial Officer

Accounts Receivable Manager

Accounts Payable Manager

Legal Counsel

Contracts Manager

Treasury Manager

Financial Controller

Credit Manager

Business Development Manager

Operations Manager

Company Secretary

Risk Manager

Compliance Officer

Commercial Director

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Authors

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