A Supplier Managed Inventory Agreement is essential for businesses operating in Saudi Arabia that wish to implement efficient inventory management systems where suppliers take responsibility for maintaining optimal stock levels. This document type is particularly relevant in the context of Saudi Arabia's growing industrial and commercial sectors, where modern supply chain practices must align with local legal requirements and Sharia principles. The agreement covers critical aspects such as inventory ownership, risk transfer, payment structures, and operational procedures, while ensuring compliance with Saudi commercial law and regulatory requirements. It's typically used when companies want to optimize their supply chain operations, reduce inventory carrying costs, and improve supply chain efficiency through vendor-managed inventory programs.
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1. Parties: Identification of the supplier and customer, including full legal names, registration details, and addresses
2. Background: Context of the agreement, business relationship, and general purpose of the SMI arrangement
3. Definitions: Detailed definitions of technical terms, industry-specific vocabulary, and key concepts used throughout the agreement
4. Scope of Services: Detailed description of the supplier's inventory management responsibilities and services to be provided
5. Inventory Requirements: Specifications for minimum/maximum inventory levels, storage conditions, and stock rotation requirements
6. Ordering and Replenishment: Process for inventory monitoring, ordering triggers, and replenishment procedures
7. Title and Risk: Transfer of ownership and risk in the goods, considering Sharia compliance requirements
8. Pricing and Payment: Payment terms, pricing mechanisms, and invoicing procedures
9. Performance Metrics: Key performance indicators, service levels, and measurement criteria
10. Technology and Systems: Requirements for inventory management systems, software, and data sharing
11. Confidentiality: Protection of confidential information and trade secrets
12. Term and Termination: Duration of agreement, renewal terms, and termination rights
13. Force Majeure: Events excusing performance, including definition and procedures
14. Governing Law and Dispute Resolution: Saudi law as governing law and dispute resolution procedures
1. Insurance: Insurance requirements - include when high-value inventory is involved or specific risks need coverage
2. Intellectual Property: IP rights and licenses - include when proprietary systems or branded products are involved
3. Data Protection: Data privacy and security measures - include when personal data processing is involved
4. Export Control: Export compliance requirements - include for international suppliers or controlled goods
5. Environmental Compliance: Environmental standards and requirements - include for hazardous materials or regulated products
6. Business Continuity: Business continuity and disaster recovery - include for critical supply relationships
7. Training and Support: Training requirements and technical support - include when complex systems or processes are involved
1. Schedule 1 - Product Specifications: Detailed specifications of products covered under the agreement
2. Schedule 2 - Pricing Schedule: Detailed pricing information, including any volume-based pricing or discounts
3. Schedule 3 - Service Levels: Detailed service level requirements and performance metrics
4. Schedule 4 - Operational Procedures: Detailed procedures for inventory management, including minimum/maximum levels
5. Schedule 5 - Systems and Technology: Technical specifications for inventory management systems and interfaces
6. Schedule 6 - Key Contacts: Contact details for key personnel from both parties
7. Schedule 7 - Reporting Requirements: Templates and specifications for required reports
8. Appendix A - Form of Purchase Order: Standard form of purchase order to be used
9. Appendix B - Quality Control Procedures: Detailed quality control and inspection procedures
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