The Buyback Agreement is a crucial document used in Saudi Arabian financial and commercial transactions where one party sells an asset to another with a commitment to repurchase it at a predetermined future date and price. This type of agreement is particularly important in Islamic finance structures where conventional repo arrangements need to be modified to comply with Shariah principles. The document is designed to meet the requirements of Saudi Arabian law, including the Basic Law of Governance and relevant commercial regulations, while ensuring compliance with Islamic financial principles. It typically includes detailed provisions for the initial sale, repurchase obligations, asset transfer mechanics, risk allocation, and default scenarios. The agreement is commonly used in financial institutions, corporate financing, and asset management sectors, providing a Shariah-compliant alternative to conventional repurchase agreements.
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1. Parties: Identification of the seller and buyer, including full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement, including Asset, Purchase Price, Repurchase Price, and Settlement Date
4. Sale and Purchase: Terms of the initial sale including asset description, purchase price, and transfer mechanics
5. Repurchase Obligation: Terms of the repurchase including price, timing, and mechanics
6. Payment Terms: Details of payment arrangements for both initial purchase and repurchase, ensuring Shariah compliance
7. Transfer of Title and Risk: Provisions regarding ownership transfer and risk allocation
8. Representations and Warranties: Standard and specific warranties from both parties
9. Conditions Precedent: Prerequisites for the agreement to become effective
10. Events of Default: Circumstances constituting default and consequences
11. Termination: Circumstances and process for early termination
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Saudi law governance and dispute resolution mechanism
14. General Provisions: Standard boilerplate clauses adapted for Saudi law
1. Shariah Compliance Declaration: Explicit statement of Shariah compliance, recommended for transactions involving Islamic financial institutions
2. Security Arrangements: Additional security or collateral arrangements if required
3. Tax Provisions: Specific tax treatment and obligations, if relevant to the transaction
4. Regulatory Compliance: Specific regulatory requirements if involving regulated entities
5. Income Distribution: Provisions for handling any income generated by the asset during the buyback period
6. Third Party Rights: Provisions regarding rights of third parties, if relevant
7. Force Majeure: Provisions for unforeseen circumstances preventing performance
8. Confidentiality: Specific confidentiality requirements if dealing with sensitive information
1. Asset Schedule: Detailed description of the asset(s) subject to the buyback agreement
2. Pricing Schedule: Detailed breakdown of purchase price, repurchase price, and any related calculations
3. Form of Transfer Documents: Template documents for executing the transfer of assets
4. Condition Report: Description of asset condition at time of initial sale (if applicable)
5. Required Authorizations: List of required regulatory or corporate approvals
6. Shariah Board Approval: Documentation of Shariah board approval if required
7. Payment Schedule: Detailed timeline of payment obligations
8. Form of Notices: Template forms for various notices required under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Islamic Finance
Asset Management
Securities Trading
Investment Banking
Corporate Finance
Real Estate
Manufacturing
Energy
Commodities Trading
Infrastructure
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Operations
Islamic Banking
Corporate Finance
Investment
Asset Management
Securities Trading
Commercial
Relevant Roles
Legal Counsel
Compliance Officer
Shariah Compliance Manager
Finance Director
Treasury Manager
Investment Manager
Risk Manager
Corporate Lawyer
Chief Financial Officer
Asset Manager
Operations Director
Commercial Director
Transaction Manager
Legal Director
Islamic Finance Specialist
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