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Founders Collaboration Agreement for Saudi Arabia

Founders Collaboration Agreement Template for Saudi Arabia

A comprehensive legal agreement governed by Saudi Arabian law that establishes the formal relationship between company founders, outlining their rights, responsibilities, and obligations. This document complies with the Saudi Companies Law of 2022 and Shariah principles, detailing ownership structure, management roles, profit sharing, decision-making processes, and dispute resolution mechanisms. It serves as the foundational document for business partnerships in Saudi Arabia, incorporating necessary provisions for intellectual property protection, confidentiality, and future business growth while ensuring alignment with local regulatory requirements.

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What is a Founders Collaboration Agreement?

The Founders Collaboration Agreement is a fundamental document required when two or more individuals or entities come together to establish a business venture in Saudi Arabia. This agreement serves as the cornerstone of the founding team's relationship, outlining crucial aspects such as equity distribution, roles and responsibilities, and decision-making processes. It must comply with the Saudi Companies Law of 2022 and Shariah principles, making it distinct from similar agreements in other jurisdictions. The document is particularly important in the Saudi context due to the country's unique legal framework and recent reforms in business regulations. It typically includes provisions for intellectual property rights, confidentiality, non-compete clauses, and dispute resolution mechanisms, while also addressing specific local requirements such as Saudization policies and foreign ownership restrictions where applicable.

What sections should be included in a Founders Collaboration Agreement?

1. Parties: Identification of all founding members, including full legal names, addresses, and national ID/Iqama numbers as required by Saudi law

2. Background: Context of the collaboration, business concept, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including specific Saudi legal terminology

4. Business of the Company: Detailed description of the intended business activities and scope

5. Founders' Contributions: Specification of each founder's initial capital, asset, or service contributions

6. Shareholding Structure: Distribution of ownership and share classes among founders

7. Management and Control: Governance structure, decision-making processes, and voting rights

8. Roles and Responsibilities: Specific duties and commitments of each founder

9. Intellectual Property Rights: Ownership and protection of IP brought in or developed during the collaboration

10. Confidentiality: Protection of confidential information and trade secrets

11. Non-Competition: Restrictions on competing activities, compliant with Saudi labor laws

12. Term and Termination: Duration of the agreement and circumstances for termination

13. Dispute Resolution: Process for resolving conflicts, including Saudi court jurisdiction

14. Governing Law: Specification of Saudi law and Shariah principles as governing law

15. General Provisions: Standard clauses including notices, amendments, and severability

What sections are optional to include in a Founders Collaboration Agreement?

1. Founder Vesting: Include when implementing a vesting schedule for founder shares

2. Anti-Dilution Protection: Include when protecting founders from future dilution is desired

3. Tag-Along Rights: Include when founders want the right to join in sale of shares by other founders

4. Drag-Along Rights: Include when majority founders want the right to force minority founders to join in a sale

5. Future Funding Provisions: Include when anticipating future investment rounds

6. Founder Employment Terms: Include when founders will also be employees of the company

7. Deadlock Resolution: Include when equal ownership stakes could lead to decision-making deadlocks

8. Family Succession Rights: Include when founders want to address inheritance issues according to Shariah law

9. International Operations: Include when business will operate across multiple jurisdictions

What schedules should be included in a Founders Collaboration Agreement?

1. Schedule 1: Business Plan: Detailed business plan and strategy

2. Schedule 2: Initial Contributions: Itemized list of each founder's initial contributions with valuations

3. Schedule 3: Share Capital Structure: Detailed breakdown of shareholding and share classes

4. Schedule 4: Intellectual Property Register: List of all IP owned or licensed by the founders/company

5. Schedule 5: Reserved Matters: List of decisions requiring special majority or unanimous consent

6. Schedule 6: Key Performance Indicators: Metrics for evaluating founder performance if applicable

7. Appendix A: Founder Information: Detailed founder information and contact details

8. Appendix B: Company Formation Documents: Copies of relevant corporate registration documents

9. Appendix C: Shariah Compliance Certificate: If required, certification of Shariah compliance

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

Jurisdiction

Saudi Arabia

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions










Clauses







































Relevant Industries

Technology

E-commerce

Financial Services

Healthcare

Manufacturing

Professional Services

Real Estate

Retail

Education

Consulting

Media and Entertainment

Food and Beverage

Transportation and Logistics

Energy

Tourism and Hospitality

Relevant Teams

Legal

Corporate Affairs

Executive Leadership

Board of Directors

Compliance

Finance

Corporate Governance

Business Development

Strategy

Risk Management

Relevant Roles

CEO

Managing Director

Founder

Co-Founder

Chief Legal Officer

General Counsel

Corporate Lawyer

Business Development Director

Chief Financial Officer

Company Secretary

Chief Operating Officer

Board Member

Executive Director

Startup Advisor

Legal Consultant

Investment Manager

Compliance Officer

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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