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Forward Sale Contract

Forward Sale Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Forward Sale Contract

"I need a Forward Sale Contract for the purchase of 10,000 metric tons of wheat from a Saudi agricultural producer, with full advance payment in January 2025 and delivery scheduled for March 2025, including quality specifications meeting Saudi Food and Drug Authority standards."

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Document background
The Forward Sale Contract is essential for businesses operating in Saudi Arabia that require future delivery of goods with advance payment arrangements. This contract type is particularly useful in manufacturing, agricultural, and commodity trading sectors where advance funding is needed for production or procurement. The document must strictly comply with both Saudi Arabian commercial regulations and Islamic Shariah principles, particularly those governing Salam contracts. It includes detailed specifications of goods, quality standards, delivery terms, and payment conditions, ensuring that all aspects of the transaction are clearly defined and enforceable under Saudi law. The agreement is designed to protect both parties' interests while maintaining Shariah compliance, making it a vital tool for businesses engaged in forward-looking commercial transactions in the Saudi Arabian market.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, addresses, and registration details

2. Background: Context of the agreement and confirmation that this is a Salam (forward sale) contract

3. Definitions: Key terms used throughout the agreement, including specific terminology related to the goods, delivery, and Sharia-compliant concepts

4. Subject Matter of Sale: Detailed specification of goods to be sold, including quantity, quality, and all essential characteristics as required for Salam validity

5. Price and Payment Terms: Full payment amount, payment schedule (noting Salam requires advance payment), and payment method

6. Delivery Terms: Specific delivery date, location, and conditions for the goods

7. Quality Specifications: Detailed quality standards, inspection procedures, and acceptance criteria

8. Rights and Obligations: Specific responsibilities of both parties regarding payment, delivery, and maintenance of quality

9. Representations and Warranties: Confirmations about capacity to contract, ownership rights, and quality guarantees

10. Default and Remedies: Consequences of breach and available remedies under Sharia and Saudi law

11. Force Majeure: Circumstances excusing performance, consistent with Sharia principles

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts

13. Notices: Communication procedures between parties

14. General Provisions: Standard boilerplate clauses compliant with Saudi law

Optional Sections

1. Shariah Compliance Declaration: Express confirmation of contract's compliance with Shariah principles - used when one or both parties require explicit Shariah compliance confirmation

2. Insurance: Insurance requirements for goods - used when valuable or perishable goods are involved

3. Security Arrangements: Details of any additional security or guarantee arrangements - used for high-value transactions

4. Confidentiality: Confidentiality obligations - used when sensitive commercial information is involved

5. Assignment: Rights and restrictions regarding transfer of contract rights - used when transfer rights are relevant

6. Third Party Rights: Rights of third parties under the contract - used when third parties have direct interests

7. Dispute Resolution: Alternative dispute resolution procedures - used when parties prefer arbitration or mediation before court proceedings

Suggested Schedules

1. Schedule 1 - Specification of Goods: Detailed technical specifications and requirements for the goods

2. Schedule 2 - Delivery Schedule: Detailed timeline and logistics for delivery

3. Schedule 3 - Quality Standards: Specific quality parameters and testing procedures

4. Schedule 4 - Price Calculation: Detailed breakdown of price components and calculation method

5. Schedule 5 - Required Documents: List of documents required for delivery and acceptance

6. Appendix A - Form of Quality Certificate: Template for quality certification

7. Appendix B - Inspection Procedures: Detailed procedures for goods inspection and acceptance

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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

Agriculture

Manufacturing

Commodities Trading

Food and Beverage

Construction Materials

Textiles

Mining

Oil and Gas

Chemical Industry

Industrial Equipment

Consumer Goods

Relevant Teams

Legal

Procurement

Finance

Operations

Supply Chain

Compliance

Risk Management

Quality Control

Commercial

Treasury

Production

Business Development

Relevant Roles

Commercial Director

Procurement Manager

Legal Counsel

Compliance Officer

Supply Chain Manager

Finance Director

Contract Manager

Operations Director

Trading Manager

Risk Manager

Shariah Compliance Officer

Quality Control Manager

Production Manager

Chief Financial Officer

Business Development Manager

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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