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Good Faith Deposit Contract

Good Faith Deposit Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Good Faith Deposit Contract

"I need a Good Faith Deposit Contract under Saudi law for a real estate development project, where the deposit amount is 5 million SAR and will be held by First Bank SA until the main construction contract is signed in March 2025."

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Document background
The Good Faith Deposit Contract serves as a crucial legal instrument in Saudi Arabian business transactions where one party needs to demonstrate serious commitment to a potential deal or agreement. This document type is commonly used in real estate transactions, major procurement contracts, and significant commercial arrangements. The contract must comply with both Saudi civil law and Sharia principles, particularly regarding the handling of deposits (Wadiah) and trust (Amanah) concepts. It typically includes detailed provisions for deposit handling, release conditions, and compliance with SAMA regulations and anti-money laundering requirements. The document is essential for protecting both parties' interests while ensuring the deposit arrangement is legally enforceable within the Saudi Arabian jurisdiction.
Suggested Sections

1. Parties: Identification of the depositor and deposit holder, including full legal names, addresses, and commercial registration numbers if applicable

2. Background: Context of the deposit arrangement, including the underlying transaction or purpose for which the good faith deposit is being made

3. Definitions: Key terms used in the agreement, including 'Deposit Amount', 'Deposit Period', 'Underlying Transaction', and other relevant terminology

4. Deposit Terms: Details of the deposit amount, currency, and payment method

5. Purpose of Deposit: Clear statement of the good faith deposit's purpose and the transaction it secures

6. Deposit Conditions: Conditions for holding, maintaining, and releasing the deposit

7. Release Mechanisms: Specific circumstances and procedures for releasing the deposit

8. Interest and Fees: Statement regarding any interest (ensuring Sharia compliance) or administrative fees applicable

9. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority

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

11. Notices: Process and details for formal communications between parties

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration - recommended for high-value deposits

2. Force Majeure: Provisions for unforeseen circumstances - recommended when deposit period is extended

3. Confidentiality: Provisions for maintaining confidentiality of the transaction - recommended for commercial transactions

4. Anti-Money Laundering Compliance: Specific AML provisions - required for deposits above certain thresholds or in regulated sectors

5. Assignment: Rights and restrictions regarding transfer of rights - recommended for complex commercial transactions

6. Language: Specification of prevailing language if contract is bilingual - recommended for international parties

Suggested Schedules

1. Payment Details Schedule: Banking and account details for the deposit

2. Release Conditions Schedule: Detailed conditions and documentation required for deposit release

3. Form of Release Notice: Template for formal deposit release notification

4. Required Documents Appendix: List of supporting documents required for deposit and release

5. Authorized Signatories Schedule: List of persons authorized to act regarding the deposit

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
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Relevant Industries

Real Estate

Construction

Financial Services

Manufacturing

Energy

Retail

Technology

Infrastructure

Professional Services

Hospitality

Relevant Teams

Legal

Finance

Compliance

Treasury

Commercial

Risk Management

Corporate Secretariat

Business Development

Procurement

Relevant Roles

Legal Counsel

Contract Manager

Transaction Manager

Compliance Officer

Finance Director

Real Estate Manager

Procurement Manager

Business Development Manager

Corporate Secretary

Treasury Manager

Risk Manager

Commercial Director

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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