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Internal Agreement Between Partners for Saudi Arabia

Internal Agreement Between Partners Template for Saudi Arabia

A comprehensive legal document governed by Saudi Arabian law that establishes and regulates the relationship between business partners within an organization. This agreement outlines the partners' rights, responsibilities, profit-sharing arrangements, management structure, and dispute resolution mechanisms while ensuring compliance with both Saudi Companies Law and Sharia principles. The document serves as a foundational framework for partner relationships, incorporating specific provisions for capital contributions, decision-making processes, and exit mechanisms, all structured within the Saudi legal context.

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Internal Agreement Between Partners

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What is a Internal Agreement Between Partners?

The Internal Agreement Between Partners is a crucial document used when establishing or formalizing business partnerships in Saudi Arabia. It serves as the primary governing document for partner relationships, detailing capital contributions, profit-sharing mechanisms, management responsibilities, and operational procedures. This agreement must comply with Saudi Companies Law, Ministry of Commerce regulations, and Sharia principles, making it essential for both new partnerships and existing businesses looking to formalize their internal arrangements. The document is particularly important in the Saudi context where business relationships often combine traditional practices with modern commercial requirements. It provides clear guidelines for partner conduct, decision-making processes, and dispute resolution while ensuring all arrangements are legally enforceable under Saudi jurisdiction.

What sections should be included in a Internal Agreement Between Partners?

1. Parties: Identification and details of all partners entering into the agreement

2. Background: Context of the partnership formation and general objectives

3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation

4. Partnership Structure: Legal form of partnership and ownership percentages

5. Capital Contributions: Initial and ongoing capital contributions of each partner

6. Profit and Loss Distribution: Method of calculating and distributing profits and losses

7. Management and Control: Decision-making processes and management structure

8. Partners' Rights and Obligations: Detailed responsibilities and rights of each partner

9. Meetings and Resolutions: Procedures for partner meetings and voting mechanisms

10. Financial Matters: Banking, accounting, and financial management procedures

11. Term and Termination: Duration of partnership and termination provisions

12. Withdrawal and Transfer of Interest: Process for partner exit and transfer of partnership interests

13. Dispute Resolution: Procedures for resolving disputes in accordance with Saudi law

14. Governing Law: Confirmation of Saudi law application and Sharia compliance

15. General Provisions: Miscellaneous legal provisions including notices and amendments

What sections are optional to include in a Internal Agreement Between Partners?

1. Non-Competition: Restrictions on partners engaging in competing businesses

2. Intellectual Property: IP ownership and usage rights when relevant to the partnership

3. Confidentiality: Protection of partnership's confidential information

4. Islamic Finance Provisions: Specific provisions ensuring Sharia compliance in financial arrangements

5. Insurance: Partnership insurance requirements and obligations

6. Force Majeure: Provisions for unforeseen circumstances affecting partnership operations

7. Environmental Compliance: Environmental obligations if relevant to partnership activities

8. Zakat and Tax: Specific arrangements for handling Zakat and tax obligations

What schedules should be included in a Internal Agreement Between Partners?

1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions

2. Schedule 2 - Profit Sharing Ratios: Detailed profit and loss distribution formulas

3. Schedule 3 - Management Structure: Organizational chart and detailed management responsibilities

4. Schedule 4 - Business Plan: Initial business plan and strategic objectives

5. Schedule 5 - Partner Information: Detailed partner information including contact details and representatives

6. Schedule 6 - Reserved Matters: List of decisions requiring special approval or unanimous consent

7. Appendix A - Sample Resolution Forms: Template forms for partner resolutions and voting

8. Appendix B - Financial Procedures: Detailed accounting and financial management procedures

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

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions















































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Relevant Industries

Professional Services

Real Estate

Manufacturing

Trading

Technology

Healthcare

Construction

Retail

Hospitality

Financial Services

Consulting

Education

Agriculture

Energy

Transportation and Logistics

Relevant Teams

Legal

Corporate Governance

Compliance

Finance

Executive Leadership

Board of Directors

Risk Management

Corporate Secretariat

Business Development

Investment

Strategy

Operations

Relevant Roles

Managing Partner

Chief Executive Officer

Chief Legal Officer

Legal Counsel

Corporate Secretary

Business Development Director

Chief Financial Officer

Company Director

Board Member

Partnership Manager

Compliance Officer

Risk Manager

Corporate Governance Officer

Investment Manager

Business Owner

Founding Partner

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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