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Non Refundable Deposit Agreement

Non Refundable Deposit Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Non Refundable Deposit Agreement

"I need a Non-Refundable Deposit Agreement under Saudi law for a commercial property purchase in Riyadh, with a deposit of 500,000 SAR to be paid by March 2025, with specific provisions for forfeiture if the main purchase agreement isn't signed by June 2025."

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Document background
The Non-Refundable Deposit Agreement is commonly used in Saudi Arabia across various commercial and real estate transactions where one party wishes to secure a commitment from another through a deposit payment. This document is essential when parties need to establish clear terms regarding the non-refundable nature of a deposit, whether in property purchases, equipment procurement, or other commercial transactions. The agreement must be structured to comply with Saudi Arabian law and Sharia principles, making it particularly important to clearly state the conditions under which the deposit becomes non-refundable and ensuring these conditions are fair and transparent. It serves as a crucial tool in commercial transactions by providing security to sellers while giving buyers a formal commitment mechanism. The document is particularly relevant in high-value transactions where parties need to demonstrate serious intent and commitment.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, including the purpose of the deposit and the broader transaction it relates to

3. Definitions: Key terms used throughout the agreement, including 'Deposit', 'Completion Date', and any transaction-specific terminology

4. Deposit Amount and Payment: Specifies the deposit amount, payment method, and deadline for payment

5. Non-Refundable Nature: Clear statement of the non-refundable nature of the deposit and specific circumstances under which this applies

6. Purpose of Deposit: Detailed explanation of what the deposit secures and its relationship to the main transaction

7. Representations and Warranties: Basic warranties from both parties regarding capacity and authority to enter into the agreement

8. Sharia Compliance: Confirmation that the agreement complies with Sharia principles and does not involve prohibited elements

9. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Main Transaction Terms: Used when the deposit agreement needs to reference key terms of the main transaction it relates to

2. Conditions for Application: Include when there are specific conditions that must be met before the deposit becomes non-refundable

3. Alternative Dispute Resolution: Include when parties wish to specify mediation or arbitration procedures before court proceedings

4. Force Majeure: Include when parties want to specify circumstances beyond their control that might affect the agreement

5. Confidentiality: Include when the deposit relates to a sensitive transaction requiring confidentiality provisions

6. Notices: Include when formal communication procedures need to be specified

7. Assignment: Include when either party might need to transfer their rights or obligations

Suggested Schedules

1. Payment Schedule: If the deposit is to be paid in installments, details the payment dates and amounts

2. Bank Details: Specified separately for security and easy updating, includes account details for deposit payment

3. Main Transaction Summary: Brief summary of the main transaction to which the deposit relates

4. Required Documents: List of documents required from either party in connection with 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
Relevant legal definitions
























Clauses
























Relevant Industries

Real Estate

Construction

Manufacturing

Retail

Commercial Property

Industrial

Hospitality

Automotive

Equipment Sales

Professional Services

Import/Export

Wholesale Trade

Relevant Teams

Legal

Finance

Commercial

Business Development

Procurement

Sales

Compliance

Risk Management

Real Estate

Operations

Relevant Roles

Legal Counsel

Contract Manager

Business Development Manager

Commercial Director

Real Estate Manager

Procurement Manager

Sales Director

Financial Controller

Property Manager

Transaction Manager

Compliance Officer

Risk Manager

Investment Manager

Operations 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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