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Partnership Contract Agreement

Partnership Contract Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Partnership Contract Agreement

"I need a Partnership Contract Agreement for a Saudi-based technology consulting firm where two local partners and one foreign partner will contribute equal capital, with operations starting January 2025, including specific provisions for intellectual property protection and profit sharing."

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Document background
The Partnership Contract Agreement is a crucial legal document used when establishing a formal business partnership in Saudi Arabia. It serves as the foundational document that governs the relationship between partners, whether they are local Saudi nationals, foreign investors, or corporate entities. This agreement must comply with the Saudi Companies Law of 2015 and its amendments, as well as Shariah principles, making it essential for any business venture involving multiple parties in the Kingdom. The document typically includes detailed provisions on capital contributions, profit and loss sharing, management structure, partner responsibilities, and dispute resolution mechanisms. It's particularly important for new business ventures, family businesses transitioning to formal partnerships, and professional services firms establishing their operations in Saudi Arabia.
Suggested Sections

1. Parties: Identification of all partners with their full legal names, addresses, and registration details

2. Background: Context of the partnership formation, including the business purpose and intentions of the parties

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpreting the document

4. Partnership Structure: Legal form of partnership, duration, and principal place of business

5. Business Scope: Detailed description of permitted business activities and any restrictions

6. Capital Contributions: Details of initial and subsequent capital contributions, including valuation of non-cash contributions

7. Profit and Loss Sharing: Formula for distribution of profits and allocation of losses

8. Management and Control: Partnership management structure, decision-making processes, and partner authorities

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

10. Financial Matters: Accounting procedures, fiscal year, banking arrangements, and financial reporting requirements

11. Transfer of Partnership Interest: Rules for transferring partnership shares and admission of new partners

12. Term and Termination: Duration of partnership and circumstances for termination

13. Dissolution and Liquidation: Procedures for winding up the partnership and asset distribution

14. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms

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

Optional Sections

1. Foreign Ownership Provisions: Required when any partner is non-Saudi, addressing SAGIA requirements and specific foreign investment regulations

2. Intellectual Property Rights: Needed when the partnership involves significant IP assets or technology

3. Non-Competition and Confidentiality: Important for partnerships involving trade secrets or competitive business areas

4. Shariah Compliance: Detailed section required for partnerships explicitly operating under Islamic finance principles

5. Partner Death or Incapacity: Special provisions for family businesses or partnerships where continuation after partner death is desired

6. Special Industry Regulations: Required for partnerships in regulated sectors like financial services or healthcare

7. Zakat and Tax Provisions: Detailed section needed for mixed partnerships with Saudi and non-Saudi partners

Suggested Schedules

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

2. Schedule 2: Profit Sharing Ratios: Detailed formula and calculations for profit distribution

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: Key Performance Indicators: Agreed metrics for measuring partnership performance

7. Appendix A: Required Licenses: Copies or details of all required business licenses and permits

8. Appendix B: Property Details: Details of any property owned or leased by the partnership

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

Professional Services

Manufacturing

Retail

Real Estate

Technology

Healthcare

Construction

Trading

Consulting

Food and Beverage

Education

Industrial

Agriculture

Tourism

Transportation

Relevant Teams

Legal

Finance

Compliance

Corporate Affairs

Business Development

Operations

Risk Management

Investment

Strategy

Management

Administrative

Relevant Roles

Chief Executive Officer

Managing Director

Legal Counsel

Business Development Manager

Chief Financial Officer

Company Secretary

Partner

Managing Partner

Operations Director

Compliance Officer

Investment Manager

Corporate Lawyer

Business Owner

Entrepreneur

Finance Director

Risk 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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