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Payment Release Agreement

Payment Release Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Payment Release Agreement

"I need a Payment Release Agreement under Saudi law for releasing staged payments to our construction contractor, with three payment installments scheduled between January and June 2025, including specific conditions for each release based on project milestones."

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Document background
The Payment Release Agreement is a critical document used in Saudi Arabian business transactions when parties need to formalize the terms and conditions for releasing payments. This agreement is particularly valuable in situations involving substantial financial transactions, project completions, dispute settlements, or phased payment releases. It ensures compliance with Saudi Arabian law, including Shariah principles, the Banking Control Law, and Anti-Money Laundering regulations. The document typically includes detailed payment mechanisms, release conditions, banking requirements, and necessary approvals. It's designed to protect both parties' interests while providing a clear framework for payment execution and dispute resolution under Saudi jurisdiction. The agreement can be customized for various business contexts, from construction project payments to commercial dispute settlements.
Suggested Sections

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

2. Background: Context of the agreement, including reference to any underlying contracts or disputes being settled

3. Definitions: Definitions of key terms used throughout the agreement

4. Payment Terms: Detailed description of the payment amount, currency, and payment method

5. Payment Conditions: Conditions that must be met before payment is released

6. Release and Discharge: Terms of the release from claims or obligations upon payment

7. Representations and Warranties: Statements of fact and guarantees by both parties

8. Confidentiality: Obligations regarding confidentiality of the agreement terms

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

10. Notices: Process for giving formal notices under the agreement

11. Entire Agreement: Confirmation that this document represents the complete agreement between parties

Optional Sections

1. Partial Payments: Include when payment is to be made in installments or phases

2. Third Party Rights: Include when the agreement affects rights of parties not directly signing the agreement

3. Tax Provisions: Include when there are specific tax implications or requirements

4. Currency Exchange: Include when payment involves multiple currencies or exchange rate considerations

5. Escrow Arrangements: Include when payment is to be held in escrow before release

6. Future Cooperation: Include when parties need to specify ongoing obligations or cooperation after payment

7. Anti-Money Laundering Compliance: Include when dealing with large sums or international transfers

8. Force Majeure: Include when needing to address potential external events affecting payment execution

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts and timing if multiple payments are involved

2. Bank Details: Complete banking information for payment transfer

3. Supporting Documents: List of documents evidencing the underlying obligation or dispute

4. Release Documentation: Forms or certificates to be signed upon payment completion

5. Authorization Documents: Corporate or regulatory approvals required for the agreement

6. Calculation Schedule: Details of how payment amounts were calculated, including any interest or adjustments

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

Construction

Real Estate

Banking & Financial Services

Manufacturing

Oil & Gas

Infrastructure Development

Technology Services

Professional Services

Government & Public Sector

Trading & Commerce

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Operations

Commercial

Accounts Payable

Project Management

Corporate Governance

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Project Manager

Contract Manager

Treasury Manager

Accounts Payable Manager

Financial Controller

Risk Manager

Company Secretary

Commercial Director

Operations Director

Settlement Officer

Banking Relationship 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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