The Share Purchase Agreement Short Form is specifically designed for use in Saudi Arabia when parties wish to document a straightforward transfer of shares in private companies. This streamlined version is particularly suitable for transactions where the parties have already conducted their due diligence and agreed on key commercial terms. The document includes essential provisions required under Saudi law while maintaining a simplified structure compared to a full-form SPA. It covers fundamental elements such as share transfer mechanics, basic warranties, and completion requirements, all while ensuring compliance with Saudi Companies Law and Sharia principles. This format is commonly used for smaller transactions or where the parties have an existing relationship and prefer a more concise agreement structure.
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Key Requirements PROMPT example:
Share Purchase Agreement Short Form
"I need a Share Purchase Agreement Short Form under Saudi law for the sale of 30% shareholding in a private technology company, with completion scheduled for March 15, 2025, and including basic warranties about the company's intellectual property."
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1. Parties: Identification of the Seller(s) and Buyer(s) with full legal names and details
2. Background: Brief context of the transaction and company whose shares are being transferred
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including number of shares, price, and payment terms
5. Completion: Requirements and mechanics for closing the transaction
6. Seller's Warranties: Basic warranties regarding share ownership, authority to sell, and company status
7. Buyer's Warranties: Basic warranties regarding authority and capacity to purchase
8. Confidentiality: Obligations regarding transaction confidentiality
9. Notices: Process for formal communications between parties
10. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution approach
1. Conditions Precedent: Used when completion is subject to specific conditions being met
2. Tax Covenant: Include when specific tax arrangements or indemnities are required
3. Non-Competition: Added when seller restrictions are needed post-completion
4. Regulatory Approvals: Required when transaction needs specific regulatory clearances
5. Break Fee: Include when parties agree to compensation if deal fails under specific circumstances
6. Foreign Investment Provisions: Required when buyer is a foreign entity
7. Shareholder Approval: Include when other shareholders have pre-emptive or approval rights
1. Share Details: Details of shares being transferred including class, numbers, and distinctive numbers
2. Company Information: Key details about the company including registration number, address, and capital structure
3. Completion Requirements: Checklist of documents and actions required for completion
4. Basic Warranties: Detailed list of standard warranties given by seller
5. Completion Payment Details: Bank account and payment mechanism details
6. Required Consents: List of third-party consents required for the transfer
7. Existing Encumbrances: Details of any existing charges or encumbrances on the shares
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