Document background
The Short Form Asset Purchase Agreement is designed for use in Saudi Arabia when parties need to document a straightforward transfer of assets between entities. It's particularly suitable for transactions where the assets are clearly defined and the transfer mechanics are relatively uncomplicated. The document incorporates essential provisions required under Saudi law, including Shariah compliance elements, while maintaining a simplified structure compared to a full-form agreement. This version is typically used for medium-sized transactions where extensive warranties and indemnities are not required, or where the assets being transferred are straightforward in nature. The agreement must be compliant with Saudi Commercial Court Law and often requires Arabic translation for official purposes.
