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Stipulated Price Contract

Stipulated Price Contract Template for Saudi Arabia

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Key Requirements PROMPT example:

Stipulated Price Contract

"I need a Stipulated Price Contract for a commercial building construction project in Riyadh, Saudi Arabia, with a completion date of March 2025, including specific provisions for sustainable building practices and local content requirements."

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Document background
The Stipulated Price Contract is essential for projects in Saudi Arabia where parties agree to a fixed price for a defined scope of work. This contract type is particularly valuable when the project scope is well-defined and the risks are adequately understood by both parties. The document incorporates mandatory provisions required under Saudi law and Sharia principles, including specific requirements for government projects, private sector developments, and regulated industries. It includes comprehensive sections on payment terms, variations, quality standards, and dispute resolution mechanisms tailored to the Saudi Arabian legal framework. The contract is structured to protect both parties' interests while ensuring compliance with local regulations, making it suitable for various sectors from construction to industrial development.
Suggested Sections

1. Parties: Identification and details of the contracting parties, including legal status and registration information

2. Background: Context of the agreement and brief description of the project

3. Definitions and Interpretation: Defined terms, rules of interpretation, and order of precedence of documents

4. Scope of Work: Detailed description of the works to be performed under the contract

5. Contract Price and Payment: Fixed price amount, payment schedule, and payment terms

6. Time for Completion: Project timeline, completion date, and milestone dates

7. Contractor Obligations: Key responsibilities and obligations of the contractor

8. Employer Obligations: Key responsibilities and obligations of the employer

9. Quality and Standards: Required quality standards, inspections, and acceptance criteria

10. Variations: Process for handling changes to scope, price, or timeline

11. Defects Liability: Defects liability period and remediation procedures

12. Insurance and Indemnities: Required insurance coverage and indemnification obligations

13. Force Majeure: Definition and consequences of force majeure events

14. Suspension and Termination: Rights and procedures for suspension and termination

15. Dispute Resolution: Dispute resolution procedures, including reference to Saudi courts or arbitration

16. Governing Law: Confirmation of Saudi law and Sharia compliance

17. General Provisions: Standard boilerplate clauses including notices, assignment, and entire agreement

Optional Sections

1. Performance Security: Requirements for performance bonds or guarantees, used for higher-value contracts

2. Advance Payment: Terms for advance payment and associated security, if applicable

3. Materials and Equipment: Specific provisions for procurement and handling of materials, used when materials are a significant component

4. Health, Safety and Environment: Detailed HSE requirements, mandatory for construction or high-risk projects

5. Local Content Requirements: Saudi market participation requirements, needed for government or regulated sector projects

6. Intellectual Property Rights: IP ownership and licensing provisions, used when design or technology transfer is involved

7. Confidentiality: Detailed confidentiality obligations, used for projects with sensitive information

8. Step-in Rights: Employer's right to step in and complete works, used for critical infrastructure projects

Suggested Schedules

1. Schedule 1 - Scope of Work: Detailed technical specifications and drawings

2. Schedule 2 - Contract Price Breakdown: Detailed breakdown of the stipulated price

3. Schedule 3 - Project Timeline: Detailed program of works and milestone dates

4. Schedule 4 - Key Personnel: List of key personnel and their roles

5. Schedule 5 - Forms of Certificates: Templates for completion certificates and payment certificates

6. Schedule 6 - Technical Standards: Applicable technical standards and specifications

7. Schedule 7 - Site Information: Details of the project site and conditions

8. Schedule 8 - Forms of Securities: Templates for performance security and advance payment guarantee

9. Schedule 9 - Insurance Requirements: Detailed insurance requirements and minimum coverage

10. Appendix A - Required Permits: List of required permits and responsibilities

11. Appendix B - Equipment and Materials: Specifications for key equipment and materials

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

































































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Relevant Industries

Construction

Infrastructure

Oil and Gas

Real Estate Development

Manufacturing

Energy

Transportation

Healthcare Facilities

Education Facilities

Industrial Development

Mining

Telecommunications

Relevant Teams

Legal

Commercial

Procurement

Finance

Project Management

Operations

Risk Management

Quality Assurance

Technical

Business Development

Compliance

Construction Management

Relevant Roles

Contract Manager

Project Director

Legal Counsel

Commercial Manager

Chief Financial Officer

Project Manager

Construction Manager

Procurement Manager

Risk Manager

Quality Assurance Manager

Technical Director

Operations Director

Cost Controller

Business Development Manager

Compliance Officer

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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