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No Fault Agreement
"I need a No Fault Agreement to formalize the amicable separation between our Saudi-based technology company and a senior executive, including a confidential settlement payment of 500,000 SAR, with the separation effective March 1, 2025."
1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, including brief description of the situation leading to the no-fault arrangement
3. Definitions: Key terms used throughout the agreement, ensuring clarity and avoiding ambiguity
4. Mutual Releases: Comprehensive releases where each party agrees to release the other from all claims, demands, and causes of action
5. No Admission of Liability: Clear statement that the agreement does not constitute an admission of liability by any party
6. Consideration: Details of any payment or other consideration being exchanged as part of the agreement
7. Confidentiality: Terms regarding the confidentiality of the agreement and the underlying dispute
8. Sharia Compliance: Specific clause confirming the agreement's compliance with Sharia principles
9. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law as governing law and specification of competent courts
10. Entire Agreement: Statement that this document represents the complete agreement between the parties
11. Execution: Signature blocks and execution requirements in accordance with Saudi law
1. Non-Disparagement: Mutual agreements not to make negative statements about other parties, used when reputational concerns are significant
2. Ongoing Obligations: Required when parties have continuing responsibilities or relationships after the agreement
3. Return of Property: Necessary when physical or intellectual property needs to be returned or transferred
4. Future Cooperation: Used when parties need to specify terms for future interactions or assistance
5. Insurance and Indemnification: Included when specific insurance requirements or indemnification provisions are needed
6. Severability: Optional clause protecting the remainder of the agreement if certain provisions are found invalid
7. Amendment Procedure: Include when parties want to specify how future modifications to the agreement should be handled
1. Schedule of Payments: Detailed breakdown of any financial settlements, including payment terms and conditions
2. List of Released Claims: Specific enumeration of claims being released under the agreement
3. Property Schedule: Inventory of any property to be transferred or returned between parties
4. Confidential Information: Detailed list of what constitutes confidential information under the agreement
5. Required Notices: Template forms for any notices required under the agreement
6. Execution Formalities: Specific requirements for execution under Saudi law, including any required certifications or attestations
Authors
Financial Services
Manufacturing
Construction
Oil & Gas
Technology
Healthcare
Retail
Transportation
Real Estate
Professional Services
Education
Telecommunications
Government Services
Industrial
Agriculture
Legal
Human Resources
Executive Leadership
Finance
Compliance
Risk Management
Commercial Operations
Business Development
Project Management
Operations
Corporate Governance
Administrative
Legal Counsel
HR Director
Chief Executive Officer
Chief Financial Officer
Compliance Officer
Risk Manager
Contract Manager
Business Development Director
Project Manager
Operations Director
Commercial Director
General Manager
Board Member
Company Secretary
Department Head
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