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The Terms of Business Agreement serves as a foundational document for establishing commercial relationships in Saudi Arabia, providing a comprehensive framework for ongoing business interactions between parties. This document is particularly crucial in the Saudi Arabian context, where business arrangements must comply with both modern commercial regulations and traditional Shariah law principles. The agreement typically covers essential aspects such as service scope, payment terms (structured to avoid prohibited interest), dispute resolution mechanisms, and regulatory compliance requirements. It's commonly used when parties anticipate an ongoing business relationship rather than a one-time transaction, and needs to be carefully drafted to ensure enforceability under Saudi law while maintaining international business standards.

1. Parties: Identification of the parties entering into the agreement, including full legal names, commercial registration numbers, and authorized representatives

2. Background: Context of the business relationship and purpose of the agreement

3. Definitions: Key terms used throughout the agreement defined for clarity and certainty

4. Services: Detailed description of the services to be provided under the agreement

5. Fees and Payment: Payment terms structured in compliance with Shariah law, avoiding any interest-based provisions

6. Obligations of Service Provider: Detailed responsibilities and commitments of the service provider

7. Client Obligations: Responsibilities and commitments of the client

8. Representations and Warranties: Standard warranties and representations from both parties

9. Confidentiality: Provisions protecting confidential information and trade secrets

10. Data Protection: Compliance with Saudi data protection laws and handling of personal information

11. Term and Termination: Duration of the agreement and circumstances for termination

12. Liability and Indemnification: Limitations of liability and indemnification provisions compliant with Saudi law

13. Force Majeure: Provisions for unforeseen circumstances preventing performance

14. Dispute Resolution: Mechanisms for resolving disputes, including Saudi court jurisdiction or arbitration

15. Governing Law: Specification of Saudi law and Shariah principles as governing law

16. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement