The Pawn Shop Agreement serves as the primary legal document governing transactions between licensed pawnbrokers and customers in the United Arab Emirates who wish to obtain loans using personal property as collateral. This document is essential for compliance with UAE Federal Law No. 18 of 1993 and various emirate-level regulations governing pawn transactions. It should be used whenever a customer (pledgor) seeks to obtain a loan from a pawnbroker by temporarily surrendering possession of valuable items. The agreement includes crucial details such as item description and valuation, loan amount, interest rates, redemption period, and default procedures. It also incorporates necessary provisions for anti-money laundering compliance and specific requirements for handling precious metals and stones under UAE law.
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1. Parties: Identification of the pawnbroker and the pledgor, including full legal names, trade license details for the pawnbroker, and identification details for the pledgor
2. Background: Brief context explaining the nature of the transaction and the purpose of the agreement
3. Definitions: Key terms used throughout the agreement including 'Pledged Item', 'Loan Amount', 'Redemption Period', 'Interest Rate', and other relevant terms
4. Item Description and Valuation: Detailed description of the pawned item(s), including condition, identifying marks, and agreed valuation
5. Loan Terms: Specifics of the loan including amount, interest rate, fees, and payment terms in compliance with UAE regulations
6. Pledgor's Representations and Warranties: Pledgor's declarations regarding ownership, right to pledge, and item authenticity
7. Storage and Care of Pledged Items: Pawnbroker's obligations regarding safekeeping and insurance of pledged items
8. Redemption Rights and Procedures: Terms and procedures for redeeming the pledged item, including payment requirements and timing
9. Default and Sale Provisions: Consequences of default and procedures for sale of unredeemed items
10. Compliance with Laws: Provisions ensuring compliance with UAE regulations, including anti-money laundering requirements
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant emirate courts' jurisdiction
1. Multiple Items Provisions: Additional terms for agreements covering multiple pledged items - used when more than one item is being pawned
2. Special Handling Requirements: Specific care or storage requirements for unusual or highly valuable items
3. Insurance Requirements: Additional insurance provisions for high-value items exceeding standard coverage
4. Early Redemption Terms: Terms for early redemption including any applicable discounts or penalties
5. Third Party Rights: Provisions regarding third party claims or interests in the pledged items
6. Electronic Communications: Terms governing electronic notifications and communications between parties
1. Schedule 1 - Item Description and Photographs: Detailed description and photographs of pledged items including serial numbers, marks, and condition report
2. Schedule 2 - Valuation Certificate: Professional valuation certificate for the pledged items
3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees, charges, and interest rates
4. Schedule 4 - Identification Documents: Copies of required identification documents and verification forms
5. Appendix A - Operating Hours and Procedures: Details of shop operating hours and procedures for redemption
6. Appendix B - Compliance Checklist: Checklist of regulatory compliance requirements and confirmations
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Retail
Precious Metals and Jewelry
Luxury Goods
Consumer Finance
Securities and Collateral
Professional Services
Relevant Teams
Legal
Compliance
Operations
Risk Management
Customer Service
Security
Finance
Documentation
Valuations
Branch Operations
Relevant Roles
Pawnshop Manager
Compliance Officer
Legal Counsel
Valuations Expert
Risk Manager
Operations Manager
Customer Service Representative
Security Manager
Financial Controller
Branch Manager
AML Compliance Specialist
Documentation Officer
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