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LOI Purchase Agreement for Saudi Arabia

LOI Purchase Agreement Template for Saudi Arabia

A Letter of Intent Purchase Agreement under Saudi Arabian law is a preliminary agreement that outlines the proposed terms and conditions for a purchase transaction, while maintaining compliance with both Saudi commercial law and Sharia principles. This document serves as a framework for negotiating the final purchase agreement, typically including provisions for due diligence, exclusivity periods, and confidentiality obligations. It must be structured to comply with Saudi Arabia's Commercial Courts Law and relevant regulatory requirements, while clearly distinguishing between binding and non-binding provisions. The document is particularly important in the Saudi Arabian context where formal documentation and clear intentions are crucial for business transactions.

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What is a LOI Purchase Agreement?

The LOI Purchase Agreement is a crucial preliminary document used in Saudi Arabian business transactions where one party intends to purchase assets, shares, or a business from another party. This document serves as a stepping stone towards a final purchase agreement, establishing the key commercial terms and conditions while allowing parties to proceed with due diligence and detailed negotiations. In the Saudi Arabian context, where business relationships and formal documentation are highly valued, an LOI Purchase Agreement helps parties establish clear intentions and frameworks for the transaction while ensuring compliance with local laws and Sharia principles. It is particularly important in complex transactions where parties need to outline their preliminary understanding before committing to a full purchase agreement.

What sections should be included in a LOI Purchase Agreement?

1. Parties: Identification of all parties involved, including full legal names, registration numbers, and addresses

2. Background: Context of the proposed transaction and relationship between the parties

3. Definitions: Key terms used throughout the LOI

4. Subject Matter: Clear description of the assets or business to be purchased

5. Purchase Price: Proposed consideration and payment terms

6. Due Diligence: Framework for the buyer's investigation of the target assets/business

7. Binding and Non-Binding Provisions: Clear designation of which provisions are legally binding

8. Confidentiality: Obligations regarding confidential information exchange

9. Exclusivity: Period during which seller cannot negotiate with other parties

10. Duration and Termination: Validity period of the LOI and circumstances for termination

11. Governing Law and Jurisdiction: Specification of Saudi law as governing law and relevant courts/dispute resolution

What sections are optional to include in a LOI Purchase Agreement?

1. Break Fee: Used when parties want to include compensation for transaction breakdown

2. Conditions Precedent: Include when certain conditions must be met before proceeding with the transaction

3. Regulatory Approvals: Required when the transaction needs specific regulatory clearances

4. Employee Matters: Relevant for business purchases involving transfer of employees

5. Shariah Compliance Declaration: Include when explicitly required to confirm compliance with Islamic law principles

6. Foreign Investment Provisions: Required when one party is a foreign entity

7. Costs and Expenses: Optional section detailing how transaction costs will be handled

What schedules should be included in a LOI Purchase Agreement?

1. Schedule 1 - Asset List: Detailed listing of assets to be purchased

2. Schedule 2 - Initial Purchase Price Calculation: Framework for determining the purchase price

3. Schedule 3 - Due Diligence Requirements: List of documents and information required for due diligence

4. Schedule 4 - Timetable: Proposed timeline for the transaction

5. Appendix A - Form of Confidentiality Agreement: Template for detailed confidentiality agreement if required

6. Appendix B - Required Regulatory Approvals: List of necessary regulatory approvals and licenses

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

Jurisdiction

Saudi Arabia

Publisher

Ƶ

Document Type

Letter of Intent

Cost

Free to use
Relevant legal definitions






































Clauses
































Relevant Industries

Manufacturing

Real Estate

Technology

Healthcare

Retail

Energy

Mining

Construction

Transportation

Telecommunications

Financial Services

Hospitality

Industrial

Consumer Goods

Agriculture

Relevant Teams

Legal

Finance

Mergers & Acquisitions

Corporate Development

Compliance

Business Development

Strategy

Operations

Board Secretariat

Risk Management

Commercial

Relevant Roles

Chief Executive Officer

Chief Financial Officer

General Counsel

Legal Director

Corporate Lawyer

Mergers & Acquisitions Manager

Business Development Director

Investment Manager

Commercial Director

Compliance Officer

Board Secretary

Finance Manager

Strategy Director

Operations Director

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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