The Receivables Transfer Agreement is a crucial document used in Saudi Arabian commercial transactions when a party wishes to transfer its rights to receive payments from its debtors to another party. This agreement is particularly important in trade finance, factoring, and securitization transactions, requiring careful structuring to ensure compliance with both Shariah principles and Saudi commercial regulations. The document must address specific Saudi legal requirements including notarization procedures, regulatory approvals, and Islamic finance principles prohibiting conventional interest (riba) and excessive uncertainty (gharar). It typically includes detailed provisions on the transfer mechanism, notification requirements, warranties regarding the receivables, and enforcement procedures that align with Saudi Arabian law and commercial practice.
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Key Requirements PROMPT example:
Receivables Transfer Agreement
"I need a Receivables Transfer Agreement under Saudi law for my manufacturing company to transfer a portfolio of trade receivables (approximately 50 invoices worth SAR 2 million) to a local bank, with the transfer scheduled for March 2025 and including third-party collection agent provisions."
1. Parties: Identification of the Transferor (Assignor) and Transferee (Assignee), including full legal names and registration details
2. Background: Context of the transfer, relationship between parties, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including 'Receivables', 'Obligors', 'Transfer Date', and 'Related Rights'
4. Transfer and Assignment: Core provisions detailing the transfer of receivables, consideration, and effective date
5. Compliance with Shariah Principles: Specific provisions ensuring the transfer mechanism complies with Islamic law principles
6. Representations and Warranties: Transferor's warranties regarding ownership, right to transfer, and status of receivables
7. Notification Requirements: Procedures for notifying obligors of the transfer and perfection requirements
8. Payment Provisions: Details of payment mechanics, bank accounts, and treatment of received payments
9. Covenants: Ongoing obligations of the parties, including delivery of documents and maintenance of records
10. Events of Default: Circumstances constituting default and consequential rights
11. Governing Law and Jurisdiction: Confirmation of Saudi law governance and jurisdiction of Saudi courts
12. Notices: Communication procedures between parties
13. General Provisions: Standard boilerplate clauses adapted for Saudi law requirements
1. Security Provisions: Additional security arrangements if the transfer is secured - include when additional collateral is provided
2. Credit Enhancement: Additional credit support mechanisms - include when required by the Transferee
3. True Sale Provisions: Specific provisions confirming true sale nature - include when transfer is intended as a true sale rather than security
4. Recourse Provisions: Terms of any recourse against the Transferor - include when partial or full recourse is negotiated
5. Collection Agency Arrangements: Terms for third-party collection services - include when external collection agents are involved
6. Regulatory Compliance: Specific regulatory requirements - include when either party is a regulated entity
7. Data Protection: Provisions regarding handling of personal data - include when transfer involves personal data of obligors
1. Schedule 1 - Receivables Schedule: Detailed list of receivables being transferred, including obligor details, amounts, and due dates
2. Schedule 2 - Form of Transfer Notice: Template notice to be sent to obligors informing them of the transfer
3. Schedule 3 - Eligibility Criteria: Criteria that receivables must meet to be eligible for transfer
4. Schedule 4 - Payment Account Details: Specified accounts for payments and transfers
5. Schedule 5 - Required Documents: List of documents to be delivered for perfecting the transfer
6. Appendix A - Power of Attorney: Form of power of attorney for enforcement purposes
7. Appendix B - Compliance Certificates: Forms of compliance certificates required under Saudi law
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Healthcare
Construction
Energy and Utilities
Telecommunications
Professional Services
Trading and Distribution
Real Estate
Technology
Industrial Services
Relevant Teams
Legal
Finance
Treasury
Accounts Receivable
Credit Control
Compliance
Risk Management
Commercial
Islamic Finance
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Accounts Receivable Manager
Credit Controller
Legal Counsel
Compliance Officer
Commercial Director
Risk Manager
Financial Controller
Business Development Manager
Contract Manager
Islamic Finance Specialist
Corporate Finance Manager
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