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Affidavit Of Cancellation With No Financial Obligation for Saudi Arabia

Affidavit Of Cancellation With No Financial Obligation Template for Saudi Arabia

A formal legal document executed under Saudi Arabian law that serves as a sworn statement declaring the mutual cancellation of an existing agreement with an explicit confirmation that no financial obligations remain between the parties. This document complies with Saudi legal requirements, including Sharia principles, and must be properly authenticated according to local regulations. It provides legal protection for all parties by formally documenting the termination of their contractual relationship and confirming that all financial matters have been settled, preventing future claims or disputes.

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Affidavit Of Cancellation With No Financial Obligation

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What is a Affidavit Of Cancellation With No Financial Obligation?

The Affidavit Of Cancellation With No Financial Obligation is a critical legal document used in Saudi Arabia when parties wish to formally terminate their contractual relationships while explicitly documenting that all financial obligations have been satisfied. This document is particularly important in the Saudi Arabian legal context, where formal documentation of contract termination is essential for legal certainty and compliance with Sharia principles. It provides protection for all parties by creating a clear record of the agreement's termination and the absence of any remaining financial duties. The document typically includes detailed information about the original agreement, the parties involved, and explicit statements about the discharge of all obligations. It must be properly executed and authenticated according to Saudi legal requirements to be legally binding and admissible in Saudi courts.

What sections should be included in a Affidavit Of Cancellation With No Financial Obligation?

1. Declaration Header: Formal opening stating this is an affidavit, including date and location of execution

2. Declarant Information: Full legal name, identification details, and address of the person making the affidavit

3. Related Party Information: Details of the other party/parties to the original agreement being cancelled

4. Original Agreement Details: Specific information about the agreement being cancelled, including date, reference numbers, and purpose

5. Cancellation Statement: Clear statement of intention to cancel the agreement

6. No Financial Obligation Declaration: Explicit statement confirming absence of any financial obligations between parties

7. Mutual Release: Statement releasing all parties from any claims or obligations under the original agreement

8. Oath/Verification: Formal sworn statement affirming the truth of the contents

9. Execution: Signature block with space for declarant's signature and date

What sections are optional to include in a Affidavit Of Cancellation With No Financial Obligation?

1. Witness Statement: Additional verification by witnesses, required if mandated by local authorities or requested by parties

2. Prior Performance Statement: Description of any partial performance under the original agreement, used when relevant to establish history

3. Governing Law: Explicit reference to Saudi law and Sharia principles, recommended for international parties

4. Language Provision: Statement about prevailing language if document is bilingual, recommended for international parties

5. Additional Party Declarations: Separate declarations by other involved parties, needed if multiple parties are involved

What schedules should be included in a Affidavit Of Cancellation With No Financial Obligation?

1. Copy of Original Agreement: Authenticated copy of the agreement being cancelled

2. Identification Documents: Copies of official ID documents of all parties

3. Authorization Documents: Powers of attorney or corporate authorizations if applicable

4. Translation Certificate: Official translation certificate if document is bilingual

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Saudi Arabia

Document Type

Affidavit

Cost

Free to use
Relevant legal definitions






























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