The Call Option Contract serves as a crucial financial instrument in the Saudi Arabian market, providing parties with a Shariah-compliant mechanism for managing investment risks and opportunities. This document is typically used when an investor seeks the right to purchase specific assets (such as securities, commodities, or other eligible assets) at a predetermined price within a set timeframe, while ensuring compliance with Islamic finance principles. The contract must adhere to the Capital Market Authority's regulations and the broader framework of Saudi Arabian commercial law, including specific requirements for documentation, disclosure, and Shariah compliance. It contains essential information about the option terms, exercise procedures, settlement mechanisms, and rights and obligations of both parties, while incorporating necessary provisions to ensure its enforceability under Saudi law.
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1. Parties: Identification of the Option Writer (seller) and Option Holder (buyer), including full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement, including 'Strike Price', 'Expiration Date', 'Underlying Asset', etc.
4. Option Grant: Explicit grant of the option right from Writer to Holder, specifying the type of call option
5. Option Terms: Core terms including strike price, expiration date, underlying asset details, and exercise mechanics
6. Exercise Procedure: Detailed process for exercising the option, including notice requirements and timing
7. Settlement Terms: Procedures for physical or cash settlement upon exercise
8. Representations and Warranties: Statements of fact and guarantees by both parties, including Shariah compliance declarations
9. Rights and Obligations: Detailed responsibilities of both parties during the option period
10. Fees and Premiums: Payment terms for option premium and any associated fees
11. Term and Termination: Duration of the agreement and circumstances for early termination
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
13. Notices: Communication procedures between parties
14. Entire Agreement: Integration clause confirming the complete agreement between parties
1. Shariah Compliance Statement: Detailed statement of Shariah compliance features when the contract needs explicit religious compliance confirmation
2. Multiple Exercise Rights: Terms for multiple exercise dates when the option can be exercised more than once
3. Broker Provisions: Additional terms when a broker is involved in the transaction
4. Currency Conversion: Terms for handling different currencies when the option involves multiple currencies
5. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
6. Assignment Rights: Terms for transferring the option rights to third parties, if permitted
7. Regulatory Compliance: Additional compliance terms when dealing with specific regulated sectors or entities
1. Schedule 1 - Asset Description: Detailed description of the underlying asset(s)
2. Schedule 2 - Pricing Methodology: Detailed calculation methods for the option price and settlement amounts
3. Schedule 3 - Exercise Notice Form: Template for the option exercise notice
4. Schedule 4 - CMA Compliance Checklist: Regulatory compliance requirements and confirmations
5. Schedule 5 - Settlement Procedures: Detailed procedures for settlement upon exercise
6. Appendix A - Required Regulatory Disclosures: Mandatory disclosures required by Saudi regulations
7. Appendix B - Shariah Compliance Certificate: Certificate from approved Shariah board or advisor if required
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