The Founders Collaboration Agreement is a fundamental document required when two or more individuals or entities come together to establish a business venture in Saudi Arabia. This agreement serves as the cornerstone of the founding team's relationship, outlining crucial aspects such as equity distribution, roles and responsibilities, and decision-making processes. It must comply with the Saudi Companies Law of 2022 and Shariah principles, making it distinct from similar agreements in other jurisdictions. The document is particularly important in the Saudi context due to the country's unique legal framework and recent reforms in business regulations. It typically includes provisions for intellectual property rights, confidentiality, non-compete clauses, and dispute resolution mechanisms, while also addressing specific local requirements such as Saudization policies and foreign ownership restrictions where applicable.
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1. Parties: Identification of all founding members, including full legal names, addresses, and national ID/Iqama numbers as required by Saudi law
2. Background: Context of the collaboration, business concept, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including specific Saudi legal terminology
4. Business of the Company: Detailed description of the intended business activities and scope
5. Founders' Contributions: Specification of each founder's initial capital, asset, or service contributions
6. Shareholding Structure: Distribution of ownership and share classes among founders
7. Management and Control: Governance structure, decision-making processes, and voting rights
8. Roles and Responsibilities: Specific duties and commitments of each founder
9. Intellectual Property Rights: Ownership and protection of IP brought in or developed during the collaboration
10. Confidentiality: Protection of confidential information and trade secrets
11. Non-Competition: Restrictions on competing activities, compliant with Saudi labor laws
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Dispute Resolution: Process for resolving conflicts, including Saudi court jurisdiction
14. Governing Law: Specification of Saudi law and Shariah principles as governing law
15. General Provisions: Standard clauses including notices, amendments, and severability
1. Founder Vesting: Include when implementing a vesting schedule for founder shares
2. Anti-Dilution Protection: Include when protecting founders from future dilution is desired
3. Tag-Along Rights: Include when founders want the right to join in sale of shares by other founders
4. Drag-Along Rights: Include when majority founders want the right to force minority founders to join in a sale
5. Future Funding Provisions: Include when anticipating future investment rounds
6. Founder Employment Terms: Include when founders will also be employees of the company
7. Deadlock Resolution: Include when equal ownership stakes could lead to decision-making deadlocks
8. Family Succession Rights: Include when founders want to address inheritance issues according to Shariah law
9. International Operations: Include when business will operate across multiple jurisdictions
1. Schedule 1: Business Plan: Detailed business plan and strategy
2. Schedule 2: Initial Contributions: Itemized list of each founder's initial contributions with valuations
3. Schedule 3: Share Capital Structure: Detailed breakdown of shareholding and share classes
4. Schedule 4: Intellectual Property Register: List of all IP owned or licensed by the founders/company
5. Schedule 5: Reserved Matters: List of decisions requiring special majority or unanimous consent
6. Schedule 6: Key Performance Indicators: Metrics for evaluating founder performance if applicable
7. Appendix A: Founder Information: Detailed founder information and contact details
8. Appendix B: Company Formation Documents: Copies of relevant corporate registration documents
9. Appendix C: Shariah Compliance Certificate: If required, certification of Shariah compliance
Relevant legal definitions
Clauses
Relevant Industries
Technology
E-commerce
Financial Services
Healthcare
Manufacturing
Professional Services
Real Estate
Retail
Education
Consulting
Media and Entertainment
Food and Beverage
Transportation and Logistics
Energy
Tourism and Hospitality
Relevant Teams
Legal
Corporate Affairs
Executive Leadership
Board of Directors
Compliance
Finance
Corporate Governance
Business Development
Strategy
Risk Management
Relevant Roles
CEO
Managing Director
Founder
Co-Founder
Chief Legal Officer
General Counsel
Corporate Lawyer
Business Development Director
Chief Financial Officer
Company Secretary
Chief Operating Officer
Board Member
Executive Director
Startup Advisor
Legal Consultant
Investment Manager
Compliance Officer
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