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Share Purchase Agreement Between Two Individuals

Share Purchase Agreement Between Two Individuals Template for Saudi Arabia

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Key Requirements PROMPT example:

Share Purchase Agreement Between Two Individuals

"I need a Share Purchase Agreement Between Two Individuals under Saudi law for the sale of 40% shareholding in a technology startup company, with completion planned for March 2025 and including specific warranties about intellectual property rights and customer contracts."

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Document background
A Share Purchase Agreement Between Two Individuals is a crucial legal document used in Saudi Arabia when one individual wishes to transfer ownership of company shares to another individual. This agreement must comply with Saudi Companies Law, Capital Market Authority regulations, and Shariah principles, making it distinct from similar agreements in other jurisdictions. The document is typically used for private company share transfers and includes detailed provisions covering the sale terms, warranties, regulatory compliance requirements, and completion mechanics. It must address specific Saudi Arabian legal requirements such as notarization procedures, Ministry of Commerce registrations, and any sector-specific regulatory approvals. The agreement serves as both a record of the transaction and a legally binding contract that protects both parties' interests while ensuring the transfer meets all local legal and regulatory requirements.
Suggested Sections

1. Parties: Identification of the Seller and Buyer with full legal names and contact details as required under Saudi law

2. Background: Context of the transaction, including description of the company whose shares are being transferred and the parties' current shareholdings

3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation

4. Sale and Purchase: Core transaction terms including number of shares, price, and payment terms

5. Conditions Precedent: Prerequisites that must be satisfied before completion of the share transfer

6. Completion: Mechanics of closing the transaction, including timing, location, and actions required

7. Seller's Warranties: Representations and warranties given by the seller regarding the shares and the company

8. Buyer's Warranties: Basic warranties from the buyer regarding capacity to purchase and compliance with laws

9. Tax Matters: Provisions dealing with tax liabilities and ZATCA requirements

10. Confidentiality: Obligations to keep the transaction and company information confidential

11. Notices: Process for formal communications between parties

12. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction for disputes

13. General Provisions: Standard boilerplate clauses including entire agreement, variations, and severability

Optional Sections

1. Pre-emption Rights Waiver: Required if other shareholders have pre-emption rights that need to be waived

2. Regulatory Approvals: Required if the transfer needs specific regulatory approvals

3. Non-compete Provisions: Include if the seller is to be restricted from competing post-sale

4. Transitional Services: Include if the seller will provide ongoing services to the company

5. Break Fee: Include if parties agree to compensation for failure to complete

6. Earn-out Provisions: Include if part of the purchase price is contingent on future performance

7. Shariah Compliance Declaration: Include for explicit confirmation of Shariah compliance if required by parties

Suggested Schedules

1. Details of the Company: Complete corporate information including registration details, address, and current shareholding

2. The Shares: Detailed description of the shares being transferred including share certificates numbers

3. Completion Requirements: Detailed list of documents and actions required at completion

4. Warranties: Detailed warranties given by the seller regarding the company and its business

5. Company Accounts: Latest financial statements of the company

6. Property Schedule: Details of company's real estate assets if material to the transaction

7. Required Consents: List of third-party and regulatory consents required

8. Existing Encumbrances: Details of any existing charges or encumbrances on the shares

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

alex.den.21@genieai.co
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