The Short Form Asset Purchase Agreement is designed for use in Saudi Arabia when parties need to document a straightforward transfer of assets between entities. It's particularly suitable for transactions where the assets are clearly defined and the transfer mechanics are relatively uncomplicated. The document incorporates essential provisions required under Saudi law, including Shariah compliance elements, while maintaining a simplified structure compared to a full-form agreement. This version is typically used for medium-sized transactions where extensive warranties and indemnities are not required, or where the assets being transferred are straightforward in nature. The agreement must be compliant with Saudi Commercial Court Law and often requires Arabic translation for official purposes.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including asset description and transfer commitment
5. Purchase Price: Price, payment terms, and payment mechanism
6. Completion: Timing and mechanics of closing the transaction
7. Seller's Warranties: Basic warranties regarding asset ownership, authority to sell, and condition
8. Buyer's Warranties: Basic warranties regarding authority and capacity to purchase
9. Confidentiality: Obligations to keep transaction details confidential
10. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanism
11. Entire Agreement: Standard boilerplate confirming agreement completeness
12. Execution: Signature blocks and execution formalities
1. Employee Matters: Include when transfer involves employees moving to buyer
2. Intellectual Property: Include when specific IP assets are being transferred
3. Tax Matters: Include for complex tax arrangements or specific tax allocations
4. Post-Completion Obligations: Include when parties need to take specific actions after closing
5. Non-Competition: Include when seller needs to be restricted from competing
6. Transition Services: Include when seller will provide temporary support post-completion
7. Government Approvals: Include when transaction requires regulatory approvals
8. Islamic Finance Compliance: Include specific provisions ensuring Shariah compliance if required
1. Asset Schedule: Detailed list and description of all assets being transferred
2. Excluded Assets: List of specific assets excluded from the transfer
3. Purchase Price Allocation: Breakdown of purchase price across asset categories
4. Required Consents: List of third-party or governmental consents needed
5. Completion Deliverables: List of documents and items to be delivered at completion
6. Existing Encumbrances: List of any existing liens or encumbrances on the assets
7. Form of Transfer Instruments: Templates for specific transfer documents required
8. Warranty Schedule: Detailed warranties and any specific disclosures
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