The Stipulated Price Contract is essential for projects in Saudi Arabia where parties agree to a fixed price for a defined scope of work. This contract type is particularly valuable when the project scope is well-defined and the risks are adequately understood by both parties. The document incorporates mandatory provisions required under Saudi law and Sharia principles, including specific requirements for government projects, private sector developments, and regulated industries. It includes comprehensive sections on payment terms, variations, quality standards, and dispute resolution mechanisms tailored to the Saudi Arabian legal framework. The contract is structured to protect both parties' interests while ensuring compliance with local regulations, making it suitable for various sectors from construction to industrial development.
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1. Parties: Identification and details of the contracting parties, including legal status and registration information
2. Background: Context of the agreement and brief description of the project
3. Definitions and Interpretation: Defined terms, rules of interpretation, and order of precedence of documents
4. Scope of Work: Detailed description of the works to be performed under the contract
5. Contract Price and Payment: Fixed price amount, payment schedule, and payment terms
6. Time for Completion: Project timeline, completion date, and milestone dates
7. Contractor Obligations: Key responsibilities and obligations of the contractor
8. Employer Obligations: Key responsibilities and obligations of the employer
9. Quality and Standards: Required quality standards, inspections, and acceptance criteria
10. Variations: Process for handling changes to scope, price, or timeline
11. Defects Liability: Defects liability period and remediation procedures
12. Insurance and Indemnities: Required insurance coverage and indemnification obligations
13. Force Majeure: Definition and consequences of force majeure events
14. Suspension and Termination: Rights and procedures for suspension and termination
15. Dispute Resolution: Dispute resolution procedures, including reference to Saudi courts or arbitration
16. Governing Law: Confirmation of Saudi law and Sharia compliance
17. General Provisions: Standard boilerplate clauses including notices, assignment, and entire agreement
1. Performance Security: Requirements for performance bonds or guarantees, used for higher-value contracts
2. Advance Payment: Terms for advance payment and associated security, if applicable
3. Materials and Equipment: Specific provisions for procurement and handling of materials, used when materials are a significant component
4. Health, Safety and Environment: Detailed HSE requirements, mandatory for construction or high-risk projects
5. Local Content Requirements: Saudi market participation requirements, needed for government or regulated sector projects
6. Intellectual Property Rights: IP ownership and licensing provisions, used when design or technology transfer is involved
7. Confidentiality: Detailed confidentiality obligations, used for projects with sensitive information
8. Step-in Rights: Employer's right to step in and complete works, used for critical infrastructure projects
1. Schedule 1 - Scope of Work: Detailed technical specifications and drawings
2. Schedule 2 - Contract Price Breakdown: Detailed breakdown of the stipulated price
3. Schedule 3 - Project Timeline: Detailed program of works and milestone dates
4. Schedule 4 - Key Personnel: List of key personnel and their roles
5. Schedule 5 - Forms of Certificates: Templates for completion certificates and payment certificates
6. Schedule 6 - Technical Standards: Applicable technical standards and specifications
7. Schedule 7 - Site Information: Details of the project site and conditions
8. Schedule 8 - Forms of Securities: Templates for performance security and advance payment guarantee
9. Schedule 9 - Insurance Requirements: Detailed insurance requirements and minimum coverage
10. Appendix A - Required Permits: List of required permits and responsibilities
11. Appendix B - Equipment and Materials: Specifications for key equipment and materials
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