Invoices will be issued by SAMA to Participants in respect of AFAQ as follows:
•
Transaction Fees will be invoiced to Participants on a monthly basis.
•
Participant Membership Fees will be issued to Participants yearly in advance. During the 6 month discount period set out in Section 3.2 above, invoices for Participant Membership Fees will be issued at the time of joining.
•
Exceptional & Penalty Fees will be charged to Participants on a case-by-case basis.
All fees are payable within 10 business days of receipt of the relevant invoice by the Participant.
If the designated fee is not paid within 10 business days, A penalty fee of SAR 1,000.00 will be charged for late payment.
