The entity shall draw up a paper or electronic contract between the entity and the financier in accordance with the relevant legal requirements. Each party shall receive a copy of the contract that must clarify, at least, the following:
|
| 10.1 | Contract parties.
|
| 10.2 | Financier’s licensing number and date.
|
| 10.3 | Contract scope.
|
| 10.4 | Contract term, provided that the contract term is consistent with the validity of relevant licenses of both parties.
|
| 10.5 | Rights and obligations of the contract parties.
|
| 10.6 | Pricing and fee structure.
|
| 10.7 | Mechanisms for exchanging data and information of finance offers and for updating them periodically.
|
| 10.8 | Withdrawal procedures and conditions.
|
| 10.9 | Service levels, performance requirements, and mechanisms of reporting and escalation.
|
| 10.10 | The financier’s obligation to notify the entity through the platform when the finance contract is issued.
|
| 10.11 | Dispute resolution mechanism.
|
| 10.12 | Information confidentiality, privacy and security.
|
| 10.13 | Commitment of the parties to fulfill the obligations stipulated in the relevant laws, regulations, rules, guidelines and instructions. The financier is not exempted from meeting its obligations.
|
| 10.14 | Prohibition of subcontracting.
|
| 10.15 | Consequences of contract renewal and renegotiation.
|
| 10.16 | Contract termination and expiration.
|
| 10.17 | Any other data or information required by SAMA.
|
