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  • Chapter Two: Registration

    • Article Three

      1. The lessor must register the contract and any amendments to it within 10 business days from the date of concluding the contract or making amendments, through the electronic portal of the registry or its replacement.
      2. All transactions affecting the rights and legal status of the parties, as communicated by the contracting parties or the relevant authorities, shall be recorded in the registry.
      3. The company is obligated to maintain all contract records necessary for registering transactions and classifying them according to the latest technologies and best practices. SAMA has the authority to establish regulations and instructions related to this.

    • Article Four

      1-The contents of the registry consist of the data included in the registered contracts and their contents. If the content of the registry conflicts with any other documents between the parties to the contract, the registry content shall prevail. Any amendments to the contract must be attached to the registry; otherwise, they will not be accepted for enforcement.
      2-Notwithstanding the provisions of paragraph (1) of this article, the previous provisions do not apply to contracts concluded before the establishment of the registry, except after they are recorded in the registry and the parties agree to their content.
      3-The registrar must verify the data regarding the subject of the contract, and this data must include, at a minimum, the following:
        (a)A description of the registered right, including the name, type, serial number—if available—production date, country of origin, and ownership document data of the asset.
        (b)Insurance data—if available.
        (c)Contract duration.
        (d)Total amount of financing under the contract, its duration, method of calculating the rent, and payment mechanism.
        (e)Bank account number for depositing the rent, and the bank name (if available).
        (f)Details of the consequences of delay in payment under the contract.
        (g)Conditions under which the beneficiary may recover the registered right from a third party.
        (h)Agreement of the contracting parties to disclose contract registry information.
        (i)Ownership and possession data of the leased asset.
        (j)Any other data or information that SAMA may later determine or that enforcement authorities may require.

    • Article Five

      Financial lease contracts are to be registered according to the model approved by the company and approved by SAMA.

    • Article Six

      1. Documents and declarations issued by the Contract Registry Clerk must be written in Arabic.
      2. Documents in languages other than Arabic may be certified after being translated into Arabic by a certified translator. In this case, the certification must include both the original document and its translation.

    • Article Seven

      1. The Head of the Contract Registry issues an official document called the Registered Financial Lease Contract, which includes the data recorded in the Contract Registry.
      2. The Head of the Contract Registry issues an Enforcement Document for the Registered Financial Lease Contract according to the model approved by the company and SAMA.
      3. The company may issue other documents according to models approved and authorized by SAMA.

    • Article Eight

      Entries in the Contract Registry must be preserved for at least ten years from the date of the expiration of the obligations arising from the contract.

    • Article Nine

      Concerned parties may obtain a signed and certified paper or electronic copy of the registry from the company.