| 1- | The Debt-Based Crowdfunding Company shall draw up a paper or electronic contract with Participants in accordance with the relevant legal requirements. Each party shall receive a copy of the contract that must clarify at least the following:
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| | a. | Contract parties.
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| | b. | Contract scope.
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| | c. | Contract term.
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| | d. | Institutional Beneficiary’s name - and commercial register.
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| | e. | Finance type.
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| | f. | Finance Amount.
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| | g. | Fees.
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| | h. | Rights and obligations of the contract parties.
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| | i. | Dispute settlement and compensation mechanism.
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| | j. | Profits that Participants will receive.
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| | k. | Obligations of the Debt-Based Crowdfunding Company to manage financing, including the method of transferring payments made by the Institutional Beneficiary, to the Participant.
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| | l. | Procedures to be followed in case of the Institutional Beneficiary’s default.
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| | m. | Contingency arrangements to deal with business disruption or cessation of the Debt-Based Crowdfunding Company.
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| | n. | Contract termination and expiration.
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| 2- | When providing financing, the Debt-Based Crowdfunding Company shall draw up a paper or electronic contract with the Institutional Beneficiary. Each party shall receive a copy of the finance contract that must include at least the following data and information:
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| | a. | Names of the contract parties, commercial register number of the Institutional Beneficiary, official addresses, and contact information including mobile phone number and email address.
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| | b. | Finance type.
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| | c. | Contract term.
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| | d. | Finance Amount.
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| | e. | Conditions for withdrawing the Finance Amount, if any.
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| | f. | Term cost and its application conditions.
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| | g. | Annual percentage rate (APR).
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| | h. | Term of payment of fees or funds required without paying the Finance Amount, as well as the conditions for such payment.
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| | i. | Consequences of delayed payment of installments.
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| | j. | Guarantee and security required.
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| | k. | The number of the account used for depositing finance installments and the name of the bank.
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| | l. | Early repayment procedures, if any.
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| | m. | Procedures for dealing with guarantees in case of value reduction, if any.
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| | n. | Procedures for exercising the right to terminate the finance contract.
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| | o. | Permission of the Institutional Beneficiary to include its information in the credit record.
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| | p. | Requiring the Institutional Beneficiary to notify the Debt-Based Crowdfunding Company, within a reasonable period, of any material changes that would affect Participants, their business, or the implementation of their projects.
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| | q. | Requiring the Institutional Beneficiary to submit its financial statements, including bank account statements, on an annual basis at least.
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| | r. | Any other information specified by SAMA.
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