3.4 Service Level Agreement

Effective from Dec 27 2021 - Dec 26 2021
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24.	Both parties ("Indirect Participants and Settlement Agents") must ensure that they have a legally enforceable service level agreement in place under jurisdiction of Kingdom of Saudi Arabia.
25.	Scope of services, roles and Responsibilities of both parties must be clearly defined.
26.	Effective and expiry dates of the agreement, mechanism of renewal and requirement of periodic review of the agreement must be clearly defined.
27.	All key performance indicators and its related attributes such as (but not limited to) definitions, calculation methods, threshold levels, frequency of measurements, reporting mechanism etc. must be clearly defined.
28.	All applicable Information Security and Business Continuity Requirements pertaining to both parties in case of Incidents and Disasters must be clearly documented.
29.	Both parties must ensure that dispute resolution arrangements are clearly documented including details of the charges payable in case of error, back value etc.
30.	Both parties shall establish a process regularly to monitor and document (at a minimum annually) the performance of each other against their contractual obligations in respect of the service level agreement.