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  • Section III: Contract Requirements Between Parties

    • 9. Contract Signed Between Entity and Consumer

      The entity shall draw up a contract between the entity and the consumer in accordance with the relevant legal requirements. Each party shall receive a copy of the contract that must clarify, at least, the following: 
       
      9.1Contract parties.
       
      9.2Contract scope.
       
      9.3Contract term.
       
      9.4Desired type of finance, its duration, specifications — if any — and requirements.
       
      9.5Rights and obligations of the contract parties.
       
      9.6Pricing and fee structure.
       
      9.7Withdrawal procedures and conditions.
       
      9.8Dispute resolution mechanism.
       
      9.9Contract termination and expiration.
       
      9.10Any other data or information required by SAMA.
       

    • 10. Contract Signed Between Entity and Financier

      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: 
       
      10.1Contract parties.
       
      10.2Financier’s licensing number and date.
       
      10.3Contract scope.
       
      10.4Contract term, provided that the contract term is consistent with the validity of relevant licenses of both parties.
       
      10.5Rights and obligations of the contract parties.
       
      10.6Pricing and fee structure.
       
      10.7Mechanisms for exchanging data and information of finance offers and for updating them periodically.
       
      10.8Withdrawal procedures and conditions.
       
      10.9Service levels, performance requirements, and mechanisms of reporting and escalation.
       
      10.10The financier’s obligation to notify the entity through the platform when the finance contract is issued.
       
      10.11Dispute resolution mechanism.
       
      10.12Information confidentiality, privacy and security.
       
      10.13Commitment 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.
       
      10.14Prohibition of subcontracting.
       
      10.15Consequences of contract renewal and renegotiation.
       
      10.16Contract termination and expiration.
       
      10.17Any other data or information required by SAMA.