10. Contract Signed Between Entity and Financier

Effective from 2023-05-21 - May 21 2023
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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.