Article Seventeen
| No: 42039135 | Date(g): 25/1/2021 | Date(h): 12/6/1442 | Status: In-Force |
Effective from 2021-01-25 - Jan 24 2021
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The lessor may submit a request to the Contract Registration Company for issuing an executive document extract for a financial execution certificate in the following cases:
| A. | Failure of the lessee to pay any of the monthly installments agreed upon in the financing contract. The extract will be issued only for the amounts of the overdue installments. | ||
| B. | Compensation to the lessor for each day of delay if the financing lease contract has ended, and the lessee has delayed returning the movable asset or completing the ownership transfer procedures, after ensuring the following: | ||
| 1- | The contract between the parties must stipulate the lessor's right to compel the lessee to compensate for each day of delay in returning the movable asset after the contract's end. | ||
| 2- | The compensation to the lessor must be calculated based on the daily rent value of the movable asset according to the contract using the following formula: ((Value of the last due rental installment / Number of days in the month when the contract was terminated) * Number of days of delay) = Rental value. | ||
| C. | The cost of retrieving the movable asset in cases where the lessor has the right to retrieve it, after ensuring the following: | ||
| 1- | The retrieval of the movable asset must have been done through one of the cases specified in Article (Six) of these regulations and procedures. | ||
| 2- | The cost must be based on approved invoices issued by Contract Registration Companies and specialized companies. | ||