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Article Three: Obligations of the Head of the Contracts Register and the Registrars

No: 99/5884 Date(g): 29/9/2019 | Date(h): 30/1/1441 Status: In-Force

Translated Document

Effective from 2019-09-29 - Sep 28 2019
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The head of the Contracts Register and the registrars must adhere to the following obligations:

  1. They are to perform their duties at their place of work, and they may also carry out their duties at the lessor's premises, with the lessor bearing the associated costs.
  2. Verify the identity of the contracting parties or their representatives based on official documents issued by the competent authority for identity verification.
  3. Verify the eligibility of the contracting parties or their representatives, and their qualifications to enter into contracts.
  4. Verify the accuracy of the documents and decisions issued in the Arabic language, and it is permissible to authenticate those issued in a foreign language after being translated into Arabic by an approved translator. The authentication should be done by both the original and translated versions together.
  5. Hold all contract registers necessary to record transactions and classify them according to what is determined by SAMA.
  6. The preservation and organization of the records in the Contracts Register must be in a secured location to protect them from any tampering or factors that may affect their integrity, and this should be done in designated areas.
  7. Stamping the document of ownership of the asset and the contract with the registration number, or taking the necessary measures regarding documents that cannot be stamped, such as real estate ownership deeds, the use of electronic means for the authentication of documents is permitted.
  8. Adhere to the Finance Lease Law and its Implementing Regulations, and to any instructions issued by SAMA or the relevant authorities in this matter.