Article (55) 1-A fixed-term employment contract shall be terminated upon expiration of its term.
If the two parties continue to implement it, the contract shall be deemed to have been renewed for a non-fixed period of time, subject to the provisions of Article 37 of this Law for non-Saudi workers..
Published Jan 14, 2022.
The Arabic word for contract is “Aqd” (plural “Uqood”).
Aqd literally means “to tie up, fasten, to knot or to join”.
In the context of Islamic Law, Aqd is used to mean an agreement arising from a combination of offer (Ijab) and acceptance (Qabool) which gives rise to legal consequences[1]..
Islamic Law of Contract: Applications in Islamic Finance is a systematic exposition of Shariah rules in the field of Fiqh al-Mu'amlat (Islamic law of Contracts and Transactions), with their applications in the modern business and commercial transactions..
KSA means a knowledge, skill, or ability needed to perform a position.
Based on 7 documents. 7.
KSA s" "KSA" means the Knowledge, Skills, and Attitudes..
Saudi Arabia is principally governed by Sharia Law, with royal decrees playing a complementary role.
A contract of sale (bay’) can be concluded for the exchange of anything regarded as a commodity or property (mal). However, there are certain thin…
Not all contractual arrangements are condoned in Sharia law. Unless a term is positively allowed by revelation ("in the book of God"), it is inva…
Rescission is allowed under specific circumstances, such as when the seller fails to perform; the merchandise is defective or the quantity incorrect; the qual…
Enforcing of a contract consists of three main stages: The plaintiff is to ask the defendant for compliance with …
All Saudi Arabian banks are subject to the strict supervision of the Saudi Arabian Monetary Authority (SAMA), and there cannot be any suggestion that such interest-related transactions are conducted clandestinely
Interest-related transactions are not, therefore, illegal in Saudi Arabia
Rather, they are void and unenforceable
The key principles of contract law derive from Shari'a (or Islamic) principles, the primary source of law in the KSA, but which are not codified
In addition, the law in the KSA consists of legislation passed by government (which is secondary if it conflicts with Shari'a principles), which also govern commercial activities in the KSA
The CTL is a landmark piece of legislation for Saudi Arabia as it codifies for the first time the law governing contract and tort in the Kingdom
In this article, the second in our three-part series on the general principles of contract law under the CTL, we analyse the provisions relating to performance of contracts and rules of interpretation
