Provisions of deposits in the Saudi system and Egyptian law

AlOtaibi, Muhammad Abdullah Jafen

Provisions of deposits in the Saudi system and Egyptian law "Comparative study"

Document Type : Original Article

Author

Muhammad Abdullah Jafen AlOtaibi

Assistant Professor in the Law Department at the College of Theoretical Studies and Human Sciences at the Saudi Electronic University

Abstract

The Saudi Civil Transactions System of 1444H: A Comparative Analysis of Earnest Money Provisions in Saudi Law and Egyptian Law.
The introduction of the Saudi Civil Transactions System of 1444H (2023) has established a comprehensive legal framework governing earnest money as a contractual term that can be appended to various types of contracts, including sales, leases, supply, banking contracts, and the purchase and sale of securities.
This study delves into the legal provisions pertaining to earnest money in the Saudi system and Egyptian law. It is structured into an introduction, two main sections, and a conclusion. The first section examines the definition and nature of earnest money, while the second section analyzes the legal provisions governing earnest money in Saudi law and Egyptian law.
The study concludes that the Saudi Civil Transactions System grants the right of withdrawal (option to rescind the contract) to the party paying the earnest money (the buyer) only, while Egyptian law grants the right of withdrawal to both parties by default unless otherwise agreed upon.
The study recommends that the Saudi regulatory authorities amend Article 44 of the Civil Transactions System of 1444H. The proposed amendment reads as follows Payment of earnest money upon conclusion of the contract indicates that each party has the right to withdraw from it, unless the agreement provides otherwise. If the party paying the earnest money withdraws, he forfeits it. If the party receiving it withdraws, he

Keywords

Main Subjects

القانون الخاص

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