Alqanoni

Civil Transactions Law

Art. 505
Status unknownSaudi ArabiaRegulation

Issued by Ministry of Investment (misa.gov.sa)

1. The agent may withdraw from the power of attorney if no third party has an interest therein, provided that he notifies the principal of such withdrawal. 2. The agent may not withdraw from the power of attorney if a third party has an interest therein, unless he has substantial justification for such withdrawal; in case of withdrawal, the agent shall notify the third party and provide him with adequate time to take any action he deems appropriate to protect his interest. 3. In all cases, the agent shall continue to perform the acts he commenced until he becomes certain that no harm may be sustained by the principal; otherwise, he shall be liable for compensation. 4. If the power of attorney is for a fee and the agent withdraws therefrom at an inappropriate time or without an acceptable justification, he shall be liable to compensate the principal for any harm arising from such withdrawal, even if the withdrawal occurs prior to commencing an act under the power of attorney. Section 4: Deposit Contract Subsection 1: Establishing a Deposit Contract

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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