Civil Transactions Law
Art. 505Status 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.
Freshness not yet recorded