The executive bond is an official bond pertaining to the Ministry of Finance, and its purpose is to compensate for any losses in the work budget, there are many questions about the executive bond, so we will talk in this article about what the executive bond is in the Saudi system and its types, conditions and characteristics, and we will also talk About how to create the bond electronically, so follow us…………..
What is an executive bond?
The executive document is a written contract that contains a specific right for a person that is proven to him by a judicial decision, and by virtue of this document, compulsory execution is inflicted. By the court. Commercial papers and official documents are also included in the executive bonds.
Characteristics of the executive bond
The characteristics of the executive bond are as follows:
- The executive bond is unique in a specific legal form.
- The executive document is one of the orders that must be executed by the debtor.
- The executive document is conclusive evidence of compulsory execution from the competent authority, which is the judiciary, without referring to any other evidence.
- The executive bond is taken as strong evidence of everything that the bond stated.
What are the executive bonds that include compulsory execution?
Article 9 of the execution system clarifies what are the executive bonds in the Saudi system that include compulsory execution, as follows:
- Decisions, judgments and orders issued by the courts.
- Under the arbitration system, the court judgment is attached to the execution order.
- The settlement minutes are issued by a competent authority or approved by the court.
- commercial paper.
- Notarized documents and contracts.
- Judicial orders, rulings, documents and arbitrators’ rulings are documented abroad.
- Public papers whose content is partially or fully acknowledged.
- Documents and contracts that have the effect of administrative guarantees, according to the system.
According to Article (15) of the system, if the execution judge certifies the debtor’s confession in the form of an ordinary document, then it is considered as a deed of execution, and also if the debtor does not acknowledge all or part of the rights, the execution judge orders to sign the minutes for objection, otherwise he will be punished by interrogation, and as for the content Which is not objected to, the document is considered as an execution document, and the creditor can file a lawsuit before the competent court.
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Types of executive bonds according to the Saudi system?
According to Article Nine:
Neighboring execution is not permissible except by an executive document for a right of a specified amount at the time of performance, and the executive documents are:
1- Judgments, decisions, and orders issued by the courts.
2- The arbitrators’ rulings appended to the execution order in accordance with the arbitration system.
3- The reconciliation minutes issued by the authorities authorized to do so, or approved by the courts
4- Commercial papers.
5- Notarized contracts and documents.
6- Judicial rulings and orders, arbitral awards, and notarized documents issued in a foreign country.
7- Ordinary papers whose content is fully or partially acknowledged.
8- Contracts and evaded papers that have the force of a bond of execution under the law.
Conditions to be met in the executive bond?
There are some conditions that must be met in the executive document. These conditions are as follows:
- Preserving the rules and principles of Islamic Sharia and the laws of the Kingdom of Saudi Arabia: the executive document must not be contrary to Islamic Sharia and the laws in force in the Kingdom of Saudi Arabia, and it is the judge’s responsibility to examine and review the executive document and verify that the document agrees with the principles of Islamic Sharia and the texts of the law.
- Knowing and defining the right: The right stipulated in the executive document must be precisely defined and does not accept any increase or decrease, so that we can distance ourselves from the disputes that revolve around the value of the right.
- The right must be present and necessary when executing: One of the most important conditions of the executive bond is the existence of the right at the time of executing the bond without delay and not related to something.
- Consistency and stability of the right: The executive document must be stable and at the disposal of its owner, and the right related to the bond cannot be a disputed right, and the court must decide on the matter if the right is in dispute, and reliance is made on the maximum subject matter in executing the bond if the eligibility of one of them is proven.
- The executive document does not accept appeal: The system has stipulated that the executive document that accepts the appeal by normal means shall not be accepted, and in the event that the document is subject to appeal in an unusual way, then the bond can be accepted.
- Obligation to perform a specific right: The other party must be obligated to perform the right in order for the bond to become enforceable.
- That the bond be issued after the date of issuance of the new legislation: the issuance of the bond must be after the date of 4/18/1443
Because it is the working date of the new system.
- The executive document issued by the final court judgment must have an executive seal appended with the executive form.
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Steps to create an electronic execution document
The Nages portal provides services in managing executive bonds electronically, and works to organize them well, which protects the rights of individuals and preserves their money, so we will present to you the steps through which the executive bond can be created electronically:
- The first thing you need to do is login to the online portal of Nahez.
- The creditor chooses (Issue a request to create a promissory note).
- The bond is then accepted and approved by the debtor.
- The last step is to save the document and review it.
How to inquire about the executive bond
To inquire about the executive bond, the following steps must be followed:
- Log in to the online portal.
- Choose the electronic service.
- Choose the execution package.
- Choose a bond inquiry service.
Hiring a Lawyer of the Execution Court in Riyadh
If you have a dispute related to business or companies and want to resort to commercial litigation, do not hesitate to contact the commercial system experts at Al Othman Law Firm, because they have legal experts whose experience extends for more than 15 years in commercial systems, and the expertise of their staff of advisors exceeds more than 22 A year in the Saudi commercial systems, and the Al-Othman company includes the best commercial lawyers in Saudi Arabia and Riyadh.
Al Othman Lawyers and Consultants Office is pleased to serve you, so do not hesitate to contact them and consult them, as Al Othman Law Firm is one of the best offices in the Kingdom.
Call the commercial Law experts at Al Othman office on +966-535-008-888
When does the executive bond nullify?
The executive document is invalidated when a period of three years has passed from the due date and the due amount has not been paid. The executive document is also invalidated if any of the obligatory conditions were defective, and if the period specified in some bonds and commercial papers (promissory note – bill of exchange – check) expires. If it is appealable
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Saudi enforcement system
The Saudi enforcement system in the Kingdom of Saudi Arabia includes the following:
- Executive bond.
- Choosing the execution judge.
- Disclosure of funds.
- Provisional seizure.
- Executive reservation.
- Sale of reserved funds.
- Distribution of implementation results.
- direct execution.
- Insolvency and executive imprisonment.
Frequently Asked Questions
Expedited execution order
The right to object to the judgment of the competent court for execution includes the judgment of expedited execution, when a judgment of expedited execution is issued, as well as the related execution proceduresit as procedures Travel ban: The party against whom the judgment has been sentenced can object to the Execution Court and may request the Court to reconsider the ruling.
What is the difference between the executive bond and the executive formula?
An executive bond is a general concept of a paper that can be executed directly through the execution court and includes many types mentioned in Article 9
As for the executive formula, it is a formula that is the last instrument of the final acquired final judgment and contains an executive seal that enables the executor to implement his judgment even by using coercive force.
What is the bond for an order in the Saudi regime?
It is a document that is written according to the formalities stipulated in the commercial paper system, in which the debtor undertakes to pay a financial right to the creditor on a specific maturity date.
Conclusion
And here we have come to the end of the article in which we talked about what is the executive bond in the Saudi system. If you still have any questions dont hesitate to contact us.
Call the commercial Law experts at Al Othman office on +966-535-008-888
