CTR-2023-0118Page 1 of 4
IT Managed Services Agreement 2023–2026
Between Horizon Technology Solutions Company ("First Party") and Elm Information Security Company ("Second Party")
Made in Riyadh
1.Parties and definitions
This Agreement is made between the First Party and the Second Party, "Elm Information Security Company", and its words and expressions carry the meanings set against them.2.Subject of the Agreement
The current agreement with Elm to operate Horizon Tech's IT infrastructure, worth SAR 3,900,000 over 3 years ending 31 October 2026. It is being replaced by the new contract CTR-2026-0142, now in signing; any delay in that signature leaves the service without contractual cover after the end date.3.Term
This Agreement runs from 1 November 2023 to 31 October 2026 and may be renewed by written agreement of both parties.4.Fees and payment
The First Party pays a total of SAR 3,900,000 exclusive of VAT; each amount falls due within 30 days of receipt of a valid e-invoice through the Fatoora platform.5.Confidentiality
Each party keeps confidential the information it receives for the term and for 5 years after it ends.6.Limitation of liability
Each party's aggregate liability shall not exceed the amounts paid in twelve (12) months; the cap does not apply to fraud or a breach of confidentiality.7.Termination
Either party may terminate on a written notice logged in the system of 45 days' written notice, or at once on a material breach by the other not remedied within thirty (30) days.8.Governing law
This Agreement is governed by the laws of the Kingdom of Saudi Arabia, with the Civil Transactions Law applying where it is silent; the courts of Riyadh have jurisdiction over any dispute.
First Party
Horizon Technology Solutions Company
Signature and seal
Second Party
Elm Information Security Company
Signature and seal