CTR-2024-0103Page 1 of 4
Cold Storage Warehouse No. 2 Lease — Dammam
Between Horizon Logistics Services Company ("First Party") and Eastern Warehouses Company ("Second Party")
Made in Riyadh
1.Parties and definitions
This Agreement is made between the First Party and the Second Party, "Eastern Warehouses Company", and its words and expressions carry the meanings set against them.2.Subject of the Agreement
A 3-year lease of a 3,500 m² cold-storage warehouse in Dammam from Eastern Warehouses at SAR 540,000 a year. It ends on 9 January 2027 and the 90-day renewal notice date has passed, letting the landlord decline renewal or raise the rent — while the Almarai distribution operation depends on it.3.Term
This Agreement runs from 10 January 2024 to 9 January 2027 and may be renewed by written agreement of both parties.4.Fees and payment
The First Party pays a total of SAR 1,620,000 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 Logistics Services Company
Signature and seal
Second Party
Eastern Warehouses Company
Signature and seal