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As discussed in more detail in the Practice Note: The structure and required elements of a bai salam transaction, in particular with regard to some of the differing views amongst Shari'ah schools of thought, there are some key conditions for a valid bai salam contract:
payment of the purchase price in full at the time the contract is made
exact, unambiguous specification of the quality and quantity of the asset to be delivered, generally by reference to recognised trade standards
the contract must not be for a particular asset, and
clear terms of delivery, in particular date and place
Certain additional requirements for a parallel bai salam must be met, namely:
the parallel bai salam contract must be entirely independent of the first contract. Each party's rights, obligations and liability are separate under the respective contract
delivery of the asset under the parallel contract may not be linked to or conditional upon the delivery terms under the first contract, and
the counterparty to the parallel contract must be a third party, ie may not be the original seller under the first contract
Where the parties intend to enter into a series of transactions over a period of time, they may wish to put in place a master agreement to govern the general framework and
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