Terms and Conditions

By submitting your application for Musahama Award (hereinafter referred to as the (the “Award”), you confirm that you acknowledge and agree to comply with these terms and conditions as supplemented or modified at any time by the PIF at its sole discretion (herein referred to as the “Terms”).

The Award is organized principally by the Public Investment Fund, a government fund established by Royal Decree No. (24/M) and dated 25/6/1391H, having its Head Office at The Public Investment Fund Tower, King Abdullah Financial District (KAFD) 1.16, Al Aqiq district, Riyadh 13519 (hereinafter referred to as “PIF”).

 

General Terms

These Terms determine the rules of applying and conduct of the Award.

 

Definitions

  1. Unless the context otherwise requires, the following Terms have the following meanings:
    1. "Participant" means a commercial entity who meets the eligibility criteria and intends to apply or has already applied for the Award.
    2. "Representative"means the individual duly authorized by the Participant to act and sign on its behalf in relation to the Award.

 

Eligibility and Representation

  1. Participation is open exclusively to organizations that are legally incorporated in Saudi Arabia.
  2. Any individual applying on behalf of an entity must be duly authorized by the entity. PIF reserves the right to verify such authorization at its discretion.
  3. The Participant must notify PIF of any changes in their Representatives 1 day after such change, through the (Contact Us) page on the Award website. PIF reserves the right to exclude the Participant from participating in the Award if they fail to provide such notification.

 

Application and evaluation process

  1. The Participant wishing to apply must submit their application through the website created for that purpose. Any applications submitted outside such channel will not be considered.
  2. The Participant must complete the application with all required information. Supporting documents are integral part of the application and must be provided at the same time and in the requested format.
  3. The Participant is responsible for ensuring the accuracy and correctness of all information and data submitted.
  4. PIF reserves the right to request additional information or documents from the Participant to facilitate the evaluation of applications.
  5. The Participant must provide all additional information or documents requested by PIF within 5 business days. Failure to provide the required information or documents of acceptable quality or within the specified time could result in disqualification.
  6. PIF reserves the right to verify the validity of application, including all the information and documents submitted.
  7. By applying, the Participant acknowledges that they are aware of all their rights and responsibilities as defined in the Terms.
  8. PIF reserves the right to exclude any Participants at its absolute discretion, for reasons including but not limited to failure to comply with the Terms.
  9. PIF reserves the right to conduct field visits to Participants, to verify the validity and authenticity of the Participants and their applications.
  10. PIF reserves the right to disclose or maintain confidentiality of its Awards evaluation process. Further, PIF reserves the right to make any adjustments to the evaluation process with or without disclosure to the Participant.

 

Publicity

Participants of the Award agree that their names, logos, Representative’s images, audio and/or video recordings may be used or published by PIF or any third party assigned by PIF for promotional purposes or any other purposes as deemed necessary (in any medium, including still photographs and films, and on the internet, including any websites and social media accounts hosted by the PIF or any third party) without additional compensation or prior notice.

 

Modification or Cancellation

PIF reserves the right to cancel, suspend, or modify the Award, Terms, or other requirements at any stage at its sole discretion and without liability.

 

Confidentiality

The Participant shall always maintain confidentiality of all information related to PIF, its business, and any information they have received or may receive regarding the Award.

 

Liability & Indemnity

  1. To the maximum extent permitted by law, PIF shall not be held liable for any indirect, incidental, or consequential damages arising out of or in connection with the Award, including but not limited to loss of profits, data, or reputation. PIF’s total liability, if any, shall be limited to the extent of direct damages proven and shall in no case exceed the value of any direct costs incurred in connection with the Award.
  2. The Participant agree to release and hold harmless PIF, its affiliates, officers, directors, employees, and representatives from any claims or liabilities related to their participation, any use of the submission by PIF, including intellectual property breaches, or any other Award-related activities.
  3. The Participant must comply with all applicable laws, regulations, and must not advocate for their violation.
  4. PIF bears no responsibility for any legal action taken against any Participant who breach laws or regulations in front of regulatory bodies.
  5. There shall be no liability on the part of the PIF representatives or PIF for errors or failures in the communication line, theft, vandalism, unauthorized access, or differences in data entering the Award electronic system, or any cost incurred by the Participant to apply for the Award.

 

Amendments and Updates to the Terms

  1. PIF reserves the right to amend or update these Terms at any time without prior notice.  The updated version will become effective as of the date of publication.
  2. When updates are made to the Terms, the date of the last amendment will be indicated on the Terms for reference.

 

Additional terms

  1. These Terms shall become effective upon the submission of the Participants’ application for the Award.
  2. The Participant that cannot participate in awarding ceremony organized by PIF will be disqualified and forfeit the right to receive the Award.
  3. The Participant have no right to appeal, contest or object to the results of the Award.
  4. The Participant agrees not to submit any files containing viruses or software that may damage or hack the Award website. They shall be subject to legal accountability if proven.
  5. These Terms have been executed in the Arabic language, which shall be the binding and controlling language for all matters relating to the meaning or interpretation of these Terms.

Governing Law and Jurisdiction

These Terms are governed by the laws of the Kingdom of Saudi Arabia. Any disputes or claims related to the Terms will be resolved in the competent courts in the Kingdom of Saudi Arabia.