СС 54 – Расторжение договоров путем использования права на отказ

This Standard aims to define contract revocation and in particular, revo- cation by exercise of a cooling-off option ( cation by exercise of a cooling-off option (Khiyar al-Shart Khiyar al-Shart), to distinguish ), to distinguish it from other types of contract termination that resemble it, to explain its causes and conditions, impediments to it and its application in the activities of Islamic financial institutions.

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This Standard covers the stipulation of revocation of valid and binding contracts and the causes and consequences of and impediments to such revocation. It does not cover the expiry of contracts at the end of their contractual terms or nullification owing to the absence of a condition required by the Shari’ah. 2. Definition of Cooling-Off Options to Revoke Revocation by exercise of a cooling-off option refers to the termination of a valid and binding contract by virtue of a stipulation in the contract giving one of the parties the option to revoke the contract. 3. Form of Cooling-Off Options to Revoke A cooling-off option to revoke can be stipulated in the contract in any form that indicates it, and it is not required to use any specific word with the meaning of revocation. 4. Permissibility of Cooling-Off Options to Revoke