Accumulative Deposit Sample Clauses
An Accumulative Deposit clause outlines the terms under which a party makes regular, incremental payments into a designated account or fund over a specified period. Typically, this clause details the frequency and amount of each deposit, the total sum to be accumulated, and any conditions for withdrawal or use of the funds. For example, it may require monthly deposits toward a security fund or future purchase. The core function of this clause is to ensure disciplined savings or funding for a specific purpose, reducing the risk of non-payment or insufficient funds at a critical time.
Accumulative Deposit. 10.3.1 An accumulative deposit is a term deposit type, with term deposit conditions established by the present agreement as stated above, with the difference that for the accumulative deposit it is possible to add amounthowever, the amount cannot be withdrawn prior to expiration of the term/termination of the agreement. The accumulative deposit interest rate is transferred to the relevant account after the effective term of the deposit expires.