Common use of Cheque books Clause in Contracts

Cheque books. a) The Customer may withdraw amounts from a current Account by means of cheques provided to the Customer by the Bank. The Customer therefore undertakes to safeguard such cheques and to immediately notify the Bank in writing if any of such cheques are lost. If the Account is closed, the Customer must without delay return all unused cheques to the Bank. The Customer shall bear full and complete responsibility for any liabilities and obligations that arise due to the misuse of cheques or the Customer’s failure to notify the Bank of the loss of any cheques. b) The cheques shall be used only for the Account for which they are issued. In no circumstances should they be used for any other Account. c) Cheques shall be clearly written in ink and only on the forms supplied by the Bank. If the cheque is amended, the amended part shall be crossed and the correct replacement must be signed. d) The amount of every cheque issued shall be paid on presentation even though the cheque may be post-dated, since the Saudi Commercial Papers Regulations in the Kingdom of Saudi Arabia provides that whoever commits the following deeds shall be penalized by imprisonment and/or fine: 1. issuing a cheque without having funds in the Account sufficient to cover the cheque, and 2. issuing undated or post-dated cheque.

Cheque books. a) The Customer may withdraw amounts from a current Account by means of cheques provided to the Customer by the Bank. The Customer therefore undertakes to safeguard such cheques and to immediately notify the Bank in writing if any of such cheques are lost. If the Account is closed, the Customer must without delay return all unused cheques to the Bank. The Customer shall bear full and complete responsibility for any liabilities and obligations that arise due to the misuse of cheques or the Customer’s Customer›s failure to notify the Bank of the loss of any cheques. b) The cheques shall be used only for the Account for which they are issued. In no circumstances should they be used for any other Account. c) Cheques shall be clearly written in ink and only on the forms supplied by the Bank. If the cheque is amended, the amended part shall be crossed and the correct replacement must be signed. d) The amount of every cheque issued shall be paid on presentation even though the cheque may be post-dated, since the Saudi Commercial Papers Regulations in the Kingdom of Saudi Arabia provides that whoever commits the following deeds shall be penalized by imprisonment and/or fine: 1. issuing a cheque without having funds in the Account sufficient to cover the cheque, and 2. issuing undated or post-dated cheque.