Rights and Obligations of Both Parties. 1. The First Party is obligated to open a current account for the Second Party and shall implement his/her instructions on the account with due diligence within the framework of banking practices, rules, and regulations. However, the First Party shall not be held accountable for any damage arising from the implementation of these instructions unless this damage is a result of his/her gross negligence or his/her willful commitment of misconduct or failure to act with due diligence for purposes of implementing this Agreement with due care, skill, prudence and diligence and under the circumstances that are expected to be performed reasonably by a similar enterprise 2. The First Party shall be entitled to utilize the funds deposited in the current account for its own benefit, subject to its full commitment to enable the Second Party have access to these funds immediately upon his/her request. The Second Party shall not be entitled to claim any profits therefrom. However, the two parties may have an independent agreement to arrange their relationship whereby the Second Party can obtain profits from those funds. 3. The Second Party shall be prohibited from utilizing the account for any unlawful purpose or activity, and he/she should inform the First Party in the event of any objection or suspicion of operations taking place on his/her account. The lapse of thirty days from the date of carrying out any transaction without the Second Party’s objection shall be deemed to constitute an approval and confirmation by the Second Party of the validity of such transaction. 4. The First Party may collect a specific fee from the Second Party in exchange for the services it provides to him/her, and it may collect such fee directly without referring to the Second Party provided, however, that such fees are not inconsistent with the guidelines duly issued by the Central Bank of Saudi Arabia, and that they are published by the branches of the First Party and its website within a deadline of thirty (30) days prior to the application of such fees. 5. The Second Party shall bear any current and future expenses or taxes which may be imposed by the government regarding any products and services provided by the First Party to the Second Party. 6. The First Party shall advise the Second Party via text messages on the mobile phone number stated in this Agreement - or any other means that may be mutually agreed - of the following: A. All transactions executed on the current account as soon as they occur. B. Within reasonable grace period prior to the change of the account’s status. 7. The Second Party shall forthwith update the data of his/her personal identity and other personal information duly recorded in the Agreement, and in case of any breaches with this requirement and for the purposes of adhering to the applicable regulations, the First Party may freeze the current account. 8. The Second Party hereby agrees that, for purposes of opening and running the current account and complying with the applicable regulations, the First Party shall obtain the Second Party’s personal identity data and updated information through the services provided by the National Information Center or any other reliable and independent bodies. 9. In the event of a breach by the Second Party of this Agreement, the First Party shall be entitled to take the measures it deems appropriate within the framework of applicable banking practices, rules, and regulations. 10. The Second Party shall be entitled to close the current account and recover the full credit balance at any time, after submitting a request to the First Party accompanied by the ATM cards, checks and any other items related to the account. The First Party may decline the request to close the account if it is associated with any financial obligations, such as issuing letters of guarantee, opening letter of credits, discount of commercial bills and other similar obligations that require the continuation of the account. 11. The First Party shall be entitled to close the current account in case of failure of the Second Party to deposit any funds in the account for a period of (ninety) days from the date of its opening, or if the Second Party deposits a certain amount and subsequently withdraws it so that the account balance is zero for a period of four (4) years, provided that the First Party shall advise the Second Party via text messages over his/her mobile phone number mentioned in the Agreement - or any other approved means – within a reasonable grace period prior to closing the account. 12. The First Party may send text messages, communicate by phone, or send marketing publications to the Second Party regarding the products and services provided by the First Party unless the Second Party shows unwillingness to receive these marketing messages and publications pursuant to the provisions of Clause (First) of the Agreement. 13. The Second Party shall be entitled to have access to his/her account statement through electronic banking services and may also request to be served an account statement on his/her e-mail or national address as indicated in the Agreement or to any other address he/she specifies. 14. In the event that the First Party becomes aware of the death of the Second Party or losing his/her eligibility or initiating any liquidation or administrative liquidation procedures, the First Party shall stop dealing on the account until the heirs are determined by a legal deed or a guardian/custodian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account by a decision of the competent court. 15. All accounts of the Second Party with the First Party shall constitute one consolidated account, and the First Party may at any time, without recourse to the Second Party, conduct a set-off between them and deduct any funds from them to meet any obligations accruing from the Second Party. 16. It is not permissible for a party who has defaulted or neglected to advise the other party of a change in its contact address or contact information within seven (7) days on the grounds of not being aware of the advice or not having access to it. 17. The Second Party shall refrain from making any remittance of funds outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party shall be entitled to decline to make such remittances. (11) 18. The First Party does not bear any responsibility towards the Second Party for delay or non-delivery of the bank remittance to the beneficiary due to an error or malfunction occurring in the technical systems outside the control of the First Party, or in the event that the beneficiary’s information is incomplete or non-existent, or for any other reason beyond the First Party’s control, unless the delay or failure to deliver the remittance is attributed to the First Party ’s failure to act with due diligence or to its gross negligence. 19. All deposits and withdrawals in foreign currency shall be subject to the exchange rate adopted by the First Party for foreign currency exchange. 20. With regard to joint accounts, the credit balance available in the account shall be the property of the parties as partners according to the percentages specified for each of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one of the partners testifying to the emergence of a dispute between them. 21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to amend the relevant clause in accordance with the applicable regulations and controls. 22. The First Party shall be entitled to amend the Agreement from time to time - without prejudice to the guidelines of the Central Bank of Saudi Arabia - provided that the First Party shall advise the Second Party of such amendments within thirty (30) days of the effective date of their implementation. Such amendments shall be implemented after the lapse of the grace period referred to in this paragraph with effect from the date of their publication on the First Party's website. Non-withdrawal from the Agreement shall constitute the Second Party’s approval and acceptance of these amendments. 23. This Agreement shall remain in effect until the date of closing the account by either party. 24. The First Party shall safeguard the confidentiality of all data and account information provided by the Second Party, with the exception of what is disclosed by the First Party for specific professional and operational purposes - after obtaining the approval of the Second Party - and upon the request of competent government agencies in accordance with the relevant regulations and controls.
Appears in 2 contracts
Sources: Individual Bank Account Opening Agreement, Individual Bank Account Opening Agreement
Rights and Obligations of Both Parties. 1. The First Party party is obligated to open a current account for the Second Party second party and shall to exert the necessary care to implement his/her instructions their orders on the account with due diligence within the framework limits of banking practicesregulations, rules, and regulationsnorms. However, the The First Party shall party is not be held accountable responsible for any damage arising from the implementation of these instructions orders unless this damage is a result of his/her gross negligence or his/her negligence, willful commitment of misconduct or failure to act with due undertake the necessary diligence intended for the purposes of implementing this Agreement with due careagreement; Caring, skill, prudence prudence, and diligence and under according to the circumstances conditions that are expected to be performed reasonably by a similar enterpriseperform - within the reasonable limits - from any facility.
2. The First Party shall be entitled party has the right to utilize benefit from the funds amounts deposited in the current account for its own their benefit, subject to its with their full commitment to enable the Second Party have access to party from these funds amounts immediately upon his/her their request. The Second Party shall party may not be entitled to claim any profits therefrom. Howeverfrom that, provided that the two parties may have an independent agreement to arrange their the relationship whereby in which the Second Party party can obtain profits Profits from those fundsamounts.
3. The Second Party shall be party is prohibited from utilizing using the account for any unlawful purpose or activity, and he/she should . They must inform the First Party party in the event of any objection or suspicion of operations taking place on his/her their account. The , and the lapse of thirty days from the date of carrying out any transaction operation without the Second Partyparty’s objection shall be deemed to constitute considered as an approval and confirmation by the Second Party of the validity of such transactionits security.
4. The First Party party may collect a specific fee from the Second Party party in exchange for the services it provides to him/her, and it provides. It may collect such fee it directly without referring to the Second Party providedparty, however, provided that such these fees are not inconsistent contradict with the guidelines duly regulations issued by the Saudi Central Bank of Saudi Arabia, and that they are to be published by in the branches of the First Party party and its website within a deadline of thirty (30) days prior to before the application of such feesfees are imposed.
5. The Second Party party shall bear any current and future expenses or taxes which may be imposed by the government state regarding any services or products and services provided by the First Party party to the Second Partyparty, whether they are imposed now or might be imposed in the future.
6. The First Party shall advise party informs the Second Party party via text messages on at the mobile phone number stated mentioned in this Agreement the agreement - or any other means that may be mutually agreed upon - of the following:
A. i. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior ii. Prior to the change of the account’s account status, in a sufficient period of time.
7. The Second Party shall forthwith party is obligated to update the data of his/her personal identity and other personal their information duly recorded in the Agreementagreement as soon as it is updated or changed. The First party may, and in case the event of any breaches with this requirement a breach of such and for the purposes of adhering adherence to the applicable regulations, the First Party may freeze the current account.
8. The Second Party hereby party agrees thatthat the First party, for the purposes of opening and running operating the current account account; and complying with adhering to the applicable regulations, the First Party regulations shall obtain the Second Party’s personal identity data of the documentary evidence and the updated information through the services provided by the National Information Center or any other reliable and independent bodies.
9. In the event of a breach by where the Second Party of party breaches this Agreementagreement, the First Party shall be entitled to party may take the measures it deems appropriate within the framework limits of applicable the procedures stipulated in the banking practicesregulations, rules, rules and regulationsnorms.
10. The Second Party shall be entitled party has the right to close the current account and recover obtain the full credit balance at any time, after submitting a request to the First Party party accompanied by the ATM cards, checks and any other items related to belongings arising from the account. The , while the First Party party may decline reject the request to close the account if it is associated with any financial obligations, obligations such as issuing letters of guarantee, and opening letter of documentary credits, discount of deducting commercial bills papers and other similar obligations that require the continuation of the account.
11. The First Party shall be entitled to party may close the account when opening the current account without depositing any money in case of failure of the Second Party to deposit any funds in the account it for a period of (ninety) days from the date of its openingopening the account, or if the Second Party party deposits a certain amount and subsequently then withdraws from it so that the account balance is zero (zero) for a period of four (4four) years, provided that the . The First Party party shall advise take into consideration to notify the Second Party party via text messages over his/her for the mobile phone number mentioned in the Agreement agreement - or any other approved means agreed upon – within a reasonable grace period with sufficient time prior to closing the account.
12. The First Party party may send text messages, communicate by phone, or send marketing publications to the Second Party party regarding the services and products and services provided by the First Party party, unless the Second Party shows party expresses unwillingness to receive these marketing messages and publications pursuant subject to the provisions of Clause article (First) of the Agreementhereunder.
13. The Second Party shall be entitled party has the right to have access to his/her inspect their account statement through electronic banking services services, and they may also request to be served that an account statement on his/her be sent to their e-mail or national address as indicated in the Agreement agreement or to any other address he/she specifiesthey specify.
14. In the event that If the First Party becomes aware of party acknowledged the death of the Second Party party or losing his/her eligibility the loss of their eligibility; or initiating any learned about an initiation of liquidation or any administrative liquidation procedures, then the First Party shall party reserves the right to stop dealing the operations on the account until the heirs are determined by a legal deed instrument or a guardian/custodian the assignment of the guardian / legal guardian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second Party with party are considered as one account to the First Party shall constitute one consolidated account, and the party. The First Party party may at any time, time and without recourse referring to the Second Party, party conduct a set-off between them the accounts and deduct any funds from them in order to meet any obligations accruing from the Second Partyimposed on him.
16. It is not permissible for a the party who has defaulted neglected or neglected failed to advise notify the other party of changing the contact addresses or either of them within a change in its contact address or contact information within seven period of (7) days on the grounds of days, to consider that as an excuse for not being aware of the advice such notice or not having access to received it.
17. The Second Party party shall refrain from making any remittance of funds transfers outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party shall be entitled to decline to make such remittances. (11)profit
18. The First Party party does not bear any responsibility towards the Second Party for delay party if delaying or non-delivery of failing to deliver the bank remittance transfer to the beneficiary due to an error or malfunction occurring in the technical systems outside beyond the control of the First Partyparty, or in the event that the beneficiary’s information is incomplete or non-existentnot available, or for any other reason beyond the control of the First Party’s controlparty, unless the delay or failure to deliver the remittance is attributed to bank transfer resulted from the First Party party’s failure to act with due diligence perform the necessary care or to its his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the ▇▇▇▇ ▇▇▇▇▇▇ Center for Relief and Humanitarian Works is the only entity authorized to receive any relief, charitable or humanitarian donations, whether their source is government or private, to deliver them to those in need outside the Kingdom of Saudi Arabia.
19. All deposits and withdrawals in foreign currency shall be subject subjected to the exchange rate adopted approved by the First Party for foreign party forforeign currency exchange.
20. With regard to joint accountsThe nullity, the credit balance available in the account shall be the property irregularity, or lack of the parties as partners according to the percentages specified for each implementation of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one terms of the partners testifying agreement shall not lead to the emergence invalidity of a dispute between themthe remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to First party may amend the relevant clause in accordance with the applicable regulations and controls.
22. The First Party shall be entitled to amend the Agreement agreement from time to time - without prejudice to the guidelines instructions of the Saudi Central Bank of Saudi Arabia - provided that the First Party shall advise party is obligated to inform the Second Party party of such the amendments within thirty (30) days of before the effective date of their implementationeffectiveness. Such The amendments shall be implemented applied after the lapse of the grace period referred to in this paragraph with effect starting from the date of their its publication on the First Partyparty's website. Non-withdrawal Not withdrawing from the Agreement shall constitute the Second Party’s agreement is considered as an approval and acceptance of these amendmentsthe amendments from the Second party.
2322. This Agreement agreement shall remain in effect until the date of closing the account by either party.one of the parties
2423. The First Party party shall safeguard preserve the confidentiality of all data and account information provided by the Second Partyparty, with the exception of what is disclosed by the First Party party for specific professional and operational purposes - after obtaining the approval of the Second Party - party, and upon for the request of competent government agencies governmental entities in accordance with the relevant regulations and controls.
24. The First party may keep all documents related to the Second party’s account for a period of (10) years as a minimum from the date of the agreement’s expiration.
25. This agreement is subject to the laws of the Kingdom of Saudi Arabia. Any dispute that arises between the parties is settled amicably, and if the dispute cannot be resolved amicably, any of the parties has the right to refer it to the competent judicial authority.
26. This agreement has been prepared in the Arabic and English languages, and in the event of a difference in the text between them, the text shall be adopted in the Arabic language, which shall be the original language.
27. for the purpose of activation and subscribing in the additional services provided in the instant payments system, your information will be shared automatically and in complete confidentiality with the Saudi Payments Company, the "national operator of the system" as needed and appropriate. the information that will be shared is as follows: • Customer name • Account number • Phone number • ID number • Email
Appears in 2 contracts
Sources: Current Account Agreement, Current Account Agreement
Rights and Obligations of Both Parties. 1. The First Party party is obligated to open a current account for the Second Party second party and shall to exert the necessary care to implement his/her instructions their orders on the account with due diligence within the framework limits of banking practicesregulations, rules, and regulationsnorms. However, the The First Party shall party is not be held accountable responsible for any damage arising from the implementation of these instructions orders unless this damage is a result of his/her gross negligence or his/her negligence, willful commitment of misconduct or failure to act with due undertake the necessary diligence intended for the purposes of implementing this Agreement with due careagreement; Caring, skill, prudence prudence, and diligence and under according to the circumstances conditions that are expected to be performed reasonably by a similar enterpriseperform - within the reasonable limits - from any facility.
2. The First Party shall be entitled party has the right to utilize benefit from the funds amounts deposited in the current account for its own their benefit, subject to its with their full commitment to enable the Second Party have access to party from these funds amounts immediately upon his/her their request. The Second Party shall party may not be entitled to claim any profits therefrom. Howeverfrom that, provided that the two parties may have an independent agreement to arrange their the relationship whereby in which the Second Party party can obtain profits Profits from those fundsamounts.
3. The Second Party shall be party is prohibited from utilizing using the account for any unlawful purpose or activity, and he/she should . They must inform the First Party party in the event of any objection or suspicion of operations taking place on his/her their account. The , and the lapse of thirty days from the date of carrying out any transaction operation without the Second Partyparty’s objection shall be deemed to constitute considered as an approval and confirmation by the Second Party of the validity of such transactionits security.
4. The First Party party may collect a specific fee from the Second Party party in exchange for the services it provides to him/her, and it provides. It may collect such fee it directly without referring to the Second Party providedparty, however, provided that such these fees are not inconsistent contradict with the guidelines duly regulations issued by the Saudi Central Bank of Saudi Arabia, and that they are to be published by in the branches of the First Party party and its website within a deadline of thirty (30) days prior to before the application of such feesfees are imposed.
5. The Second Party party shall bear any current and future expenses or taxes which may be imposed by the government state regarding any services or products and services provided by the First Party party to the Second Partyparty, whether they are imposed now or might be imposed in the future.
6. The First Party shall advise party informs the Second Party party via text messages on at the mobile phone number stated mentioned in this Agreement the agreement - or any other means that may be mutually agreed upon - of the following:
A. i. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior ii. Prior to the change of the account’s account status, in a sufficient period of time.
7. The Second Party shall forthwith party is obligated to update the data of his/her personal identity and other personal their information duly recorded in the Agreementagreement as soon as it is updated or changed. The First party may, and in case the event of any breaches with this requirement a breach of such and for the purposes of adhering adherence to the applicable regulations, the First Party may freeze the current account.
8. The Second Party hereby party agrees thatthat the First party, for the purposes of opening and running operating the current account account; and complying with adhering to the applicable regulations, the First Party regulations shall obtain the Second Party’s personal identity data of the documentary evidence and the updated information through the services provided by the National Information Center or any other reliable and independent bodies.
9. In the event of a breach by the Second Party of this Agreement, the First Party shall be entitled to take the measures it deems appropriate within the framework of applicable banking practices, rules, and regulations.
10. The Second Party shall be entitled to close the current account and recover the full credit balance at any time, after submitting a request to the First Party accompanied by the ATM cards, checks and any other items related to the account. The First Party may decline the request to close the account if it is associated with any financial obligations, such as issuing letters of guarantee, opening letter of credits, discount of commercial bills and other similar obligations that require the continuation of the account.
11. The First Party shall be entitled to close the current account in case of failure of the Second Party to deposit any funds in the account for a period of (ninety) days from the date of its opening, or if the Second Party deposits a certain amount and subsequently withdraws it so that the account balance is zero for a period of four (4) years, provided that the First Party shall advise the Second Party via text messages over his/her mobile phone number mentioned in the Agreement - or any other approved means – within a reasonable grace period prior to closing the account.
12. The First Party may send text messages, communicate by phone, or send marketing publications to the Second Party regarding the products and services provided by the First Party unless the Second Party shows unwillingness to receive these marketing messages and publications pursuant to the provisions of Clause (First) of the Agreement.
13. The Second Party shall be entitled to have access to his/her account statement through electronic banking services and may also request to be served an account statement on his/her e-mail or national address as indicated in the Agreement or to any other address he/she specifies.
14. In the event that the First Party becomes aware of the death of the Second Party or losing his/her eligibility or initiating any liquidation or administrative liquidation procedures, the First Party shall stop dealing on the account until the heirs are determined by a legal deed or a guardian/custodian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account by a decision of the competent court.
15. All accounts of the Second Party with the First Party shall constitute one consolidated account, and the First Party may at any time, without recourse to the Second Party, conduct a set-off between them and deduct any funds from them to meet any obligations accruing from the Second Party.
16. It is not permissible for a party who has defaulted or neglected to advise the other party of a change in its contact address or contact information within seven (7) days on the grounds of not being aware of the advice or not having access to it.
17. The Second Party shall refrain from making any remittance of funds outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party shall be entitled to decline to make such remittances. (11)
18. The First Party does not bear any responsibility towards the Second Party for delay or non-delivery of the bank remittance to the beneficiary due to an error or malfunction occurring in the technical systems outside the control of the First Party, or in the event that the beneficiary’s information is incomplete or non-existent, or for any other reason beyond the First Party’s control, unless the delay or failure to deliver the remittance is attributed to the First Party ’s failure to act with due diligence or to its gross negligence.
19. All deposits and withdrawals in foreign currency shall be subject to the exchange rate adopted by the First Party for foreign currency exchange.
20. With regard to joint accounts, the credit balance available in the account shall be the property of the parties as partners according to the percentages specified for each of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one of the partners testifying to the emergence of a dispute between them.
21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to amend the relevant clause in accordance with the applicable regulations and controls.
22. The First Party shall be entitled to amend the Agreement from time to time - without prejudice to the guidelines of the Central Bank of Saudi Arabia - provided that the First Party shall advise the Second Party of such amendments within thirty (30) days of the effective date of their implementation. Such amendments shall be implemented after the lapse of the grace period referred to in this paragraph with effect from the date of their publication on the First Party's website. Non-withdrawal from the Agreement shall constitute the Second Party’s approval and acceptance of these amendments.
23. This Agreement shall remain in effect until the date of closing the account by either party.
24. The First Party shall safeguard the confidentiality of all data and account information provided by the Second Party, with the exception of what is disclosed by the First Party for specific professional and operational purposes - after obtaining the approval of the Second Party - and upon the request of competent government agencies in accordance with the relevant regulations and controls.
Appears in 1 contract
Rights and Obligations of Both Parties. 1. The First Party party is obligated to open a current account for the Second Party second party and shall to exert the necessary care to implement his/her instructions their orders on the account with due diligence within the framework limits of banking practicesregulations, rules, and regulationsnorms. However, the The First Party shall party is not be held accountable responsible for any damage arising from the implementation of these instructions orders unless this damage is a result of his/her gross negligence or his/her negligence, willful commitment of misconduct or failure to act with due undertake the necessary diligence intended for the purposes of implementing this Agreement with due careagreement; Caring, skill, prudence prudence, and diligence and under according to the circumstances conditions that are expected to be performed reasonably by a similar enterpriseperform - within the reasonable limits - from any facility.
2. The First Party shall be entitled party has the right to utilize benefit from the funds amounts deposited in the current account for its own their benefit, subject to its with their full commitment to enable the Second Party have access to party from these funds amounts immediately upon his/her their request. The Second Party shall party may not be entitled to claim any profits therefrom. Howeverfrom that, provided that the two parties may have an independent agreement to arrange their the relationship whereby in which the Second Party party can obtain profits Profits from those fundsamounts.
3. The Second Party shall be party is prohibited from utilizing using the account for any unlawful purpose or activity, and he/she should . They must inform the First Party party in the event of any objection or suspicion of operations taking place on his/her their account. The , and the lapse of thirty days from the date of carrying out any transaction operation without the Second Partyparty’s objection shall be deemed to constitute considered as an approval and confirmation by the Second Party of the validity of such transactionits security.
4. The First Party party may collect a specific fee from the Second Party party in exchange for the services it provides to him/her, and it provides. It may collect such fee it directly without referring to the Second Party providedparty, however, provided that such these fees are not inconsistent contradict with the guidelines duly regulations issued by the Saudi Central Bank of Saudi Arabia, and that they are to be published by in the branches of the First Party party and its website within a deadline of thirty (30) days prior to before the application of such feesfees are imposed.
5. The Second Party party shall bear any current and future expenses or taxes which may be imposed by the government state regarding any services or products and services provided by the First Party party to the Second Partyparty, whether they are imposed now or might be imposed in the future.
6. The First Party shall advise party informs the Second Party party via text messages on at the mobile phone number stated mentioned in this Agreement the agreement - or any other means that may be mutually agreed upon - of the following:
A. i. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior ii. Prior to the change of the account’s account status, in a sufficient period of time.
7. The Second Party shall forthwith party is obligated to update the data of his/her personal identity and other personal their information duly recorded in the Agreementagreement as soon as it is updated or changed. The First party may, and in case the event of any breaches with this requirement a breach of such and for the purposes of adhering adherence to the applicable regulations, the First Party may freeze the current account.
8. The Second Party hereby party agrees thatthat the First party, for the purposes of opening and running operating the current account account; and complying with adhering to the applicable regulations, the First Party regulations shall obtain the Second Party’s personal identity data of the documentary evidence and the updated information through the services provided by the National Information Center or any other reliable and independent bodies.
9. In the event of a breach by where the Second Party of party breaches this Agreementagreement, the First Party shall be entitled to party may take the measures it deems appropriate within the framework limits of applicable the procedures stipulated in the banking practicesregulations, rules, rules and regulationsnorms.
10. The Second Party shall be entitled party has the right to close the current account and recover obtain the full credit balance at any time, after submitting a request to the First Party party accompanied by the ATM cards, checks and any other items related to belongings arising from the account. The , while the First Party party may decline reject the request to close the account if it is associated with any financial obligations, obligations such as issuing letters of guarantee, and opening letter of documentary credits, discount of deducting commercial bills papers and other similar obligations that require the continuation of the account.
11. The First Party shall be entitled to party may close the account when opening the current account without depositing any money in case of failure of the Second Party to deposit any funds in the account it for a period of (ninety) days from the date of its openingopening the account, or if the Second Party party deposits a certain amount and subsequently then withdraws from it so that the account balance is zero (zero) for a period of four (4four) years, provided that the . The First Party party shall advise take into consideration to notify the Second Party party via text messages over his/her for the mobile phone number mentioned in the Agreement agreement - or any other approved means agreed upon – within a reasonable grace period with sufficient time prior to closing the account.
12. The First Party party may send text messages, communicate by phone, or send marketing publications to the Second Party party regarding the services and products and services provided by the First Party party, unless the Second Party shows party expresses unwillingness to receive these marketing messages and publications pursuant subject to the provisions of Clause article (First) of the Agreementhereunder.
13. The Second Party shall be entitled party has the right to have access to his/her inspect their account statement through electronic banking services services, and they may also request to be served that an account statement on his/her be sent to their e-mail or national address as indicated in the Agreement agreement or to any other address he/she specifiesthey specify.
14. In the event that If the First Party becomes aware of party acknowledged the death of the Second Party party or losing his/her eligibility the loss of their eligibility; or initiating any learned about an initiation of liquidation or any administrative liquidation procedures, then the First Party shall party reserves the right to stop dealing the operations on the account until the heirs are determined by a legal deed instrument or a guardian/custodian the assignment of the guardian / legal guardian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second Party with party are considered as one account to the First Party shall constitute one consolidated account, and the party. The First Party party may at any time, time and without recourse referring to the Second Party, party conduct a set-off between them the accounts and deduct any funds from them in order to meet any obligations accruing from the Second Partyimposed on him.
16. It is not permissible for a the party who has defaulted neglected or neglected failed to advise notify the other party of changing the contact addresses or either of them within a change in its contact address or contact information within seven period of (7) days on the grounds of days, to consider that as an excuse for not being aware of the advice such notice or not having access to received it.
17. The Second Party party shall refrain from making any remittance of funds transfers outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party party shall be entitled to decline refuse to make such remittances. (11)these transfers10.
18. The First Party party does not bear any responsibility towards the Second Party for delay party if delaying or non-delivery of failing to deliver the bank remittance transfer to the beneficiary due to an error or malfunction occurring in the technical systems outside beyond the control of the First Partyparty, or in the event that the beneficiary’s information is incomplete or non-existentnot available, or for any other reason beyond the control of the First Party’s controlparty, unless the delay or failure to deliver the remittance is attributed to bank transfer resulted from the First Party party’s failure to act with due diligence perform the necessary care or to its his gross negligence.
19. All deposits and withdrawals in foreign currency shall be subject subjected to the exchange rate adopted approved by the First Party party for foreign currency exchange.
20. With regard to joint accountsThe nullity, the credit balance available in the account shall be the property irregularity, or lack of the parties as partners according to the percentages specified for each implementation of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one terms of the partners testifying agreement shall not lead to the emergence invalidity of a dispute between themthe remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to First party may amend the relevant clause in accordance with the applicable regulations and controls.
22. The First Party shall be entitled to amend the Agreement agreement from time to time - without prejudice to the guidelines instructions of the Saudi Central Bank of Saudi Arabia - provided that the First Party shall advise party is obligated to inform the Second Party party of such the amendments within thirty (30) days of before the effective date of their implementationeffectiveness. Such The amendments shall be implemented applied after the lapse of the grace period referred to in this paragraph with effect starting from the date of their its publication on the First Partyparty's website. Non-withdrawal Not withdrawing from the Agreement shall constitute the Second Party’s agreement is considered as an approval and acceptance of these amendmentsthe amendments from the Second party.
2322. This Agreement agreement shall remain in effect until the date of closing the account by either partyone of the parties.
2423. The First Party party shall safeguard preserve the confidentiality of all data and account information provided by the Second Partyparty, with the exception of what is disclosed by the First Party party for specific professional and operational purposes - after obtaining the approval of the Second Party - party, and upon for the request of competent government agencies governmental entities in accordance with the relevant regulations and controls.
24. The First party may keep all documents related to the Second party’s account for a period of (10) years as a minimum from the date of the agreement’s expiration.
25. This agreement is subject to the laws of the Kingdom of Saudi Arabia. Any dispute that arises between the parties is settled amicably, and if the dispute cannot be resolved amicably, any of the parties has the right to refer it to the competent judicial authority.
26. This agreement has been prepared in the Arabic and English languages, and in the event of a difference in the text between them, the text shall be adopted in the Arabic language, which shall be the original language.
Appears in 1 contract
Sources: Bank Account Opening Agreement
Rights and Obligations of Both Parties. 1. The First Party is obligated to open a current account for the Second Party and shall implement his/her his instructions on the account with due care and diligence within the framework of banking regulations, rules and practices, rules, and regulations. However, the First Party shall not be held accountable for any damage arising from the implementation of these instructions unless this damage is a result of his/her his gross negligence or his/her his willful commitment of misconduct or failure to act with due diligence for purposes of implementing this Agreement with due care, skill, prudence and diligence and under the circumstances that are expected to be performed reasonably by a similar enterprise.
2. The First Party shall be entitled to utilize the funds deposited in the current account for its own benefit, subject to its full commitment to enable the Second Party to have access to these funds immediately upon his/her his request. The Second Party shall not be entitled to claim any profits therefrom. However, the two parties may have an independent agreement to arrange their relationship whereby the Second Party can obtain profits from those funds.
3. The Second Party shall be prohibited from utilizing the account for any unlawful purpose or activity, and he/she he should inform the First Party in the event of any objection or suspicion of operations taking place on his/her his account. The lapse of thirty days from the date of carrying out any transaction without the Second Party’s objection shall be deemed to constitute an approval and confirmation by the Second Party of the validity of such transaction.
4. The First Party may collect a specific fee from the Second Party in exchange for the services it provides to him/her, and it may collect such fee directly without referring to the Second Party provided, however, that such fees are not inconsistent with the guidelines duly issued by the Central Bank of Saudi Arabia, and that they are published by the branches of the First Party and its website within a deadline of thirty (30) days prior to the application of such fees.
5. The Second Party shall bear any current and future expenses or taxes which may be imposed by the government regarding any services or products and services provided by the First Party to the Second Party.
6. The First Party shall advise the Second Party via text messages on the mobile phone number stated in this Agreement - or any other means that may be mutually agreed - of the following:
A. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior to Change the change of account status, or suspend the accountdelegate’s statuspowers for a sufficient period.
7. The Second Party shall forthwith update the data of his/her his personal identity and other personal information duly recorded in the Agreement, and in case of any breaches non-conforming with this requirement and for the purposes of adhering to the applicable regulations, the First Party may freeze the current account.
8. The First Party may suspend the powers of the authorized signatories upon the expiration of their ID cards, unless the Second party Provides an update thereof, subject to the provisions of foregoing Paragraph No. (6).
9. The Second Party hereby agrees that, for purposes of opening and running the current account and complying with the applicable regulations, the First Party shall obtain the Second Party’s personal identity data and updated information through the services provided by the National Information Center or any other reliable trusted and independent bodies.
910. In the event of a breach by the Second Party of this Agreement, the First Party shall be entitled to take the measures it deems appropriate within the framework of applicable banking regulations, rules and practices, rules, and regulations.
1011. The Second Party shall be entitled to close the current account and recover the full credit balance at any time, after submitting a request to the First Party accompanied by the ATM cards, checks and any other items related to the account. The First Party may decline the request to close the account if it is found to be associated with any financial obligations, such as issuing letters of guarantee, opening letter of credits, discount of commercial bills and other similar obligations that require the continuation of the account.
1112. The First Party shall be entitled to close the current account in case of failure of the Second Party to deposit any funds in the this account for a period of (ninety) days from the date of its opening, or if the Second Party deposits a certain amount and subsequently withdraws it so that the account balance is rendered zero for a period of four (4four) years, provided that the First Party shall advise the Second Party via text messages over his/her his mobile phone number mentioned in the Agreement - or any other approved means – within a reasonable grace period prior to closing the account.
1213. In the event of the Second Party’s desire to cancel or add one of the authorized signatories to the account, or amend the signature specimen of any of the authorized signatories on the account duly kept with the First Party, this is done through the forms duly prepared by the First Party. In this case, the First Party shall approve any transaction that the Second Party performs on the account prior to receiving the instructions for amendment or cancellation from the Second Party or those made prior to the date of such instructions, and the amendments, in which case approval by the First Party of the amendments shall be given on the day following the date of receiving such amendments.
14. The First Party may send text messages, communicate by phone, or send marketing publications to the Second Party regarding the services and products and services provided by the First Party unless the Second Party shows unwillingness to receive these such marketing messages and publications pursuant to the provisions of Clause (First) of the Agreementpublications.
1315. The Second Party shall be entitled to have access to his/her his account statement through electronic banking services and may also request to be served an account statement on his/her his e-mail or national address as indicated in the Agreement or to any other address he/she he specifies.
1416. In Upon becoming aware- by written notice from the event that competent court or on its behalf or from an announcement in the First Party becomes aware official gazette - of the death of the Second Party owner of the sole proprietorship in whose name the account is opened, or losing his/her eligibility one of the partners in the company in whose name the account is opened (other than a joint stock company duly listed in the stock market), or initiating the issuance of a decision to liquidate the company that owns the account, or instituting any of the liquidation or administrative liquidation proceduresprocedures for the Second Party, the First Party shall stop suspend dealing on the account (except if the company's memorandum of association or articles of association permit its continuation in the event of death of the owner), and such suspension shall continue until the heirs memorandum of association and articles of association are determined by a legal deed or a guardian/custodian or liquidator (the trustee of the liquidation amended, or the bankruptcy committee) is appointed and liquidator authorized to manage the account by a decision of the competent courtis appointed in accordance with relevant statutory provisions and procedures.
1517. All accounts of the Second Party with the First Party shall constitute one consolidated account, and the First Party may at any time, without recourse to the Second Party, conduct a set-off between them and deduct any funds from them to meet any obligations accruing from the Second Party.
1618. It is not permissible for a party who has defaulted or neglected to advise notify the other party of a change in changing its contact address addresses or contact information within seven (7) days on the grounds either of them; excuse themselves for not being aware of the advice notification or not having access to received it.
1719. The Second Party shall refrain from making any remittance of funds outside the Kingdom of Saudi Arabia to any non-profit organizations, excluding organizations duly permitted to receive such remittances pursuant to the provisions of Bank Account Rules and the First Party shall be entitled to decline to make such remittances. (1112)
1820. The First Party does not bear any responsibility towards the Second Party for delay or non-non- delivery of the bank remittance transfer to the beneficiary due to an error or malfunction occurring in the technical systems outside beyond the control of the First Party, or in the event that the beneficiary’s information is incomplete or non-existentnot available, or for any other reason beyond the First Party’s control, unless the such delay or failure to deliver non- delivery of the remittance bank transfer is attributed to the First Party Party’s failure to act with apply due diligence or to its his gross negligence.
1921. All deposits and withdrawals in foreign currency shall be subject to the exchange rate adopted by the First Party for foreign currency exchange.
2022. With regard to joint accounts, the credit balance available in the account shall be the property of the parties as partners according to the percentages specified for each of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one of the partners testifying to the emergence of a dispute between them.
2123. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to amend the relevant clause in accordance with the applicable regulations and controls.
2224. The First Party shall be entitled to amend the Agreement from time to time - without prejudice to the guidelines of the Central Bank of Saudi Arabia - provided that the First Party shall advise the Second Party of such amendments within thirty (30) days of the effective date of their implementation. Such amendments shall be implemented after the lapse of the grace period referred to in this paragraph with effect from the date of their publication on the First Party's website. Non-withdrawal on part of the Second Party from the Agreement shall constitute the Second Party’s an implied approval and acceptance of these amendments.
2325. This Agreement shall remain in effect until the date of closing the account by either party.
2426. The First Party shall safeguard the confidentiality of all data and account information provided by the Second Party, with the exception of what is disclosed by the First Party for specific professional and operational purposes - after obtaining the approval of the Second Party - and upon the request of competent government agencies in accordance with the relevant regulations and controls.
27. The First Party may keep all documents related to the Second Party’s account for a minimum period of ten (10) years from the date of the Agreement’s expiration.
Appears in 1 contract
Sources: Account Opening Agreement
Rights and Obligations of Both Parties. 1. The First Party party is obligated to open a current account for the Second Party second party and shall to exert the necessary care to implement his/her instructions their orders on the account with due diligence within the framework limits of banking practicesregulations, rules, and regulationsnorms. However, the The First Party shall party is not be held accountable responsible for any damage arising from the implementation of these instructions orders unless this damage is a result of his/her gross negligence or his/her negligence, willful commitment of misconduct or failure to act with due undertake the necessary diligence intended for the purposes of implementing this Agreement with due careagreement; Caring, skill, prudence prudence, and diligence and under according to the circumstances conditions that are expected to be performed reasonably by a similar enterpriseperform - within the reasonable limits - from any facility.
2. The First Party shall be entitled party has the right to utilize benefit from the funds amounts deposited in the current account for its own their benefit, subject to its with their full commitment to enable the Second Party have access to party from these funds amounts immediately upon his/her their request. The Second Party shall party may not be entitled to claim any profits therefrom. Howeverfrom that, the two parties may have an independent agreement to arrange their relationship whereby the Second Party can obtain profits from those funds.provided
3. The Second Party shall be party is prohibited from utilizing using the account for any unlawful purpose or activity, and he/she should . They must inform the First Party party in the event of any objection or suspicion of operations taking place on his/her their account. The , and the lapse of thirty days from the date of carrying out any transaction operation without the Second Partyparty’s objection shall be deemed to constitute considered as an approval and confirmation by the Second Party of the validity of such transactionits security.
4. The First Party party may collect a specific fee from the Second Party party in exchange for the services it provides to him/her, and it provides. It may collect such fee it directly without referring to the Second Party providedparty, however, provided that such these fees are not inconsistent contradict with the guidelines duly regulations issued by the Saudi Central Bank of Saudi Arabia, and that they are to be published by in the branches of the First Party party and its website within a deadline of thirty (30) days prior to before the application of such feesfees are imposed.
5. The Second Party party shall bear any current and future expenses or taxes which may be imposed by the government state regarding any services or products and services provided by the First Party party to the Second Partyparty, whether they are imposed now or might be imposed in the future.
6. The First Party shall advise party informs the Second Party party via text messages on at the mobile phone number stated mentioned in this Agreement the agreement - or any other means that may be mutually agreed upon - of the following:
A. i. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior . ii. Prior to the change of the account’s account status, in a sufficient period of time.
7. The Second Party shall forthwith party is obligated to update the data of his/her personal identity and other personal their information duly recorded in the Agreementagreement as soon as it is updated or changed. The First party may, and in case the event of any breaches with this requirement a breach of such and for the purposes of adhering adherence to the applicable regulations, the First Party may freeze the current account.
8. The Second Party hereby party agrees thatthat the First party, for the purposes of opening and running operating the current account account; and complying with adhering to the applicable regulations, the First Party regulations shall obtain the Second Party’s personal identity data of the documentary evidence and the updated information through the services provided by the National Information Center or any other reliable and independent bodies.
9. In the event of a breach by where the Second Party of party breaches this Agreementagreement, the First Party shall be entitled to party may take the measures it deems appropriate within the framework limits of applicable the procedures stipulated in the banking practicesregulations, rules, rules and regulationsnorms.
10. The Second Party shall be entitled party has the right to close the current account and recover obtain the full credit balance at any time, after submitting a request to the First Party party accompanied by the ATM cards, checks and any other items related to belongings arising from the account. The , while the First Party party may decline reject the request to close the account if it is associated with any financial obligations, obligations such as issuing letters of guarantee, and opening letter of documentary credits, discount of deducting commercial bills papers and other similar obligations that require the continuation of the account.
11. The First Party shall be entitled to party may close the account when opening the current account without depositing any money in case of failure of the Second Party to deposit any funds in the account it for a period of (ninety) days from the date of its openingopening the account, or if the Second Party party deposits a certain amount and subsequently then withdraws from it so that the account balance is zero (zero) for a period of four (4four) years, provided that the . The First Party party shall advise take into consideration to notify the Second Party party via text messages over his/her for the mobile phone number mentioned in the Agreement agreement - or any other approved means agreed upon – within a reasonable grace period with sufficient time prior to closing the account.
12. The First Party party may send text messages, communicate by phone, or send marketing publications to the Second Party party regarding the services and products and services provided by the First Party party, unless the Second Party shows party expresses unwillingness to receive these marketing messages and publications pursuant subject to the provisions of Clause article (First) of the Agreementhereunder.
13. The Second Party shall be entitled party has the right to have access to his/her inspect their account statement through electronic banking services services, and they may also request to be served that an account statement on his/her be sent to their e-mail or national address as indicated in the Agreement agreement or to any other address he/she specifiesthey specify.
14. In the event that If the First Party becomes aware of party acknowledged the death of the Second Party party or losing his/her eligibility the loss of their eligibility; or initiating any learned about an initiation of liquidation or any administrative liquidation procedures, then the First Party shall party reserves the right to stop dealing the operations on the account until the heirs are determined by a legal deed instrument or a guardian/custodian the assignment of the guardian / legal guardian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second Party with party are considered as one account to the First Party shall constitute one consolidated account, and the party. The First Party party may at any time, time and without recourse referring to the Second Party, party conduct a set-off between them the accounts and deduct any funds from them in order to meet any obligations accruing from the Second Partyimposed on him.
16. It is not permissible for a the party who has defaulted neglected or neglected failed to advise notify the other party of changing the contact addresses or either of them within a change in its contact address or contact information within seven period of (7) days on the grounds of days, to consider that as an excuse for not being aware of the advice such notice or not having access to received it.
17. The Second Party party shall refrain from making any remittance of funds transfers outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party party shall be entitled to decline refuse to make such remittances. (11)these transfers1.
18. The First Party party does not bear any responsibility towards the Second Party for delay party if delaying or non-delivery of failing to deliver the bank remittance transfer to the beneficiary due to an error or malfunction occurring in the technical systems outside beyond the control of the First Partyparty, or in the event that the beneficiary’s information is incomplete or non-existentnot available, or for any other reason beyond the control of the First Party’s controlparty, unless the delay or failure to deliver the remittance is attributed to bank transfer resulted from the First Party party’s failure to act with due diligence perform the necessary care or to its his gross negligence.
19. All deposits and withdrawals in foreign currency shall be subject subjected to the exchange rate adopted approved by the First Party for foreign party forforeign currency exchange.
20. With regard to joint accountsThe nullity, the credit balance available in the account shall be the property irregularity, or lack of the parties as partners according to the percentages specified for each implementation of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one terms of the partners testifying agreement shall not lead to the emergence invalidity of a dispute between themthe remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to First party may amend the relevant clause in accordance with the applicable regulations and controls.
22. The First Party shall be entitled to amend the Agreement agreement from time to time - without prejudice to the guidelines instructions of the Saudi Central Bank of Saudi Arabia - provided that the First Party shall advise party is obligated to inform the Second Party party of such the amendments within thirty (30) days of before the effective date of their implementationeffectiveness. Such The amendments shall be implemented applied after the lapse of the grace period referred to in this paragraph with effect starting from the date of their its publication on the First Party's website. Non-withdrawal from the Agreement shall constitute the Second Party’s approval and acceptance of these amendments.First
2322. This Agreement agreement shall remain in effect until the date of closing the account by either party.one of the parties
2423. The First Party party shall safeguard preserve the confidentiality of all data and account information provided by the Second Partyparty, with the exception of what is disclosed by the First Party party for specific professional and operational purposes - after obtaining the approval of the Second Party - party, and upon for the request of competent government agencies governmental entities in accordance with the relevant regulations and controls.
24. The First party may keep all documents related to the Second party’s account for a period of (10) years as a minimum from the date of the
25. This agreement is subject to the laws of the Kingdom of Saudi Arabia. Any dispute that arises between the parties is settled amicably, and if the dispute cannot be resolved amicably, any of the parties has the right to refer it to the competent judicial authority.
26. This agreement has been prepared in the Arabic and English languages, and in the event of a difference in the text between them, the text shall be adopted in the Arabic language, which shall be the original language.
27. for the purpose of activation and subscribing in the additional services provided in the instant payments system, your information will be shared automatically and in complete confidentiality with the Saudi Payments Company, the "national operator of the system" as needed and appropriate. the information that will be shared is as follows:
Appears in 1 contract
Sources: Current Account Agreement
Rights and Obligations of Both Parties. 1. The First Party party is obligated to open a current account for the Second Party second party and shall to exert the necessary care to implement his/her instructions their orders on the account with due diligence within the framework limits of banking practicesregulations, rules, and regulationsnorms. However, the The First Party shall party is not be held accountable responsible for any damage arising from the implementation of these instructions orders unless this damage is a result of his/her gross negligence or his/her negligence, willful commitment of misconduct or failure to act with due undertake the necessary diligence intended for the purposes of implementing this Agreement with due careagreement; Caring, skill, prudence prudence, and diligence and under according to the circumstances conditions that are expected to be performed reasonably by a similar enterpriseperform - within the reasonable limits - from any facility.
2. The First Party shall be entitled party has the right to utilize benefit from the funds amounts deposited in the current account for its own their benefit, subject to its with their full commitment to enable the Second Party have access to party from these funds amounts immediately upon his/her their request. The Second Party shall party may not be entitled to claim any profits therefrom. Howeverfrom that, provided that the two parties may have an independent agreement to arrange their the relationship whereby in which the Second Party party can obtain profits Profits from those fundsamounts.
3. The Second Party shall be party is prohibited from utilizing using the account for any unlawful purpose or activity, and he/she should . They must inform the First Party party in the event of any objection or suspicion of operations taking place on his/her their account. The , and the lapse of thirty days from the date of carrying out any transaction operation without the Second Partyparty’s objection shall be deemed to constitute considered as an approval and confirmation by the Second Party of the validity of such transactionits security.
4. The First Party party may collect a specific fee from the Second Party party in exchange for the services it provides to him/her, and it provides. It may collect such fee it directly without referring to the Second Party providedparty, however, provided that such these fees are not inconsistent contradict with the guidelines duly regulations issued by the Saudi Central Bank of Saudi Arabia, and that they are to be published by in the branches of the First Party party and its website within a deadline of thirty (30) days prior to before the application of such feesfees are imposed.
5. The Second Party party shall bear any current and future expenses or taxes which may be imposed by the government state regarding any services or products and services provided by the First Party party to the Second Partyparty, whether they are imposed now or might be imposed in the future.
6. The First Party shall advise party informs the Second Party party via text messages on at the mobile phone number stated mentioned in this Agreement the agreement - or any other means that may be mutually agreed upon - of the following:
A. i. All transactions executed on the current account as soon as they occur.
B. Within reasonable grace period prior ii. Prior to the change of the account’s account status, in a sufficient period of time.
7. The Second Party shall forthwith party is obligated to update the data of his/her personal identity and other personal their information duly recorded in the Agreementagreement as soon as it is updated or changed. The First party may, and in case the event of any breaches with this requirement a breach of such and for the purposes of adhering adherence to the applicable regulations, the First Party may freeze the current account.
8. The Second Party hereby party agrees thatthat the First party, for the purposes of opening and running operating the current account account; and complying with adhering to the applicable regulations, the First Party regulations shall obtain the Second Party’s personal identity data of the documentary evidence and the updated information through the services provided by the National Information Center or any other reliable and independent bodies.
9. In the event of a breach by the 9Gu.lf InItnerntahtieonaelvBeannkt- SwauhdieArreabitahe Second Party of party breaches this Agreementagreement, the First Party shall be entitled to party may take the measures it deems appropriate within the framework of applicable banking practices, rules, and regulations.
10. The Second Party shall be entitled to close the current account and recover the full credit balance at any time, after submitting a request to the First Party accompanied by the ATM cards, checks and any other items related to the account. The First Party may decline the request to close the account if it is associated with any financial obligations, such as issuing letters of guarantee, opening letter of credits, discount of commercial bills and other similar obligations that require the continuation of the account.
11. The First Party shall be entitled to close the current account in case of failure of the Second Party to deposit any funds in the account for a period of SaudiaClpospedrJooinpt Srtioacktceomwpaniytwhitihna ctaphitael ofliSmAR i(7t,s500o,0f00t,0h00e) Upnifireod cNuemdbeur (ninety) days from the date of its opening, or if the Second Party deposits a certain amount and subsequently withdraws it so that the account balance is zero for a period of four (4) years, provided that the First Party shall advise the Second Party via text messages over his/her mobile phone number mentioned in the Agreement - or any other approved means – within a reasonable grace period prior to closing the account.
12. The First Party may send text messages, communicate by phone, or send marketing publications to the Second Party regarding the products and services provided by the First Party unless the Second Party shows unwillingness to receive these marketing messages and publications pursuant to the provisions of Clause (First) of the Agreement.
13. The Second Party shall be entitled to have access to his/her account statement through electronic banking services and may also request to be served an account statement on his/her e-mail or national address as indicated in the Agreement or to any other address he/she specifies.
14. In the event that the First Party becomes aware of the death of the Second Party or losing his/her eligibility or initiating any liquidation or administrative liquidation procedures, the First Party shall stop dealing on the account until the heirs are determined by a legal deed or a guardian/custodian or liquidator (the trustee of the liquidation or the bankruptcy committee) is appointed and authorized to manage the account by a decision of the competent court.
15. All accounts of the Second Party with the First Party shall constitute one consolidated account, and the First Party may at any time, without recourse to the Second Party, conduct a set-off between them and deduct any funds from them to meet any obligations accruing from the Second Party.
16. It is not permissible for a party who has defaulted or neglected to advise the other party of a change in its contact address or contact information within seven (7) days on the grounds of not being aware of the advice or not having access to it.
17. The Second Party shall refrain from making any remittance of funds outside the Kingdom of Saudi Arabia to any non-profit organizations, and the First Party shall be entitled to decline to make such remittances. (11r7e00s13s9t90ip42u)
18. The First Party does not bear any responsibility towards the Second Party for delay or non-delivery of the bank remittance to the beneficiary due to an error or malfunction occurring in the technical systems outside the control of the First Party, or in the event that the beneficiary’s information is incomplete or non-existent, or for any other reason beyond the First Party’s control, unless the delay or failure to deliver the remittance is attributed to the First Party ’s failure to act with due diligence or to its gross negligence.
19. All deposits and withdrawals in foreign currency shall be subject to the exchange rate adopted by the First Party for foreign currency exchange.
20. With regard to joint accounts, the credit balance available in the account shall be the property of the parties as partners according to the percentages specified for each of them in the Agreement, and the partners shall bear the debit balance arising in the account for any reason whatsoever. The First Party shall be entitled to suspend the account in the event of the death or ineligibility of one of the partners or instituting any of the liquidation or administrative liquidation procedures against any of them, or receiving an advice from one of the partners testifying to the emergence of a dispute between them.
21. The invalidity, irregularity, or unenforceability of any of the clauses of the Agreement shall not render the remaining clauses of the Agreement as invalid, provided that both parties undertake to amend the relevant clause in accordance with the applicable regulations and controls.
22. The First Party shall be entitled to amend the Agreement from time to time - without prejudice to the guidelines of the Central Bank of Saudi Arabia - provided that the First Party shall advise the Second Party of such amendments within thirty (30) days of the effective date of their implementation. Such amendments shall be implemented after the lapse of the grace period referred to in this paragraph with effect from the date of their publication on the First Party's website. Non-withdrawal from the Agreement shall constitute the Second Party’s approval and acceptance of these amendments.
23. This Agreement shall remain in effect until the date of closing the account by either party.
24. The First Party shall safeguard the confidentiality of all data and account information provided by the Second Party, with the exception of what is disclosed by the First Party for specific professional and operational purposes - after obtaining the approval of the Second Party - and upon the request of competent government agencies in accordance with the relevant regulations and controls.; ClaomtemedrciailnRegtishtraetionbNao.n(2k05i2n0g019r20e),gP.uO.laBotxi9o3 nAlsKh,obraur 3l1e9s52aKinngddomnoof SramudisA.rabia,
Appears in 1 contract
Sources: Bank Account Opening Agreement