Rights and Obligations of Both Parties. 1. The First party is obligated to open a current account for the second party and to exert the necessary care to implement their orders on the account within the limits of banking regulations, rules, and norms. The First party is not responsible for any damage arising from the implementation of these orders unless this damage is a result of gross negligence, willful misconduct or failure to undertake the necessary diligence intended for the purposes of implementing this agreement; Caring, skill, prudence, and diligence according to the conditions that are expected to perform - within the reasonable limits - from any facility. 2. The First party has the right to benefit from the amounts deposited in the current account for their benefit, with their full commitment to enable the Second party from these amounts immediately upon their request. The Second party may not claim any profits from that, provided that the two parties may have an independent agreement to arrange the relationship in which the Second party can obtain Profits from those amounts. 3. The Second party is prohibited from using the account for any unlawful purpose or activity. They must inform the First party in the event of any objection or suspicion of operations taking place on their account, and the lapse of thirty days from the date of carrying out any operation without the Second party’s objection shall be considered as an approval and confirmation of its security. 4. The First party may collect a specific fee from the Second party in exchange for the services it provides. It may collect it directly without referring to the Second party, provided that these fees are not contradict with the regulations issued by the Saudi Central Bank and to be published in the branches of the First party and its website within (30) days before the fees are imposed. 5. The Second party shall bear any expenses or taxes imposed by the state regarding any services or products provided by the First party to the Second party, whether they are imposed now or might be imposed in the future. 6. The First party informs the Second party via text messages at the mobile phone number mentioned in the agreement - or any other means agreed upon - of the following: i. All transactions executed on the current account as soon as they occur. ii. Prior to the change of the account status, in a sufficient period of time. 7. The Second party is obligated to update the personal identity and their information recorded in the agreement as soon as it is updated or changed. The First party may, in the event of a breach of such and for the purposes of adherence to the applicable regulations, freeze the current account. 8. The Second party agrees that the First party, for the purposes of opening and operating the current account; and adhering to the applicable regulations shall obtain the 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 where the Second party breaches this agreement, the First party may take the measures it deems appropriate within the limits of the procedures stipulated in the banking regulations, rules and norms. 10. The Second party has the right to close the current account and obtain the full credit balance at any time, after submitting a request to the First party accompanied by the ATM cards, checks and any belongings arising from the account, while the First party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, and opening documentary credits, deducting commercial papers and other similar obligations that require the continuation of the account. 11. The First party may close the account when opening the current account without depositing any money in it for a period of (ninety) days from the date of opening the account, or if the Second party deposits a certain amount and then withdraws from it so that the account balance is (zero) for a period of (four) years. The First party shall take into consideration to notify the Second party via text messages for the mobile phone number mentioned in the agreement - or any other means agreed upon – with sufficient time 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 services and products provided by the First party, unless the Second party expresses unwillingness to receive these marketing messages and publications subject to article (First) hereunder. 13. The Second party has the right to inspect their account statement through electronic banking services, and they may also request that an account statement be sent to their e-mail or national address indicated in the agreement or to any other address they specify. 14. If the First party acknowledged the death of the Second party or the loss of their eligibility; or learned about an initiation of liquidation or any administrative liquidation procedures, then the First party reserves the right to stop the operations on the account until the heirs are determined by a legal instrument or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent court. 15. All the accounts of the Second party are considered as one account to the First party. The First party may at any time and without referring to the Second party conduct a set-off between the accounts and deduct from them in order to meet any obligations imposed on him. 16. It is not permissible for the party who has neglected or failed to notify the other party of changing the contact addresses or either of them within a period of (7) days, to consider that as an excuse for not being aware of such notice or not having received it. 17. The Second party shall refrain from making any transfers outside the Kingdom of Saudi Arabia to any non-profit 18. The First party does not bear any responsibility towards the Second party if delaying or failing to deliver the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First party, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First party, unless the delay or failure to deliver the bank transfer resulted from the First party’s failure to perform the necessary care or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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 subjected to the rate approved by the First party forforeign currency exchange. 20. The nullity, irregularity, or lack of implementation of any of the terms of the agreement shall not lead to the invalidity of the remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls. 21. The First party may amend the agreement from time to time - without prejudice to the instructions of the Saudi Central Bank - provided that the First party is obligated to inform the Second party of the amendments within thirty (30) days before the date of effectiveness. The amendments shall be applied after the lapse of the period referred to in this paragraph starting from the date of its publication on the First party's website. Not withdrawing from the agreement is considered as an approval and acceptance of the amendments from the Second party. 22. This agreement shall remain in effect until the date of closing the account by one of the parties 23. The First party shall preserve 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 for the competent 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
Samples: 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 to exert the necessary care to shall implement their orders his instructions on the account with due care and diligence within the limits framework of banking regulations, rulesrules and practices. However, and norms. The the First party is Party shall not responsible be held accountable for any damage arising from the implementation of these orders instructions unless this damage is a result of his gross negligence, negligence or his willful commitment of misconduct or failure to undertake the necessary act with due diligence intended for the purposes of implementing this agreement; CaringAgreement with due care, skill, prudence, prudence and diligence according to and under the conditions circumstances that are expected to perform - within the reasonable limits - from any facilitybe performed reasonably by a similar enterprise.
2. The First party has Party shall be entitled to utilize the right to benefit from the amounts funds deposited in the current account for their its own benefit, with their subject to its full commitment to enable the Second party from Party to have access to these amounts funds immediately upon their his request. The Second party may Party shall not be entitled to claim any profits from thattherefrom. However, provided that the two parties may have an independent agreement to arrange the their relationship in which whereby the Second party Party can obtain Profits profits from those amountsfunds.
3. The Second party is Party shall be prohibited from using utilizing the account for any unlawful purpose or activity. They must , and he should inform the First party Party in the event of any objection or suspicion of operations taking place on their his account, and the . The lapse of thirty days from the date of carrying out any operation transaction without the Second partyParty’s objection shall be considered as deemed to constitute an approval and confirmation by the Second Party of its securitythe validity of such transaction.
4. The First party Party may collect a specific fee from the Second party Party in exchange for the services it provides. It provides to him, and it may collect it such fee directly without referring to the Second partyParty provided, provided however, that these such fees are not contradict inconsistent with the regulations guidelines duly issued by the Saudi Central Bank of Saudi Arabia, and to be that they are published in by the branches of the First party Party and its website within a deadline of thirty (30) days before prior to the fees are imposedapplication of such fees.
5. The Second party Party shall bear any current and future expenses or taxes which may be imposed by the state government regarding any services or products provided by the First party Party to the Second party, whether they are imposed now or might be imposed in the futureParty.
6. The First party informs Party shall advise the Second party Party via text messages at on the mobile phone number mentioned stated in the agreement this Agreement - or any other means that may be mutually agreed upon - of the following:
i. A. All transactions executed on the current account as soon as they occur.
ii. Prior to the change of B. Change the account status, in or suspend the delegate’s powers for a sufficient period of timeperiod.
7. The Second party is obligated to Party shall forthwith update the data of his personal identity and their other personal information duly recorded in the agreement as soon as it is updated or changed. The First party mayAgreement, and in the event case of a breach of such non-conforming with this requirement and for the purposes of adherence 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 the First partythat, for the purposes of opening and operating running the current account; account and adhering to complying with the applicable regulations regulations, the First Party 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 trusted and independent bodies.
910. In the event where of a breach by the Second party breaches Party of this agreementAgreement, the First party may Party shall be entitled to take the measures it deems appropriate within the limits framework of the procedures stipulated in the applicable banking regulations, rules and normspractices.
1011. The Second party has the right Party shall be entitled to close the current account and obtain recover the full credit balance at any time, after submitting a request to the First party Party accompanied by the ATM cards, checks and any belongings arising from other items related to the account, while the . The First party Party may reject decline the request to close the account if it is found to be associated with any financial obligations obligations, such as issuing letters of guarantee, and opening documentary letter of credits, deducting discount of commercial papers bills and other similar obligations that require the continuation of the account.
1112. The First party may Party shall be entitled to close the account when opening the current account without depositing in case of failure of the Second Party to deposit any money funds in it this account for a period of (ninety) days from the date of opening the accountits opening, or if the Second party Party deposits a certain amount and then subsequently withdraws from it so that the account balance is (zero) rendered zero for a period of (four) years. The , provided that the First party Party shall take into consideration to notify advise the Second party Party via text messages for the over his mobile phone number mentioned in the agreement Agreement - or any other approved means agreed upon – with sufficient time 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 Party may send text messages, communicate by phone, or send marketing publications to the Second party Party regarding the services and products provided by the First party, Party unless the Second party expresses Party shows unwillingness to receive these such marketing messages and publications subject to article (First) hereunderpublications.
1315. The Second party has the right Party shall be entitled to inspect their have access to his account statement through electronic banking services, services and they may also request that to be served an account statement be sent to their on his e-mail or national address as indicated in the agreement Agreement or to any other address they specifyhe specifies.
1416. If Upon becoming aware- by written notice from the First party acknowledged competent court or on its behalf or from an announcement in the official gazette - of the death of the Second party owner of the sole proprietorship in whose name the account is opened, or 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 the loss issuance of their eligibility; a decision to liquidate the company that owns the account, or learned about an initiation instituting any of the liquidation or any administrative liquidation proceduresprocedures for the Second Party, then the First party reserves the right to stop the operations Party shall 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 instrument amended, or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent courtin accordance with relevant statutory provisions and procedures.
1517. All the accounts of the Second party are considered as one account to Party with the First party. The Party shall constitute one consolidated account, and the First party Party may at any time and time, without referring recourse to the Second party Party, conduct a set-off between the accounts them and deduct any funds from them in order to meet any obligations imposed on himaccruing from the Second Party.
1618. It is not permissible for the a party who has defaulted or neglected or failed to notify the other party of changing the its contact addresses or either of them within a period of (7) days, to consider that as an them; excuse themselves for not being aware of such notice the notification or not having received it.
1719. The Second party Party shall refrain from making any transfers remittance of funds outside the Kingdom of Saudi Arabia to any non-profitprofit 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. (12)
1820. The First party Party does not bear any responsibility towards the Second party if delaying Party for delay or failing to deliver non- delivery of the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First partyParty, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First partyParty’s control, unless the such delay or failure to deliver non- delivery of the bank transfer resulted from is attributed to the First partyParty’s failure to perform the necessary care apply due diligence or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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.
1921. All deposits and withdrawals in foreign currency shall be subjected subject to the exchange rate approved adopted by the First party forforeign 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 nullityFirst 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.
23. The invalidity, irregularity, or lack of implementation unenforceability of any of the terms clauses of the agreement Agreement shall not lead to render the invalidity remaining clauses of the remaining provisions of the agreement. The two Agreement as invalid, provided that both parties shall undertake to amend the relevant clause in accordance with the relevant applicable regulations and controls.
2124. The First party may Party shall be entitled to amend the agreement Agreement from time to time - without prejudice to the instructions guidelines of the Saudi Central Bank of Saudi Arabia - provided that the First party is obligated to inform Party shall advise the Second party Party of the such amendments within thirty (30) days before of the effective date of effectivenesstheir implementation. The Such amendments shall be applied implemented after the lapse of the grace period referred to in this paragraph starting with effect from the date of its their publication on the First partyParty's website. Not withdrawing Non-withdrawal on part of the Second Party from the agreement is considered as Agreement shall constitute an implied approval and acceptance of the amendments from the Second partythese amendments.
2225. This agreement Agreement shall remain in effect until the date of closing the account by one of the partieseither party.
2326. The First party Party shall preserve safeguard 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 for upon the request of competent governmental entities government agencies in accordance with the relevant regulations and controls.
2427. The First party Party may keep all documents related to the Second partyParty’s account for a minimum period of ten (10) years as a minimum from the date of the agreementAgreement’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 1 contract
Samples: 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 to exert the necessary care to implement their orders on the account within the limits of banking regulations, rules, and norms. The First party is not responsible for any damage arising from the implementation of these orders unless this damage is a result of gross negligence, willful misconduct or failure to undertake the necessary diligence intended for the purposes of implementing this agreement; Caring, skill, prudence, and diligence according to the conditions that are expected to perform - within the reasonable limits - from any facility.
2. The First party has the right to benefit from the amounts deposited in the current account for their benefit, with their full commitment to enable the Second party from these amounts immediately upon their request. The Second party may not claim any profits from that, provided that the two parties may have an independent agreement to arrange the relationship in which the Second party can obtain Profits from those amounts.provided
3. The Second party is prohibited from using the account for any unlawful purpose or activity. They must inform the First party in the event of any objection or suspicion of operations taking place on their account, and the lapse of thirty days from the date of carrying out any operation without the Second party’s objection shall be considered as an approval and confirmation of its security.
4. The First party may collect a specific fee from the Second party in exchange for the services it provides. It may collect it directly without referring to the Second party, provided that these fees are not contradict with the regulations issued by the Saudi Central Bank and to be published in the branches of the First party and its website within (30) days before the fees are imposed.
5. The Second party shall bear any expenses or taxes imposed by the state regarding any services or products provided by the First party to the Second party, whether they are imposed now or might be imposed in the future.
6. The First party informs the Second party via text messages at the mobile phone number mentioned in the agreement - or any other means agreed upon - of the following:
i. All transactions executed on the current account as soon as they occur.
. ii. Prior to the change of the account status, in a sufficient period of time.
7. The Second party is obligated to update the personal identity and their information recorded in the agreement as soon as it is updated or changed. The First party may, in the event of a breach of such and for the purposes of adherence to the applicable regulations, freeze the current account.
8. The Second party agrees that the First party, for the purposes of opening and operating the current account; and adhering to the applicable regulations shall obtain the 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 where the Second party breaches this agreement, the First party may take the measures it deems appropriate within the limits of the procedures stipulated in the banking regulations, rules and norms.
10. The Second party has the right to close the current account and obtain the full credit balance at any time, after submitting a request to the First party accompanied by the ATM cards, checks and any belongings arising from the account, while the First party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, and opening documentary credits, deducting commercial papers and other similar obligations that require the continuation of the account.
11. The First party may close the account when opening the current account without depositing any money in it for a period of (ninety) days from the date of opening the account, or if the Second party deposits a certain amount and then withdraws from it so that the account balance is (zero) for a period of (four) years. The First party shall take into consideration to notify the Second party via text messages for the mobile phone number mentioned in the agreement - or any other means agreed upon – with sufficient time 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 services and products provided by the First party, unless the Second party expresses unwillingness to receive these marketing messages and publications subject to article (First) hereunder.
13. The Second party has the right to inspect their account statement through electronic banking services, and they may also request that an account statement be sent to their e-mail or national address indicated in the agreement or to any other address they specify.
14. If the First party acknowledged the death of the Second party or the loss of their eligibility; or learned about an initiation of liquidation or any administrative liquidation procedures, then the First party reserves the right to stop the operations on the account until the heirs are determined by a legal instrument or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second party are considered as one account to the First party. The First party may at any time and without referring to the Second party conduct a set-off between the accounts and deduct from them in order to meet any obligations imposed on him.
16. It is not permissible for the party who has neglected or failed to notify the other party of changing the contact addresses or either of them within a period of (7) days, to consider that as an excuse for not being aware of such notice or not having received it.
17. The Second party shall refrain from making any transfers outside the Kingdom of Saudi Arabia to any non-profitprofit organizations, and the First party shall refuse to make these transfers1.
18. The First party does not bear any responsibility towards the Second party if delaying or failing to deliver the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First party, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First party, unless the delay or failure to deliver the bank transfer resulted from the First party’s failure to perform the necessary care or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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 subjected to the rate approved by the First party forforeign currency exchange.
20. The nullity, irregularity, or lack of implementation of any of the terms of the agreement shall not lead to the invalidity of the remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The First party may amend the agreement from time to time - without prejudice to the instructions of the Saudi Central Bank - provided that the First party is obligated to inform the Second party of the amendments within thirty (30) days before the date of effectiveness. The amendments shall be applied after the lapse of the period referred to in this paragraph starting from the date of its publication on the First party's website. Not withdrawing from the agreement is considered as an approval and acceptance of the amendments from the Second party.First
22. This agreement shall remain in effect until the date of closing the account by one of the parties
23. The First party shall preserve 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 for the competent 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.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: • Customer name • Account number • Phone number • ID number • Email:
Appears in 1 contract
Samples: Current Account Agreement
Rights and Obligations of Both Parties. 1. The First party is obligated to open a current account for the second party and to exert the necessary care to implement their orders on the account within the limits of banking regulations, rules, and norms. The First party is not responsible for any damage arising from the implementation of these orders unless this damage is a result of gross negligence, willful misconduct or failure to undertake the necessary diligence intended for the purposes of implementing this agreement; Caring, skill, prudence, and diligence according to the conditions that are expected to perform - within the reasonable limits - from any facility.
2. The First party has the right to benefit from the amounts deposited in the current account for their benefit, with their full commitment to enable the Second party from these amounts immediately upon their request. The Second party may not claim any profits from that, provided that the two parties may have an independent agreement to arrange the relationship in which the Second party can obtain Profits from those amounts.
3. The Second party is prohibited from using the account for any unlawful purpose or activity. They must inform the First party in the event of any objection or suspicion of operations taking place on their account, and the lapse of thirty days from the date of carrying out any operation without the Second party’s objection shall be considered as an approval and confirmation of its security.
4. The First party may collect a specific fee from the Second party in exchange for the services it provides. It may collect it directly without referring to the Second party, provided that these fees are not contradict with the regulations issued by the Saudi Central Bank and to be published in the branches of the First party and its website within (30) days before the fees are imposed.
5. The Second party shall bear any expenses or taxes imposed by the state regarding any services or products provided by the First party to the Second party, whether they are imposed now or might be imposed in the future.
6. The First party informs the Second party via text messages at the mobile phone number mentioned in the agreement - or any other means agreed upon - of the following:
i. All transactions executed on the current account as soon as they occur.
ii. Prior to the change of the account status, in a sufficient period of time.
7. The Second party is obligated to update the personal identity and their information recorded in the agreement as soon as it is updated or changed. The First party may, in the event of a breach of such and for the purposes of adherence to the applicable regulations, freeze the current account.
8. The Second party agrees that the First party, for the purposes of opening and operating the current account; and adhering to the applicable regulations shall obtain the 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 where the Second party breaches this agreement, the First party may take the measures it deems appropriate within the limits of the procedures stipulated in the banking regulations, rules and norms.
10. The Second party has the right to close the current account and obtain the full credit balance at any time, after submitting a request to the First party accompanied by the ATM cards, checks and any belongings arising from the account, while the First party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, and opening documentary credits, deducting commercial papers and other similar obligations that require the continuation of the account.
11. The First party may close the account when opening the current account without depositing any money in it for a period of (ninety) days from the date of opening the account, or if the Second party deposits a certain amount and then withdraws from it so that the account balance is (zero) for a period of (four) years. The First party shall take into consideration to notify the Second party via text messages for the mobile phone number mentioned in the agreement - or any other means agreed upon – with sufficient time 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 services and products provided by the First party, unless the Second party expresses unwillingness to receive these marketing messages and publications subject to article (First) hereunder.
13. The Second party has the right to inspect their account statement through electronic banking services, and they may also request that an account statement be sent to their e-mail or national address indicated in the agreement or to any other address they specify.
14. If the First party acknowledged the death of the Second party or the loss of their eligibility; or learned about an initiation of liquidation or any administrative liquidation procedures, then the First party reserves the right to stop the operations on the account until the heirs are determined by a legal instrument or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second party are considered as one account to the First party. The First party may at any time and without referring to the Second party conduct a set-off between the accounts and deduct from them in order to meet any obligations imposed on him.
16. It is not permissible for the party who has neglected or failed to notify the other party of changing the contact addresses or either of them within a period of (7) days, to consider that as an excuse for not being aware of such notice or not having received it.
17. The Second party shall refrain from making any transfers outside the Kingdom of Saudi Arabia to any non-profitprofit organizations, and the First party shall refuse to make these transfers10.
18. The First party does not bear any responsibility towards the Second party if delaying or failing to deliver the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First party, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First party, unless the delay or failure to deliver the bank transfer resulted from the First party’s failure to perform the necessary care or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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 subjected to the rate approved by the First party forforeign for foreign currency exchange.
20. The nullity, irregularity, or lack of implementation of any of the terms of the agreement shall not lead to the invalidity of the remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The First party may amend the agreement from time to time - without prejudice to the instructions of the Saudi Central Bank - provided that the First party is obligated to inform the Second party of the amendments within thirty (30) days before the date of effectiveness. The amendments shall be applied after the lapse of the period referred to in this paragraph starting from the date of its publication on the First party's website. Not withdrawing from the agreement is considered as an approval and acceptance of the amendments from the Second party.
22. This agreement shall remain in effect until the date of closing the account by one of the parties.
23. The First party shall preserve 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 for the competent 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 1 contract
Samples: 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 to exert the necessary care to implement their orders on the account within the limits of banking regulations, rules, and norms. The First party is not responsible for any damage arising from the implementation of these orders unless this damage is a result of gross negligence, willful misconduct or failure to undertake the necessary diligence intended for the purposes of implementing this agreement; Caring, skill, prudence, and diligence according to the conditions that are expected to perform - within the reasonable limits - from any facility.
2. The First party has the right to benefit from the amounts deposited in the current account for their benefit, with their full commitment to enable the Second party from these amounts immediately upon their request. The Second party may not claim any profits from that, provided that the two parties may have an independent agreement to arrange the relationship in which the Second party can obtain Profits from those amounts.
3. The Second party is prohibited from using the account for any unlawful purpose or activity. They must inform the First party in the event of any objection or suspicion of operations taking place on their account, and the lapse of thirty days from the date of carrying out any operation without the Second party’s objection shall be considered as an approval and confirmation of its security.
4. The First party may collect a specific fee from the Second party in exchange for the services it provides. It may collect it directly without referring to the Second party, provided that these fees are not contradict with the regulations issued by the Saudi Central Bank and to be published in the branches of the First party and its website within (30) days before the fees are imposed.
5. The Second party shall bear any expenses or taxes imposed by the state regarding any services or products provided by the First party to the Second party, whether they are imposed now or might be imposed in the future.
6. The First party informs the Second party via text messages at the mobile phone number mentioned in the agreement - or any other means agreed upon - of the following:
i. All transactions executed on the current account as soon as they occur.
ii. Prior to the change of the account status, in a sufficient period of time.
7. The Second party is obligated to update the personal identity and their information recorded in the agreement as soon as it is updated or changed. The First party may, in the event of a breach of such and for the purposes of adherence to the applicable regulations, freeze the current account.
8. The Second party agrees that the First party, for the purposes of opening and operating the current account; and adhering to the applicable regulations shall obtain the 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 where the 9Gu.lf InItnerntahtieonaelvBeannkt- SwauhdieArreabitahe Second party breaches this agreement, the First party may take the measures it deems appropriate within the limits of the procedures stipulated in the banking regulations, rules and norms.
10. The Second party has the right to close the current account and obtain the full credit balance at any time, after submitting a request to the First party accompanied by the ATM cards, checks and any belongings arising from the account, while the First party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, and opening documentary credits, deducting commercial papers and other similar obligations that require the continuation of the account.
11. The First party may close the account when opening the current account without depositing any money in it for a period of SaudiaClpospedrJooinpt Srtioacktceomwpaniytwhitihna ctaphitael ofliSmAR i(7t,s500o,0f00t,0h00e) Upnifireod cNuemdbeur (ninety) days from the date of opening the account, or if the Second party deposits a certain amount and then withdraws from it so that the account balance is (zero) for a period of (four) years. The First party shall take into consideration to notify the Second party via text messages for the mobile phone number mentioned in the agreement - or any other means agreed upon – with sufficient time 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 services and products provided by the First party, unless the Second party expresses unwillingness to receive these marketing messages and publications subject to article (First) hereunder.
13. The Second party has the right to inspect their account statement through electronic banking services, and they may also request that an account statement be sent to their e-mail or national address indicated in the agreement or to any other address they specify.
14. If the First party acknowledged the death of the Second party or the loss of their eligibilityr7e00s13s9t90ip42u); or learned about an initiation of liquidation or any administrative liquidation procedures, then the First party reserves the right to stop the operations on the account until the heirs are determined by a legal instrument or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second party are considered as one account to the First party. The First party may at any time and without referring to the Second party conduct a set-off between the accounts and deduct from them in order to meet any obligations imposed on him.
16. It is not permissible for the party who has neglected or failed to notify the other party of changing the contact addresses or either of them within a period of (7) days, to consider that as an excuse for not being aware of such notice or not having received it.
17. The Second party shall refrain from making any transfers outside the Kingdom of Saudi Arabia to any non-profit
18. The First party does not bear any responsibility towards the Second party if delaying or failing to deliver the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First party, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First party, unless the delay or failure to deliver the bank transfer resulted from the First party’s failure to perform the necessary care or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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 subjected to the rate approved by the First party forforeign currency exchange.
20. The nullity, irregularity, or lack of implementation of any of the terms of the agreement shall not lead to the invalidity of the remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The First party may amend the agreement from time to time - without prejudice to the instructions of the Saudi Central Bank - provided that the First party is obligated to inform the Second party of the amendments within thirty (30) days before the date of effectiveness. The amendments shall be applied after the lapse of the period referred to in this paragraph starting from the date of its publication on the First party's website. Not withdrawing from the agreement is considered as an approval and acceptance of the amendments from the Second party.
22. This agreement shall remain in effect until the date of closing the account by one of the parties
23. The First party shall preserve 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 for the competent 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 • EmailClaomtemedrciailnRegtishtraetionbNao.n(2k05i2n0g019r20e),gP.uO.laBotxi9o3 nAlsKh,obraur 3l1e9s52aKinngddomnoof SramudisA.rabia,
Appears in 1 contract
Samples: 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 to exert the necessary care to implement their orders on the account within the limits of banking regulations, rules, and norms. The First party is not responsible for any damage arising from the implementation of these orders unless this damage is a result of gross negligence, willful misconduct or failure to undertake the necessary diligence intended for the purposes of implementing this agreement; Caring, skill, prudence, and diligence according to the conditions that are expected to perform - within the reasonable limits - from any facility.
2. The First party has the right to benefit from the amounts deposited in the current account for their benefit, with their full commitment to enable the Second party from these amounts immediately upon their request. The Second party may not claim any profits from that, provided that the two parties may have an independent agreement to arrange the relationship in which the Second party can obtain Profits from those amounts.
3. The Second party is prohibited from using the account for any unlawful purpose or activity. They must inform the First party in the event of any objection or suspicion of operations taking place on their account, and the lapse of thirty days from the date of carrying out any operation without the Second party’s objection shall be considered as an approval and confirmation of its security.
4. The First party may collect a specific fee from the Second party in exchange for the services it provides. It may collect it directly without referring to the Second party, provided that these fees are not contradict with the regulations issued by the Saudi Central Bank and to be published in the branches of the First party and its website within (30) days before the fees are imposed.
5. The Second party shall bear any expenses or taxes imposed by the state regarding any services or products provided by the First party to the Second party, whether they are imposed now or might be imposed in the future.
6. The First party informs the Second party via text messages at the mobile phone number mentioned in the agreement - or any other means agreed upon - of the following:
i. All transactions executed on the current account as soon as they occur.
ii. Prior to the change of the account status, in a sufficient period of time.
7. The Second party is obligated to update the personal identity and their information recorded in the agreement as soon as it is updated or changed. The First party may, in the event of a breach of such and for the purposes of adherence to the applicable regulations, freeze the current account.
8. The Second party agrees that the First party, for the purposes of opening and operating the current account; and adhering to the applicable regulations shall obtain the 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 where the Second party breaches this agreement, the First party may take the measures it deems appropriate within the limits of the procedures stipulated in the banking regulations, rules and norms.
10. The Second party has the right to close the current account and obtain the full credit balance at any time, after submitting a request to the First party accompanied by the ATM cards, checks and any belongings arising from the account, while the First party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, and opening documentary credits, deducting commercial papers and other similar obligations that require the continuation of the account.
11. The First party may close the account when opening the current account without depositing any money in it for a period of (ninety) days from the date of opening the account, or if the Second party deposits a certain amount and then withdraws from it so that the account balance is (zero) for a period of (four) years. The First party shall take into consideration to notify the Second party via text messages for the mobile phone number mentioned in the agreement - or any other means agreed upon – with sufficient time 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 services and products provided by the First party, unless the Second party expresses unwillingness to receive these marketing messages and publications subject to article (First) hereunder.
13. The Second party has the right to inspect their account statement through electronic banking services, and they may also request that an account statement be sent to their e-mail or national address indicated in the agreement or to any other address they specify.
14. If the First party acknowledged the death of the Second party or the loss of their eligibility; or learned about an initiation of liquidation or any administrative liquidation procedures, then the First party reserves the right to stop the operations on the account until the heirs are determined by a legal instrument or the assignment of the guardian / legal guardian or liquidator (the trustee or bankruptcy committee) authorized to manage the account is appointed by a decision of the competent court.
15. All the accounts of the Second party are considered as one account to the First party. The First party may at any time and without referring to the Second party conduct a set-off between the accounts and deduct from them in order to meet any obligations imposed on him.
16. It is not permissible for the party who has neglected or failed to notify the other party of changing the contact addresses or either of them within a period of (7) days, to consider that as an excuse for not being aware of such notice or not having received it.
17. The Second party shall refrain from making any transfers outside the Kingdom of Saudi Arabia to any non-profit
18. The First party does not bear any responsibility towards the Second party if delaying or failing to deliver the bank transfer to the beneficiary due to an error or malfunction occurring in the technical systems beyond the control of the First party, or in the event that the beneficiary’s information is incomplete or not available, or for any other reason beyond the control of the First party, unless the delay or failure to deliver the bank transfer resulted from the First party’s failure to perform the necessary care or his gross negligence. 10 - Royal Decree No. (55871) dated 091436/05/ AH states that the Xxxx Xxxxxx 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 subjected to the rate approved by the First party forforeign currency exchange.
20. The nullity, irregularity, or lack of implementation of any of the terms of the agreement shall not lead to the invalidity of the remaining provisions of the agreement. The two parties shall undertake to amend the clause in accordance with the relevant regulations and controls.
21. The First party may amend the agreement from time to time - without prejudice to the instructions of the Saudi Central Bank - provided that the First party is obligated to inform the Second party of the amendments within thirty (30) days before the date of effectiveness. The amendments shall be applied after the lapse of the period referred to in this paragraph starting from the date of its publication on the First party's website. Not withdrawing from the agreement is considered as an approval and acceptance of the amendments from the Second party.
22. This agreement shall remain in effect until the date of closing the account by one of the parties
23. The First party shall preserve 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 for the competent 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 1 contract
