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Account Management Agreement
"I need an Account Management Agreement for a Saudi bank managing multiple corporate accounts for a large manufacturing company, including foreign currency accounts and digital banking services, to be implemented by March 2025."
1. Parties: Identification of the account manager and the client, including full legal names, addresses, and registration details
2. Background: Context of the agreement, including the client's desire to appoint the account manager and the account manager's qualifications and regulatory status
3. Definitions: Detailed definitions of terms used throughout the agreement, including regulatory and technical terms specific to Saudi banking
4. Appointment and Scope: Terms of appointment and detailed scope of account management services to be provided
5. Shariah Compliance: Declarations and commitments regarding compliance with Islamic banking principles
6. Regulatory Compliance: Obligations regarding SAMA regulations, AML requirements, and other applicable laws
7. Services and Obligations: Detailed description of services, account manager's obligations, and service standards
8. Client's Obligations: Client's responsibilities, including information provision and cooperation requirements
9. Fees and Expenses: Fee structure, payment terms, and expense allocation (structured in compliance with Shariah principles)
10. Representations and Warranties: Standard and specific representations and warranties from both parties
11. Confidentiality: Confidentiality obligations and data protection requirements under Saudi law
12. Term and Termination: Duration of agreement, renewal terms, and termination provisions
13. Liability and Indemnification: Limitations of liability and indemnification provisions compliant with Saudi law
14. Force Majeure: Events constituting force majeure and their consequences
15. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction provisions
16. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Investment Guidelines: Include when the account management involves investment decisions, specifying permitted investments and restrictions
2. Digital Services: Include when providing online or digital account management services, covering access, security, and liability
3. Sub-delegation: Include when the account manager may need to delegate certain functions to third parties
4. Multiple Account Provisions: Include when managing multiple accounts or account types for the client
5. Foreign Currency Provisions: Include when accounts in foreign currencies are being managed
6. Zakat Provisions: Include when the account manager provides Zakat calculation or payment services
7. Reporting Requirements: Include when specific custom reporting requirements are needed beyond standard reporting
1. Schedule 1 - Services Description: Detailed description of all account management services to be provided
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
3. Schedule 3 - Authorized Persons: List of authorized persons who can give instructions on behalf of the client
4. Schedule 4 - Account Details: Details of all accounts covered under the agreement
5. Schedule 5 - Service Levels: Specific service levels and performance metrics
6. Schedule 6 - Technical Requirements: Technical specifications for any digital services or interfaces
7. Appendix A - Required Documents: List of required documentation for account opening and maintenance
8. Appendix B - Compliance Procedures: Detailed compliance procedures including KYC and AML requirements
Authors
Banking & Financial Services
Corporate Services
Islamic Finance
Professional Services
Retail
Manufacturing
Technology
Healthcare
Real Estate
Energy
Telecommunications
Education
Government & Public Sector
Legal
Compliance
Finance
Operations
Risk Management
Corporate Banking
Client Services
Treasury
Shariah Advisory
Account Management
Regulatory Affairs
Account Manager
Relationship Manager
Compliance Officer
Legal Counsel
Chief Financial Officer
Treasury Manager
Financial Controller
Operations Manager
Risk Manager
Shariah Compliance Officer
Corporate Banking Manager
Finance Director
Company Secretary
Banking Operations Manager
Client Services Manager
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