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Account Management Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

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."

Document background
The Account Management Agreement is essential for establishing formal relationships between financial institutions and their clients in Saudi Arabia. It is used when a client requires professional management of their banking accounts, whether for corporate or individual purposes. The agreement must comply with Saudi Arabian banking regulations, SAMA guidelines, and Shariah principles, making it distinct from conventional banking agreements used in other jurisdictions. The document covers crucial aspects including service scope, fees, compliance requirements, reporting obligations, and operational procedures. It's particularly important in the Saudi context due to the need to integrate Islamic banking principles and local regulatory requirements while maintaining international banking standards.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions









































Clauses

































Relevant Industries

Banking & Financial Services

Corporate Services

Islamic Finance

Professional Services

Retail

Manufacturing

Technology

Healthcare

Real Estate

Energy

Telecommunications

Education

Government & Public Sector

Relevant Teams

Legal

Compliance

Finance

Operations

Risk Management

Corporate Banking

Client Services

Treasury

Shariah Advisory

Account Management

Regulatory Affairs

Relevant Roles

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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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