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Deposit Control Agreement

Deposit Control Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Deposit Control Agreement

"I need a Deposit Control Agreement for a bilateral arrangement between our manufacturing company and First Saudi Bank, to be effective from March 1, 2025, with basic account control provisions and standard Sharia-compliant terms."

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Document background
The Deposit Control Agreement is a crucial document used in Saudi Arabian banking and finance transactions to establish formal control over specified deposit accounts. This agreement is typically implemented when parties need to create security interests over bank accounts or when specific control mechanisms are required for project finance, corporate lending, or other structured finance arrangements. The document addresses the unique requirements of Saudi Arabian law, including compliance with Sharia principles and SAMA regulations. It sets out the framework for managing deposit accounts, including operational procedures, authorization requirements, and the rights and obligations of all parties involved. The agreement is particularly important in securing financing arrangements and ensuring proper control over cash flows in commercial transactions within the Saudi Arabian jurisdiction.
Suggested Sections

1. Parties: Identification of all parties to the agreement including the depositor, bank/financial institution, and any controlling parties

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Deposit Control Arrangements: Core provisions regarding the control and management of deposits

5. Bank's Rights and Obligations: Detailed description of the bank's responsibilities and authority regarding the deposits

6. Depositor's Rights and Obligations: Obligations and rights of the depositor regarding the controlled accounts

7. Operating Procedures: Specific procedures for deposit management, withdrawals, and transfers

8. Sharia Compliance: Provisions ensuring compliance with Islamic banking principles

9. Representations and Warranties: Standard representations and warranties from all parties

10. Security Provisions: Security measures and controls for account access and management

11. Fees and Charges: Details of any applicable fees, charges, and payment terms

12. Term and Termination: Duration of the agreement and termination provisions

13. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction details

14. General Provisions: Standard boilerplate provisions including notices, amendments, and assignment

Optional Sections

1. Additional Party Provisions: Required when there are multiple controlling parties or beneficiaries

2. Foreign Currency Provisions: Needed when deposits include foreign currency accounts

3. Electronic Banking Services: Required when electronic banking services are part of the arrangement

4. Special Purpose Account Provisions: Needed for accounts with specific purposes or restrictions

5. Regulatory Compliance: Additional section for specific regulatory requirements beyond standard compliance

6. Force Majeure: Optional provisions for unforeseen circumstances affecting account operations

7. Confidentiality: Detailed confidentiality provisions if required beyond general provisions

Suggested Schedules

1. Schedule 1 - Controlled Accounts: List and details of all accounts subject to the control agreement

2. Schedule 2 - Authorized Signatories: List of authorized persons and their signing authorities

3. Schedule 3 - Operating Procedures: Detailed operational procedures and processes

4. Schedule 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges

5. Schedule 5 - Forms and Notices: Standard forms for instructions, notices, and other communications

6. Appendix A - Compliance Checklist: Checklist ensuring compliance with Saudi banking regulations

7. Appendix B - Security Protocols: Detailed security procedures and protocols

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

alex.den.21@genieai.co
Relevant legal definitions




































Clauses






































Relevant Industries

Banking

Financial Services

Islamic Finance

Corporate Finance

Investment Banking

Asset Management

Treasury Services

Commercial Banking

Industrial Manufacturing

Real Estate

Infrastructure Development

Energy

Construction

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Islamic Banking

Operations

Account Management

Transaction Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Compliance Officer

Banking Relationship Manager

Account Manager

Financial Controller

Risk Manager

Corporate Banking Officer

Islamic Banking Specialist

Security Trustee

Transaction Manager

Corporate Finance 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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