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The Pre-Authorized Payment Agreement is essential for establishing recurring payment arrangements in Saudi Arabia's banking sector. This document is typically used when setting up automatic payments for various services such as utility bills, insurance premiums, or loan installments. It must comply with Saudi Central Bank (SAMA) regulations, the Banking Control Law, and Islamic banking principles. The agreement details the authorization process, payment terms, customer rights and obligations, and the bank's responsibilities. It includes specific provisions for payment frequency, modification procedures, and cancellation rights, while ensuring data protection and Sharia compliance. This document is particularly important in the Saudi Arabian context where electronic banking services are rapidly evolving while maintaining adherence to traditional Islamic banking principles.

1. Parties: Identification of the bank/payment service provider and the customer, including full legal names and contact details

2. Background: Brief context explaining the purpose of the agreement and the banking relationship

3. Definitions: Key terms used throughout the agreement, including banking, payment, and technical terms

4. Authorization: Customer's explicit authorization for automatic debits, including scope and limitations

5. Payment Terms: Details of payment arrangements, including frequency, amount, and designated accounts

6. Duration: Term of the agreement and renewal provisions

7. Customer Obligations: Customer's responsibilities including maintaining sufficient funds and providing accurate information

8. Bank's Rights and Obligations: Bank's responsibilities and rights regarding payment processing and notification

9. Fees and Charges: Any applicable fees for the service, compliant with Sharia principles

10. Modification and Cancellation: Procedures for changing or terminating the payment arrangement

11. Data Protection: Handling of personal and financial information in compliance with Saudi law

12. Governing Law and Jurisdiction: Reference to Saudi law and Sharia compliance requirements