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Zero Balance Account Agreement

Zero Balance Account Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Zero Balance Account Agreement

"I need a Zero Balance Account Agreement under Hong Kong law for a multinational technology company with 5 subsidiary accounts, including provisions for multi-currency transactions and electronic banking services, to be implemented by March 2025."

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Document background
The Zero Balance Account Agreement is a specialized banking document used in Hong Kong for establishing sophisticated cash management solutions for corporate clients. It is particularly relevant for businesses operating multiple accounts or subsidiaries that need efficient cash concentration and liquidity management. The agreement details the automated process of maintaining a zero balance through daily sweeping mechanisms, typically transferring excess funds to or from a master account. This document is essential for companies implementing centralized treasury management systems in Hong Kong, ensuring compliance with local banking regulations while optimizing working capital efficiency. The agreement includes comprehensive terms covering account operation, electronic banking services, security protocols, and the rights and obligations of both the bank and the corporate client.
Suggested Sections

1. Parties: Identifies the bank and account holder, including their full legal names and addresses

2. Background: Explains the purpose of the agreement and the nature of a zero balance account

3. Definitions: Defines key terms used throughout the agreement, including technical banking terms

4. Account Operation: Details the basic operation of the zero balance account, including sweeping mechanisms and timing

5. Services and Features: Specifies the services provided with the account and any limitations

6. Fees and Charges: Outlines all applicable fees, charges, and how they will be collected

7. Bank's Rights and Obligations: Details the bank's responsibilities and rights in managing the account

8. Customer's Rights and Obligations: Specifies the customer's responsibilities and rights regarding the account

9. Communications: Describes how notices and communications between parties will be handled

10. Security and Access: Covers account security measures and access protocols

11. Termination: Details how the agreement can be terminated by either party

12. General Provisions: Includes standard legal provisions such as governing law, amendments, and force majeure

Optional Sections

1. Electronic Banking Services: Required when online banking services are provided with the account

2. Linked Accounts: Needed when multiple accounts are linked to the zero balance account

3. Foreign Currency Provisions: Required for accounts handling multiple currencies

4. Group Company Arrangements: Needed when the account is part of a corporate group structure

5. Special Instructions: Used when customer requires specific handling instructions

6. Agent Authorization: Required when third-party agents are authorized to operate the account

Suggested Schedules

1. Schedule 1: Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2: Operating Procedures: Detailed procedures for account operation, including cut-off times and processing schedules

3. Schedule 3: Authorized Signatories: List of authorized persons who can operate the account

4. Schedule 4: Electronic Banking Terms: Specific terms and conditions for electronic banking services

5. Appendix A: Account Opening Form: Standard form for collecting account holder information

6. Appendix B: Specimen Signatures: Document containing specimen signatures of authorized signatories

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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



















































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Relevant Industries

Banking

Financial Services

Corporate Treasury

Manufacturing

Retail

Healthcare

Technology

Telecommunications

Education

Government

Hospitality

Transportation

Insurance

Relevant Teams

Treasury

Finance

Legal

Compliance

Operations

Cash Management

Corporate Banking

Account Services

Risk Management

Financial Control

Relevant Roles

Treasury Manager

Chief Financial Officer

Finance Director

Cash Management Specialist

Corporate Banking Manager

Financial Controller

Account Manager

Treasury Operations Officer

Banking Relationship Manager

Corporate Treasurer

Finance Manager

Legal Counsel

Compliance Officer

Treasury Analyst

Senior Finance Executive

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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