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.
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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
1. Multiple Account Provisions: Additional terms for customers authorizing payments from multiple accounts
2. International Payments: Special provisions for cross-border payments if applicable
3. Digital Banking Services: Additional terms for online/mobile banking access and management
4. Joint Account Provisions: Special terms for pre-authorized payments from joint accounts
5. Business Customer Provisions: Additional terms specific to business or corporate customers
6. Force Majeure: Provisions for handling interruptions due to circumstances beyond parties' control
1. Schedule A - Payment Details: Detailed schedule of payment amounts, dates, and frequency
2. Schedule B - Authorized Accounts: List of accounts authorized for debiting and crediting
3. Schedule C - Fee Schedule: Breakdown of any applicable service fees and charges
4. Appendix 1 - Required Documents: List of supporting documents required for setup and maintenance
5. Appendix 2 - Contact Information: Detailed contact information for both parties including authorized representatives
6. Appendix 3 - Cancellation Form: Standard form for cancelling or modifying the pre-authorized payment arrangement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Insurance
Telecommunications
Utilities
Real Estate
Education
Healthcare
Retail
Professional Services
Islamic Banking
Relevant Teams
Legal
Compliance
Operations
Customer Service
Islamic Banking
Risk Management
Product Development
Documentation
Account Management
Treasury
Branch Operations
Relevant Roles
Banking Operations Manager
Compliance Officer
Legal Counsel
Payment Services Manager
Account Manager
Customer Service Representative
Islamic Banking Specialist
Treasury Manager
Financial Controller
Risk Management Officer
Product Development Manager
Operations Director
Branch Manager
Relationship Manager
Documentation Specialist
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