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Trust Account Agreement
"I need a Trust Account Agreement for a UAE-based real estate development project where our company will act as trustee managing buyer deposits for off-plan property sales, with expected completion in March 2025."
1. Parties: Identifies and defines all parties to the agreement including the trustee, beneficiary(ies), and any other relevant parties
2. Background: Sets out the context and purpose of the trust account arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Appointment of Trustee: Formal appointment of the trustee and acceptance of the role
5. Trust Account Establishment: Details of the trust account setup, including account designation and initial funding
6. Purpose and Scope: Specific purpose of the trust account and permitted activities
7. Trustee Powers and Duties: Comprehensive list of trustee's powers, responsibilities, and obligations
8. Operating Procedures: Procedures for managing the trust account, including deposits, withdrawals, and investments
9. Fees and Expenses: Details of trustee fees, account charges, and payment of expenses
10. Reporting and Records: Requirements for account reporting, record-keeping, and audit procedures
11. Compliance Requirements: Obligations regarding AML/CFT regulations and other applicable laws
12. Liability and Indemnification: Scope of trustee liability and indemnification provisions
13. Term and Termination: Duration of the agreement and circumstances for termination
14. Governing Law and Jurisdiction: Specifies UAE law as governing law and jurisdiction for disputes
15. General Provisions: Standard clauses including notices, amendments, and severability
1. Shariah Compliance: Required when the trust account needs to operate in accordance with Islamic finance principles
2. Investment Guidelines: Included when the trust account involves investment activities
3. Multi-Currency Provisions: Required for trust accounts handling multiple currencies
4. Sub-Trust Provisions: Needed when the structure involves sub-trusts or multiple account arrangements
5. Third-Party Rights: Included when third parties have specific rights under the agreement
6. Force Majeure: Optional provisions for extraordinary circumstances affecting account operation
7. Confidentiality: Detailed confidentiality provisions beyond standard requirements
8. Tax Provisions: Specific tax-related provisions when required by the nature of the trust
1. Schedule 1 - Account Details: Specific details of the trust account(s) including account numbers and designations
2. Schedule 2 - Fee Schedule: Detailed breakdown of all fees, charges, and compensation
3. Schedule 3 - Authorized Signatories: List of authorized signatories and their signing powers
4. Schedule 4 - Operating Procedures: Detailed procedures for account operation and management
5. Schedule 5 - Reporting Requirements: Specific reporting formats, frequencies, and requirements
6. Appendix A - KYC Documentation: Required Know Your Customer documentation and verification requirements
7. Appendix B - Compliance Checklist: Checklist of regulatory compliance requirements
8. Appendix C - Forms and Templates: Standard forms for account operations and instructions
Authors
Banking and Financial Services
Real Estate and Property Development
Legal Services
Investment Management
Construction and Infrastructure
Insurance
Healthcare
Education
Professional Services
Islamic Finance
Legal
Compliance
Finance
Treasury
Risk Management
Operations
Customer Relations
Trust Administration
Investment Management
Company Secretariat
Legal Counsel
Compliance Officer
Trust Administrator
Account Manager
Financial Controller
Risk Manager
Company Secretary
Banking Relationship Manager
Treasury Manager
Operations Manager
Chief Financial Officer
Investment Manager
Property Manager
Escrow Officer
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