Ƶ

Deposit Account Control Agreement Template for Saudi Arabia

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Deposit Account Control Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Deposit Account Control Agreement

"I need a Deposit Account Control Agreement governed by Saudi law for a project finance transaction closing on March 15, 2025, covering multiple USD and SAR accounts with electronic access provisions and enhanced Shariah compliance requirements."

Document background
A Deposit Account Control Agreement is essential in secured financing transactions where deposit accounts serve as collateral. This agreement, governed by Saudi Arabian law, establishes the legal framework for a secured party to exercise control over specified deposit accounts maintained by the account holder at the depository bank. It is typically used in conjunction with broader financing arrangements and must comply with both Saudi banking regulations and Shariah principles. The document outlines the mechanisms for account control, the process for giving instructions, the bank's obligations, and the rights of all parties. It's particularly important in project finance, corporate lending, and other secured transactions where lenders require security over cash deposits.
Suggested Sections

1. Parties: Identifies the three main parties: Account Holder, Secured Party, and Depository Bank

2. Background: Explains the context of the agreement, including reference to the underlying security agreement

3. Definitions: Defines key terms including Deposit Account, Control Notice, Instructions, Business Day, and other relevant terms

4. Account Control: Details the mechanism of control over the deposit account and the rights of the secured party

5. Bank's Rights and Responsibilities: Outlines the obligations and rights of the depository bank, including compliance with instructions

6. Representations and Warranties: Contains statements of fact and assurances from all parties

7. Instructions and Notices: Specifies procedures for giving instructions regarding the account and sending notices

8. Fees and Expenses: Details the fees payable to the bank and allocation of expenses

9. Indemnification: Covers the indemnification obligations of the parties

10. Term and Termination: Specifies the duration of the agreement and termination procedures

11. Governing Law and Jurisdiction: Specifies Saudi law as governing law and jurisdiction for disputes

12. General Provisions: Standard boilerplate provisions including amendments, assignments, and severability

Optional Sections

1. Shariah Compliance: Additional section specifically addressing Shariah compliance requirements, used when the agreement needs explicit Shariah compliance provisions

2. Electronic Access: Details provisions for electronic access to account information, used when online banking access is part of the arrangement

3. Multiple Accounts: Additional provisions for handling multiple deposit accounts, used when the agreement covers more than one account

4. Foreign Currency Provisions: Specific provisions for handling foreign currency accounts, used when non-SAR accounts are involved

5. Regulatory Compliance: Additional regulatory compliance provisions, used when specific regulatory requirements need to be addressed

Suggested Schedules

1. Schedule 1 - Deposit Account Details: Lists all deposit accounts covered by the agreement, including account numbers and types

2. Schedule 2 - Authorized Persons: Lists individuals authorized to give instructions on behalf of the secured party

3. Schedule 3 - Fee Schedule: Details of all fees payable to the bank under the agreement

4. Schedule 4 - Form of Notice: Standard forms for various notices required under the agreement

5. Appendix A - Operating Procedures: Detailed procedures for account operation and instruction processing

6. Appendix B - Shariah Structure: Details of the Shariah-compliant structure and relevant fatwa, if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions




































Clauses






























Relevant Industries

Banking

Financial Services

Islamic Finance

Corporate Finance

Investment Banking

Commercial Banking

Asset Management

Private Equity

Manufacturing

Real Estate

Infrastructure

Energy

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Islamic Banking

Transaction Banking

Credit Risk

Operations

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Compliance Officer

Banking Relationship Manager

Security Trustee

Credit Risk Manager

Corporate Finance Manager

Islamic Finance Specialist

Account Manager

Transaction Banking Manager

Senior Legal Counsel

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

Find the exact document you need

Earnest Money Agreement

A Saudi Arabian law-governed agreement that formalizes a buyer's commitment to a property purchase through earnest money deposit, incorporating both civil and Sharia law principles.

find out more

Term Deposit Agreement

Saudi Arabian-governed agreement for fixed-term deposits between banks and customers, compliant with Islamic banking principles and SAMA regulations.

find out more

Non Refundable Payment Agreement

A Saudi Arabian law-governed agreement establishing terms and conditions for non-refundable payments between parties, compliant with local regulations and Sharia principles.

find out more

Earnest Deposit Agreement

A Sharia-compliant earnest money deposit agreement under Saudi Arabian law, establishing terms for deposit payment, holding, and release.

find out more

Good Faith Deposit Contract

A Sharia-compliant agreement under Saudi law governing the terms and management of a good faith deposit between parties.

find out more

Security Deposit Contract

A Sharia-compliant Security Deposit Contract under Saudi Arabian law establishing terms for holding and managing security deposits, including rights, obligations, and return conditions.

find out more

Employee Security Deposit Agreement

A Saudi Arabian law-governed agreement establishing terms and conditions for employee security deposits, including payment, deduction, and return procedures.

find out more

Deposit Account Control Agreement

A Saudi Arabian law-governed agreement establishing control rights over deposit accounts between an account holder, secured party, and depository bank, compliant with local regulations and Shariah principles.

find out more

Deposit Rental Agreement

A Saudi Arabian law-compliant agreement governing rental deposit terms and conditions between landlords and tenants, including payment, retention, and return provisions.

find out more

Non Refundable Deposit Agreement

A Sharia-compliant agreement under Saudi Arabian law establishing terms for a non-returnable deposit payment and related conditions.

find out more

Holding Deposit Contract

A Saudi Arabian legal agreement for securing property transactions through a holding deposit, compliant with local law and Sharia principles.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.