Common use of The Rights and Obligations of Both Parties Clause in Contracts

The Rights and Obligations of Both Parties. 1. The first party is obliged to open a current account for the second party, and to take the necessary due diligence to carry out the second party orders on the account in accordance of banking regulations, rules and practices. The first party shall not be liable for any damage arising from the execution of these orders unless such damage is the result of gross negligence or intentional misconduct or failure to commit to the necessary due diligence for the purposes of applying the Agreement i.e. Interest, skill, prudence and diligence according to the circumstances that are expected to be performed within the reasonable procedures similar to other Banks 2. The first party is entitled to take advantage of the amounts deposited in the current account in its interest, with its full obligation to enable the second party to make such payments as soon as requested, and the second party does not claim any profits for it, but the parties have a separate Agreement to arrange the relationship in which the second party can obtain profits for those amounts 3. The second party is prohibited from using the account for any illegal purpose or activity, and must inform the first party in the event of any objection or suspicion of transactions being carried out on his account, and after (thirty) days from the date of the execution of any transaction without the objection of the second party shall be considered as his consent and confirmation of its accurate 4. The first party shall obtain a specific fee from the second party against the services provided to him, and it may collect it directly without reference to the second party, provided that these fees must not be inconsistent with what is issued by Saud Central Bank, and to be published in the branches of the first party and its website (30) days prior to the effective date 5. The second party shall bear any expenses or taxes imposed by the competent authority in Saud Arabia for any services or products provided by the first party to the second party, whether currently imposed or may be imposed in the future 6. The first party shall notify the second party via text messages (SMS) on his the mobile phone number recorded in the Agreement or by any other means agreed upon by both, a) With all transactions executed on the current account as soon as they occur. b) The first party shall also notify the second party with a sufficient period before the account status changes. 7. The second party is obliged to update his personal identity and information recorded in the Agreement as soon as it is updated or changed, otherwise and the first party may, freeze the current account for the purposes of complying with applicable regulations 8. The second party agrees that the first party for the purposes of opening and operating the current account and complying with applicable regulations to obtain their personal identity data and updated information through the services provided by the National Information Centre or any other trusted and independent source. 9. The first party may, in the event that the second party violates this Agreement, take actions that it deems appropriate in accordance of banking regulations, rules and customs 10. The second party may close the current account and obtain the full credit balance at any time after submitting a request to the first party with the ATM cards, cheques and any obligations arising from the account, and the first party may reject the request to close the account if it is linked to any financial obligations such as issuing letters of guarantee, opening documentary credits, discounting bills and other similar obligations require the continuation of the account 11. The first party shall close the Account if no amount is deposited within a period of 90 days from its opening date, or in case the second party opens an Account, deposit funds and then withdraw funds reducing its balance to zero and the Account remains without any balance or transaction for 4 years, then the second party shall be notified within sufficient period before closing the account via SMS to his mobile number as in the Agreement or by any other means of contact agreed upon 12. The first party may send text messages, communicate by telephone or send marketing publications to the second party regarding the services and products provided by the first party, unless the second party does not wish to receive such communications and marketing publications in accordance with this Agreement 13. The second party has the right to access to his account statement through electronic banking services, and to request sending him an account statement to his e-mail or national address described in the Agreement or to any other address he identifies 14. If the first party becomes aware of the death of the second party shall, or of a restriction on his legal competence or the opening of any of the administrative liquidation or liquidation procedures, then will stop dealing on the account until the heirs are identified by a legitimate instrument (Court's deed) or appoint the guardian or liquidator (liquidator or bankruptcy committee) authorized to manage the account by decision of the competent court 15. All accounts of the second party opened with the first party are considered to be one account, and the first party may at any time, without reference to the second party, set-off such Accounts and amounts between them and deducted from them for any obligations 16. A party that has failed or neglected to notify the other party of changing the addresses of his communication or one of them within (seven) days could not deny that he is not aware of the notification or not delivered to him. 17. The second party shall refrain from making any transfers outside Saudi Arabia to any non-profit organizations, and the first party shall refuse to make such transfers*13 18. The first party shall not be liable to the second party when the bank transfers are delayed or not handed over to the beneficiary due to an error or failure in the technical systems outside the control of the first party, or in the event that the beneficiary's information is incomplete or non-existent or for any other reason beyond the control of the first party, unless the delay or non-delivery of the bank transfers is due to the failure of the first party to exert the necessary care or its negligence 19. The first party's foreign exchange rate shall apply on all deposits and withdrawals in foreign currency 20. For joint accounts, the credit balance available in the account is the property of both parties as partners according to their own percentage in the Agreement, and the partners bear the debit balance in the account for any reason. The first party has the right to suspend the account in the event of the death or loss of the eligibility of a partner, opening of any of the administrative liquidation or liquidation proceedings against any of them, or if received a notification from one of the partners that there is a dispute between them. 21. The invalidity of any clause of the Agreement, or non-formality or could not be performed, shall not invalidate the rest of the Agreement terms and conditions. The parties must obliged to amend the clause in accordance with the relevant regulations and controls 22. The first party may amend the Agreement from time to time - without violating the instructions of the Saudi Central Bank provided that the first party shall be obliged to inform the second party of the amendments before (thirty) days from the their effective date, and the amendments shall apply after that period as of the date of publication on the first party's website. If the first party not withdraw from the Agreement, then it considered his consent and acceptance of the amendments by the second party. 23. The Agreement will remain valid until the closing date of the account by one of the parties. 24. The first party must maintain the confidentiality of all data and account information provided by the second party, except for what is disclosed by the first party for specific professional and operational purposes, - after taking the consent of the second party - , and the competent governmental authorities in accordance with the relevant regulations and controls 25. The first party retains all documents associated with the second party account for minimum period of (ten) years from the expiry date of the Agreement. 26. For the purpose of activating and subscribing to the additional services provided in the instant payments system, the account information will be automatically and confidentially shared with the Saudi Payments Company (the national operator of the system) as needed. The information to be shared as follows: a. Customer Name. b. Account Number. c. Mobile Phone Number. d. ID Number. e. E-mail. *13The Royal Order No. (55871) and the date of 09/05/1436 H. stipulates that the ▇▇▇▇ ▇▇▇▇▇▇ Humanitarian Aid and Relief Center is the only authority that authorized to receive any relief, charitable or humanitarian donations, whether governmentally or civilly sourced, to be delivered to those in need outside Saudi Arabia 27. This Agreement is subject to Saudi Arabian regulations. Any dispute arising between the parties is amicably resolved and, if the dispute cannot be resolved amicably, any party has the right to refer it to the competent judicial authority. 28. This Agreement was prepared in Both Arabic and English and if there is a difference in the text between them, the text is prevailed in Arabic, which is the original.

The Rights and Obligations of Both Parties. 1. The first party is obliged to open a current account for the second party, and to take the necessary due diligence to carry out the second party orders on the account in accordance of banking regulations, rules and practices. The first party shall not be liable for any damage arising from the execution of these orders unless such damage is the result of gross negligence or intentional misconduct or failure to commit to the necessary due diligence for the purposes of applying the Agreement i.e. Interest, skill, prudence and diligence according to the circumstances that are expected to be performed within the reasonable procedures similar to other Banks 2. The first party is entitled to take advantage of the amounts deposited in the current account in its interest, with its full obligation to enable the second party to make such payments as soon as requested, and the second party does not claim any profits for it, but the parties have a separate Agreement to arrange the relationship in which the second party can obtain profits for those amounts 3. The second party is prohibited from using the account for any illegal purpose or activity, and must inform the first party in the event of any objection or suspicion of transactions being carried out on his account, and after (thirty) days from the date of the execution of any transaction without the objection of the second party shall be considered as his consent and confirmation of its accurate 4. The first party shall obtain a specific fee from the second party against the services provided to him, and it may collect it directly without reference to the second party, provided that these fees must not be inconsistent with what is issued by Saud Central Bank, and to be published in the branches of the first party and its website (30) days prior to the effective date 5. The second party shall bear any expenses or taxes imposed by the competent authority in Saud Arabia for any services or products provided by the first party to the second party, whether currently imposed or may be imposed in the future 6. The first party shall notify the second party via text messages (SMS) on his the mobile phone number recorded in the Agreement or by any other means agreed upon by both, a) With all transactions executed on the current account as soon as they occur. b) The first party shall also notify the second party with a sufficient period before the account status changes. 7. The second party is obliged to update his personal identity and information recorded in the Agreement as soon as it is updated or changed, otherwise and the first party may, freeze the current account for the purposes of complying with applicable regulations 8. The second party agrees that the first party for the purposes of opening and operating the current account and complying with applicable regulations to obtain their personal identity data and updated information through the services provided p rovided by the National Information Centre or any other trusted and independent source. 9. The first party may, in the event that the second party violates this Agreement, take actions that it deems appropriate in accordance of banking regulations, rules and customs 10. The second party may close the current account and obtain the full credit balance at any time after submitting a request to the first party with the ATM cards, cheques and any obligations arising from the account, and the first party may reject the request to close the account if it is linked to any financial obligations such as issuing letters of guarantee, opening documentary creditsc redits, discounting bills and other similar obligations require the continuation of the account 11. The first party shall close the Account if no amount is deposited within a period of 90 days from its opening date, or in case the second party opens an Account, deposit funds and then withdraw funds reducing its balance to zero and the Account remains without any balance or transaction for 4 years, then the second party shall be notified within sufficient period before closing the account via SMS to his mobile number as in the Agreement or by any other means of contact agreed upon 12. The first party may send text messages, communicate by telephone or send marketing publications to the second party regarding the services and products provided by the first party, unless the second party does not wish to receive such communications and marketing publications in accordance with this Agreement 13. The second party has the right to access to his account statement through electronic banking services, and to request sending him an account statement to his e-mail or national address described in the Agreement or to any other address he identifies 14. If the first party becomes aware of the death of the second party shall, or of a restriction on his legal competence or the opening of any of the administrative liquidation or liquidation procedures, then will stop dealing on the account until Until the heirs are identified by a legitimate legitimate, instrument (Court's deed) or appoint the guardian or liquidator (liquidator or bankruptcy committee) authorized to manage the account by decision of the competent court 15. All accounts of the second party opened with the first party are considered to be one account, and the first party may at any time, without reference to the second party, set-off such Accounts and amounts between them and deducted from them for any obligations 16. A party that has failed or neglected to notify the other party of changing the addresses of his communication or one of them within (seven) days could not deny that he is not aware of the notification or not delivered to him. 17. The second party shall refrain from making any transfers outside Saudi Arabia to any non-profit organizations, and the first party shall refuse to make such transfers*13 18. The first party shall not be liable to the second party when the bank transfers are delayed or not handed over to the beneficiary due to an error or failure in the technical systems outside the control of the first party, or in the event that the beneficiary's information is incomplete or non-existent or for any other reason beyond the control of the first party, unless the delay or non-non- delivery of the bank transfers is due to the failure of the first party to exert the necessary care or its negligence 19. The first party's foreign exchange rate shall apply on all deposits and withdrawals in foreign currencycurrency *13The Royal Order No. (55871) and the date of 09/05/1436 H. stipulates that the ▇▇▇▇ ▇▇▇▇▇▇ Humanitarian Aid and Relief Center is the only authority that authorized to receive any relief, charitable or humanitarian donations, whether governmentally or civilly sourced, to be delivered to those in need outside Saudi Arabia 20. For joint accounts, the credit balance available in the account is the property of both parties as partners according to their own percentage in the Agreement, and the partners bear the debit balance in the account for any reason. The first party has the right to suspend the account in the event of the death or loss of the eligibility of a partner, opening of any of the administrative liquidation or liquidation proceedings against any of them, or if received a notification from one of the partners that there is a dispute between them. 21. The invalidity of any clause of the Agreement, or non-formality or could not be performed, shall not invalidate the rest of the Agreement terms and conditions. The parties must obliged to amend the clause in accordance with the relevant regulations and controls 22. The first party may amend the Agreement from time to time - without violating the instructions of the Saudi Central Bank provided that the first party shall be obliged to inform the second party of the amendments before (thirty) days from the their effective date, and the amendments shall apply after that period as of the date of publication on the first party's website. If the first party not withdraw from the Agreement, then it considered his consent and acceptance of the amendments by the second party. 23. The Agreement will remain valid until the closing date of the account by one of the parties. 24. The first party must maintain the confidentiality of all data and account information provided by the second partypart y, except for what is disclosed by the first party for specific professional and operational purposes, - after taking the consent of the second party - , and the competent governmental authorities in accordance with the relevant regulations and controls 25. The first party retains all documents associated with the second party account for minimum period of (ten) years from the expiry date of the Agreement. 26. For the purpose of activating and subscribing to the additional services provided in the instant payments system, the account information will be automatically automatically, and confidentially shared with the Saudi Payments Company (the national operator of the system) as needed. The information to be shared as follows: a. Customer Name. b. Account Number. c. Mobile Phone Number. d. ID Number. e. E-mail. *13The Royal Order No. (55871) and the date of 09/05/1436 H. stipulates that the ▇▇▇▇ ▇▇▇▇▇▇ Humanitarian Aid and Relief Center is the only authority that authorized to receive any relief, charitable or humanitarian donations, whether governmentally or civilly sourced, to be delivered to those in need outside Saudi Arabia 27. This Agreement is subject to Saudi Arabian regulations. Any dispute arising between the parties is amicably resolved and, if the dispute cannot be resolved amicably, any party has the right to refer it to the competent judicial authority. 28. This Agreement was prepared in Both Arabic and English and if there is a difference in the text between them, the text is prevailed in Arabic, which is the original.