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Safe Deposit Boxes (SDB) General Terms and Conditions:
1. The Safe Deposit Box Lease Agreement (the “Agreement”) and these general Terms and Conditions (the “Terms and Conditions”) shall govern the rental and use of the Safe Deposit Boxes ("SDB") provided by Banque Saudi Fransi (“the Bank”) to the customer (the “Lessee”). By signing these Terms and Conditions, the Lessee acknowledges that he/she has read, understood and accepted it, and the Lessee hereby agrees to abide by these terms and conditions.
2. The Lessee acknowledges and agrees to observe these Terms and Conditions related to the use of the SDB, under which the Bank may, at its absolute discretion, lease the SDB to the Lessee for safe keeping his/her documents and valuables, such as precious jewelry and any other items deposited by the Lessee in the SDB, provided that are not forbidden or prohibited, according to the laws of the Kingdom of Saudi Arabia
3. The Bank agrees to lease the SDB to the Lessee against payment of the annual fees set by the Bank in the Agreement under which the Lessee hereby irrevocably authorizes the Bank to debit those fees from the Lessee’s account with the Bank.
4. The Lessee shall maintain a sufficient balance in his/her account with the Bank to cover the rent fees for at least one year when the rent fees are due.
5. If there is insufficient balance in the Lessee’s account to cover the annual fees for the rent of the SDB on the due date of payment, the Bank will not allow Lessee or his agent to access the SDB until the Bank collects the fees.
6. The Lessee authorizes the Bank to debit his/her account on the date of the Agreement an amount of (1000) one thousand Saudi riyals (security deposit) or any other amount specified by the Bank from time to time towards charges for keys replacement if lost by the Lessee. The Bank will refund the security deposit to the Lessee on the expiry/termination of the Agreement, provided that Lessee unloads the contents of the SDB and returns the two keys to the Bank
7. The Agreement is valid for one calendar year starting from the date of lease, unless either party (Bank/Lessee) terminates it before that date and the duration of the Agreement is automatically renewed for similar period provided that, the Lessee visits the SDB at least once a year.
8. The Bank will hand the Lessee with two (2) keys to open the SDB. The Bank does not retain another copy of the keys provided to the Lessee and therefore the Bank does not keep another copy of the key so will not be able to open the SDB. The Lessee must keep the keys in a safe place, as the SDB opened with one key.
9. The SDB is considered active if the Lessee’s last visit to the SDB does not exceeds 12 months (a calendar year), and in the event that the Lessee does not visit the SDB thereafter. The Bank will classify the SDB as Dormant and notify the Lessee to correct the situation (Activate the SDB), and visit the SDB within a period specified by the Bank from the notification date. If the Lessee does not apply within the specified period, the Bank will send another notice to the Lessee and another specified period, and the renewal of the Agreement will continue for a maximum of four years from the date that the SDB classified as dormant.
10. The Bank will terminate the Agreement and classify the SDB as unclaimed five years after the date of the Lessee's last visit / use of the SDB, and the Lessee will be notified of the need to visit the SDB to take its contents and return the keys within a period specified by the Bank, and in case the Lessee fails to visit the Bank to take the contents of the SDB and return the keys, the Bank will open (break) the SDB and inform the police in the presence of a committee formed specially for this purpose - in line with relevant regulations -and will inventory of its contents, record it details in inventory certificate and keep the contents therefrom, and hold the same on a special deposit on behalf of the Lessee, until the Lessee pays all unpaid rental owed to the Bank and all expenses incurred by the Bank in opening the SDB, changing its locks and keys
11. The Lessee is obliged to pay any expenses incurred by the Bank to open or repair the SDB or its doors or to change its locks due to the Lessee losing the keys or failing to return the SDB keys to the Bank. The Lessee hereby irrevocably authorizes the Bank to debit any amounts incurred by the Bank in this regard from the Lessee’s account with the Bank. The Lessee shall give the Bank prompt written notice of the loss of the two keys or any of it.
12. Upon the termination of the Agreement. The Lessee is obliged to unload the SDB from its contents, return the keys to the Bank and pay of any fees due to the Bank. In this case, the Lessee must submit a written declaration to the Bank that he/she has received the SDB contents and subsequently discharged any liability to the Bank.
13. If the SDB made available to the Lessee, or its contents are subject to lawsuits or legal proceedings issued by the competent authorities or subject to any dispute or claim, the Bank has the right to restrict or suspend the Lessee visit to its SDB until otherwise directed in writing by a competent authority.
14. The Lessee can delegate others to visit the SDB up to two, the agent has the right to activate the SDB within the four-years from the date of it’s classified as Dormant, and the agent has no right to delegate others.
15. The Lessee irrevocably authorizes the Bank to allow the agent/agents named in the SDB application and whose signatures indicated on the said application to have full access to the SDB to withdraw and/or deposit items therein, and the Lessee will be fully responsible for the agents’ use of the SDB
16. The Lessee/agent can visit the SDB during the Bank's normal working hours on official working days. The Lessee acknowledges that he/she will bear full responsibility if he/she gives the keys of the SDB to anyone who is not officially authorized, If this is found, the Bank is entitled to terminate the Agreement.
17. The Lessee has no right to sublease the SDB or assign the Agreement to a third party in any case
18. The Lessee/agent must present an original valid ID to grant them the right to open the SDB.
19. In accordance with applicable regulations, the Bank’s employees may examine and view the deposited contents in the SDB to ensure that there are no prohibited items inside them.
20. The Bank reserves the right to inform the relevant security authorities if it feels that the SDB is used for any illegal purposes or any prohibited activities.
21. The Bank assumes no liability for losses that may result from the opening or closing of the SDB by any competent authority or any other party in connection with any legal action against the Lessee or the contents of the SDB and the Lessee agree to pay all related repair expenses.
22. If the Agreement signed by two or more, then either of them singly or jointly has the right to access the SDB and to deposit and take the contents from the SDB as instructed by them to the Bank. The Bank shall have no liability for any claim by any of them that the other who have access to the SDB has misappropriated his property.
23. In case of renting SDB to a company, then an authorization or power of attorney using the Bank’s form must be submitted by the person(s) who has the authority in the company including the names of individuals authorized to access the SDB with a maximum of two delegates. In addition, a written undertaking must be submitted, signed by the company’s authorized signatory, to update the names of the persons authorized to visit the SDB when they changed, and must be updated in the Bank's records. The person authorized to use the SDB must be under the direct sponsorship of the company (if non-Saudi) and the authorized person's authority to visit the SDB shall be frozen upon the expiry of his identity.
24. In the event that the Bank is notified, of a dispute between the joint persons involved in the rent of the SDB, or in the event of the death of one of them. The Bank will freeze the use of the SDB immediately, and prevent the withdrawal of its contents, until the Bank receives written instructions issued by a competent court. In the event of the death of the individual Lessee (not a joint account), the contents held in the SDB are owned by his rightful heirs. As is the case, the opening of the SDB is subject to the submission of all necessary documents - as determined by the Bank - or by a court order by the competent court.
25. The Lessee must notify the Bank of any change in his/her address. The Lessee is responsible for updating his/her information with the Bank, otherwise, the last address, telephone or mobile number notified to the Bank by the Lessee and recorded in the Bank records will be considered correct, and approved to send any notifications under the Agreement. Notifications sent by registered mail or text messages and these notices are productive for their effects from the date they are sent by the Bank.
26. The public or private resident – as applicable-, which was set by Saudi Post Corporation, shall be considered the accredited address of the Lessee for service of any notices. The Lessee undertakes to register and update the information of its National Address with Saudi Post, and at the same time advice the Bank with the same in writing. The Lessee agrees that the Bank will verify the National Address and also retrieve and update his/her mailing and national address through the system of Saudi Post.
27. The Bank, at its sole discretion, may transfer the safe of the SDBs with the contents to a new location under protection it deems appropriate, and the Bank will notify the Lessee in advance.
28. The Bank may terminate the Agreement at any time in the event that the Bank has renovations or closures of the branch where the SDB of the Lessee is located, and the Bank will notify the Lessee in advance.
29. If the Bank decides to terminate the Agreement due to the Lessee failure to comply with these terms and conditions and in case the Lessee fails to come to the Bank to take the contents of the SDB and deliver the keys. The Bank will send a termination notice by text message or written notice, by registered mail, to the Lessee's address known to the Bank within a period specified by the Bank. In case the Lessee fails to deliver the keys and take the contents within that specified period, the Bank will send another text message or notice to the Lessee to take the contents of the SDB and the delivery of the keys to the Bank. If the Lessee does not, after expiry of the last notice, contact the Bank or take the contents of the SDB and deliver the keys to the Bank. The Bank will inform the Police and open (break) the SDB in the presence of a committee formed specifically for this purpose, in line with the relevant regulations, and inventory of its contents therefrom and document the incident in an official record. Then the Bank will hold the contents as a special deposit on behalf of Lessee until the Lessee pays the rent owed to the Bank and any expenses incurred by the Bank in opening the SDB, changing its locks and keys.
30. The Bank has the right to amend these Terms and Conditions as well as change the rental fees of the SDB ("fees") at any time, and the Bank will inform the Lessee of any amendments to these Terms and Conditions or any changes on the fees thirty (30) days before the effective date of such amendments or changes. If the Lessee does not make any objections during the notice period, it will be considered the Lessee's consent on the same, and Lessee authorizes the Bank to deduct the fees from the Lessee’s account with the Bank. If the Lessee objects to the amendments of the Terms and Conditions or the fees change, the Lessee shall stop using the SDB and the Bank will terminate the Agreement, and the Lessee must receive the contents of the SDB and hand over its keys to the Bank.
As evidenced by my signature below,
I hereby certify and acknowledge receiving two keys of the SDB, and also read and understood these Terms, Conditions, and I agree to abide to its content.
Lessee’s/Authorized Person Signature_______________