The Safe Deposit Box Lease Agreement is a crucial document used in Malaysian banking operations when customers require secure storage facilities for valuable items. This agreement, governed by Malaysian banking and contract laws, establishes the legal relationship between the financial institution and the lessee. It is designed to comply with the Financial Services Act 2013 and related regulations, including anti-money laundering requirements. The document becomes necessary when customers wish to rent a safe deposit box and requires careful attention to security procedures, access rights, and liability provisions. It can be customized for both individual and corporate customers, and includes specific considerations for Islamic banking services where applicable, reflecting Malaysia's unique dual banking system.
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1. Parties: Identification of the bank/financial institution and the lessee(s)
2. Background: Brief context explaining the purpose of the agreement and the service being offered
3. Definitions: Definitions of key terms used throughout the agreement
4. Box Details and Rental Period: Specific details of the safe deposit box number, size, and duration of lease
5. Rental Fees and Charges: Details of rental fees, payment terms, and other applicable charges
6. Access Rights and Procedures: Rules and procedures for accessing the safe deposit box, including operating hours and identification requirements
7. Keys and Security: Provisions regarding key handling, security measures, and responsibilities
8. Prohibited Items: List of items that cannot be stored in the safe deposit box
9. Bank's Rights and Limitations of Liability: Scope of bank's responsibilities and limitations of liability
10. Customer's Obligations: Responsibilities and obligations of the lessee
11. Termination: Conditions and procedures for termination of the agreement
12. Force Majeure: Provisions for unforeseen circumstances beyond parties' control
13. Governing Law: Specification of Malaysian law as the governing law
14. Notice: Methods and requirements for giving notice between parties
1. Islamic Banking Compliance: Required if the service is offered under Islamic banking principles
2. Joint Lessees: Additional terms for when the box is rented by multiple individuals
3. Corporate Lessees: Specific provisions for corporate customers
4. Insurance: Optional insurance coverage terms if offered by the bank
5. Digital Access Features: Terms related to any digital access or monitoring systems if available
6. Nomination: Provisions for nominating individuals who can access the box in specific circumstances
7. Foreign Currency: Special terms for foreign currency storage if permitted
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
2. Schedule 2 - Operating Hours and Access Procedures: Detailed procedures for accessing the safe deposit box and facility operating hours
3. Schedule 3 - Identification Requirements: List of acceptable identification documents and verification procedures
4. Appendix A - Key Receipt Form: Form acknowledging receipt of keys by the customer
5. Appendix B - Authorized Representatives Form: Form for registering authorized representatives who may access the box
6. Appendix C - Prohibited Items List: Detailed list of items prohibited from storage in the safe deposit box
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