4. Exceptional and Penalty Fees
Penalty fees and charges intended to encourage best practices and to ensure the smooth operation of the Service will be charged to Participants who fail to meet the required standards.
These Exceptional and Penalty fees aren't expected to yield any significant income to SAMA, as Participants can avoid such charges by adopting the best practices, which this type of fee is intended to promote.
4.1 Cut-off time extension
When a Participant wishes to have the cut-off time on any day extended, a formal request must be submitted to SAMA by whatever communication facility is agreed with SAMA at the time. Such requests should be sent to SAMA as early as possible.
If the request is approved by SAMA, a penalty fee will be charged to the Participant requesting or causing the cut-off time extension. The amount of the fee payable will be SAR 25,000.00 for each period of 30 minutes by which the cut-off time is to be extended.
4.2 Late Return of Payments
The Operating Rules specify latest times governing the return of payments by a Receiving Participant. If the payment is returned after the specified time, a penalty fee of SAR 100.00 will be charged for the late return of payment.
SAMA may levy an additional charge based on the amount of the payment returned.
Any Participant that receives a Return Payment later than that set out in the operating Rules shall forward the details to SAMA.