In the desire of the Government Agency to have the Bank extend thereto a banking service in the form of transferring the monthly salaries and other benefits of its employees by direct deposit in their current accounts with the Bank, and to transfer the monthly salaries and other benefits of its employees who have a current account with some other banks by SARIE, instead of disbursement by checks, in accordance with general implementation rules and procedures to transfer civil servants salaries by SARIE, issued by the circular of HE the Minister of Finance No.________dated__/__/1419 H; and

Further to implementation rules for the payment of civil servants salaries through local banks, issued by the decision of HE the Minister of Finance and National Economy No. 11/H/1351 dated 16-5-1405 and circulated under No. 12/1936, dated 16-6-1405, along with explanatory and supplementary circulars; and

Pursuant to SAMA's consent to conclude an agreement with Second Party to pay salaries as per its letter No.______dated ___/___/14___H. (reference must be made to SAMA's letter of agreement to start dealing with a specified bank), the two parties agreed as follows:

1. The Bank must open 2 separate current accounts in the name of the Government Agency, in accordance with applicable rules and conditions for opening current accounts for ministries, government authorities and public institutions issued by SAMA.

   One account shall be used for transferring the salaries of employees and the second for transferring their other collective benefits other than salaries, such as overtime compensation, outside assignments and others that are paid collectively (in one check).

2. The Bank must provide the Government Agency, at least once a month or upon request, with statements on the account movements through terminals or floppy diskettes or any other method which serves the purpose of conformation with its own records.
3. The Bank has to transfer the monthly salaries of employees to their current account with the Bank or with other local banks, in accordance with a statement submitted by the Government Agency.
4. The Bank shall not charge the Government Agency or the employees any commissions or banking expenses for this service according to this Agreement and shall not commit the employees to a minimum balance in their accounts (SAMA circular No. BCL/142 dated 18-2-1417 H).
5. Current accounts opened for employees under this Agreement should enjoy all the advantages of other Saudi banking services, such as ATM and Points of Sale.
6. The Bank should provide each holder of an account with the Bank an ATM card free of charge, renewable free of charge and replaced if lost or damaged.
7. Salaries shall be credited to the account of the employee on the 25th of the Hejira month, except:

a) If the 25th day falls on a Friday, salaries will then be credited on the 26th day..

b) In the last month of the fiscal year, salaries shall be paid in accordance with the closing of accounts instructions for that fiscal year issued by the Ministry of Finance and National Economy at the end of each fiscal year.

c) The salaries for Holy Ramadan of each year shall be paid on the start of the 20th day of that month.

8. The Bank should provide the Government Agency with the names and benefits of employees, whose benefits were not credited for any reason to their account with the Bank or with other banks, within 2 days at the latest from maturity date. The Government agency shall issue checks drawn on the collective account for salaries in the amount of the benefits to the order of beneficiaries.

9. The Bank shall provide the Government Agency, within 5 days at the latest, from the date of transfer, with the following:

   *Evidence of crediting the deposited amounts to the current accounts opened therewith and the non-credited amounts for any reason.

   *Evidence of transferring the total amounts belonging to employees at other banks and amounts returned thereof.

10. The Bank must, upon notification, provide necessary support for the correction of any error that may appear in statements sent by the Government Agency.

1. The Government Agency must provide the Bank, through terminals, floppy diskettes or any other method seen suitable by the two parties, with detailed statements showing the monthly benefits of employees whose salaries have been transferred, and full account numbers, on which basis the transfer of amounts to current accounts with the Bank or with other banks shall take place, and the Government Agency shall be responsible for the accuracy of such statements.
2. The Government Agency shall, on the 20th of the same month at the latest, deposit the value of the monthly salaries of its employees in the current account opened in its name with the Bank in sufficient amounts to cover the monthly salaries and shall also deposit any amount to cover other benefits which it desires to transfer to its employees.
3. The Government Agency should not approve the changing by the employee of his salary transfer from one bank to the other or the replacing of the transfer with payment by a check delivered to the employee, if the Government Agency had already been committed to a certain bank to pay the salary of an employee by transfer or a check c/o that bank.
4. The Government Agency must transfer the salaries of employees benefiting from the banks installment services to current accounts in their names with the same banks.

1. This Agreement is for 2 years, renewable for an equal period unless one Party notifies the other at least 4 months in advance of its desire not to renew it.
2. Upon signing this Agreement, the Bank shall coordinate with the Government Agency to complete all necessary procedures to enforce it.
3. This Agreement shall be governed by Saudi Laws and Regulations in effect.
4. In the event of default by one Party on any of its obligations hereunder the other Party shall have the right to terminate this Agreement, after giving the defaulting party two written notices and the default is not remedied within 2 months from the date of each notice.
5. Anything not mentioned herein shall be governed by general implementation rules and procedures connected with the transfer of employees salaries by SARIE issued by HE the Minister of Finance and National Economy No. ____dated___/___/_____. \
6. Any dispute hereunder shall be settled by SAMA
7. This Agreement was executed in 3 original copies, with SAMA. The Government Agency and the Bank each receiving one copy to act accordingly.

For First Party                                                            For Second Party

(Government Agency)                                               (Bank)

Signature                                                                    Signature