Whereas Commercial International Bank – Egypt introduces Corporate Electronic Banking Services through the Bank's website, whereby clients can view their Accounts balances, transfer cash to accounts inside or outside CIB, Direct Debit transactions, Settlement and international trade transactions through the Bank's website .
Whereas the client wishes to participate in these services through Commercial International Bank – Egypt.
In this Application, the following words and expressions shall have the meanings hereby assigned to them except where the context otherwise requires:
1. Bank: Means Commercial International Bank (Egypt).
2. Authentication Method: Means the method of verifying the identity of the client and/or any of his/her authorized employees by private, secret and undisclosed method in order to be able to access any of his/her accounts or use any of the electronic bank services and which will be the sole responsibility of the client to keep safe as to be only used by his/her authorized persons/employees.
3. CBE: means the Central Bank of Egypt.
4. EG -ACH System: means the direct debit and direct credit Automated Clearing House System in respect of the clearing of all the financial transactions of the Bank's clients' transactions either corporate or retail clients.
5. Corporate Online Banking Service (CIB Cash Online): Means the electronic banking service provided by the Bank, through the Bank's website, whereby the Bank 's clients may, including but not limited to access their own accounts, transfer cash to other accounts of the company (client) or to any other accounts either inside or outside the Bank.
6. Corporate Online Trade Finance Service (CIB Trade Online): It is a service provided by the Bank providing a solution for international trade finance activities, it is an automated trade system that allows the user to create and receive time-sensitive international trade finance transactions through direct communication with the Bank via the Internet.
7. Corporate Online Banking Service (ePayment/ePayroll): Means the electronic banking service provided by the Bank , through the Bank's website, whereby the Bank 's clients can transfer money through either internal or external transfers ("ePayments"), and/or upload Payroll files through either internal or external transfers ("ePayroll").
8. EG -ACH Services: means the services provided by the Bank according to EG -ACH System that the client decided to join as per stated in clause (4)
9. EG -ACH Rulebook: means the rulebook issued by the EG-ACH which includes the governing principles and provisions to EG-ACH System which shall be subject to amendments by EG-ACH from time to time, such Rulebook shall constitute indivisible part of this Application.
10. Creditor's Bank: means Commercial International Bank (Egypt)
11. Debtor's Bank: means the Bank/Banks hold the Debtors' Accounts, which will be debited pursuant to the ACH Services.
12. Creditor Client: means the Client of the Creditor's Bank applied in EG-ACH Services.
13. Debtor Client: means the debtors on which the Creditor's Bank debits their accounts held at the Debtor's Banks pursuant to the Instructions given by the Creditor Client through EG-ACH Services.
14. Creditor Client's Account: means the account to be opened by the Creditor Client at the Creditor's Bank to perform on such account all Debit and Credit Transactions ACH Services require.
15. Client Instructions: Means any client request or instructions received by the Bank CIB Business Online application using the Authentication Method the Client shall bear any consequential operations/transactions made through the internet banking service without any liability or responsibility on the Bank.
16. Debit Process: means the collection made through this Service where by the Creditor Client's Bank debits the Debtors' Accounts, through the EG-ACH System with the amounts due to the Creditor Client ,and credit the amounts due to the Creditor's Account pursuant to the Provisions of this Application.
17. Creditor Client Instructions: means instructions issued by the Creditor Client and sent to the Creditor's Bank to debit the Accounts of the Debtors at the Debtors Bank, such instructions shall be issued by the Creditor Client through ACH System and signed by the Digital Signature and/or Authenticated by the Authentication Method , such instructions shall specify debtor details as required.
18. Direct Debit mandate: the set written instruction presented by the debtor client in favor of the creditor client bank (biller who offering the service to the creditors) whereby the creditor client deducts the amount due from the debtor client bank accounts according to the rules included in the mandate.
19. Digital Signature ( Token): Means the power authentication device that can be used in signing transfer transactions (Qualified Digital Signature), stored in the form of Token, subject to the terms and conditions of the ("Digital Certificate Application").
20. OTP: OTP hardware or software tokens are offline dynamic password authentication devices used to generate time-based passwords. OTP hardware token is used to improve the authentication security and to protect the safety of the user's account.
21. SMS Alert Service: SMS alert is a service to notify The client with the fund transactions activities which are executed through the cash online system.
22. External Transfer: Means any transfer from any of the client's accounts to any other accounts other than the client's accounts, whether inside the Bank or to any other Bank inside or outside Egypt.
23. Received Trade Finance Transactions: Means the electronic banking services provided by the Bank which enables the international trade finance clients to create , issue ,revise , present , accept, amend and pay whatever related to the international trade finance products (Import and Export Letter of credit, Inward and Outward Documentary Collection and letters of guarantees) as well as discounting for accepted avalized ODC and accepted ELC electronically
24. Materials:Means any user or instructional documentation provided by the Bank to the subscriber regarding the operation, security specifications of the Licensed Website, together with the related information, as any such material may from time to time be amended in whole or partially thereof in any form or medium.
25. Force Majeure:Means any unforeseeable event or situation that may occur out of the affected party's control which cannot be avoided by exerting reasonable effort which results in the delay and the partial or total non-performance of this party's liabilities, unforeseeable circumstances including but not limited to Acts of God, riots, civil commotions, insurrections, wars, acts of terrorism, or by any strikes or Lockouts or any other causes beyond control.
Second: Client's Responsibilities:
Any action or instruction issued from the client's account by accessing account using the proper Authentication Method, shall be considered issued from the client's authorized signatory and shall be deemed as an evidence of proof, and the client herein declares that such action is unchallengeable and that the client shall have no right to claim that such action is null and/or void for any reason whatsoever.
- for subscription details, stop or re-activate the service, please refer to the bank's official website (www.cibeg.com) or to contact your Bank Relationship Manager
- Client should review adhere and accept all security guidelines published on the electronic channels or the Bank's official website, and any future changes, this acceptance is legally binding
- The Client ensures the confidentiality of the Authentication Method.
- In case the usage of Digital Signature by the client, the Digital signature agreement (One Time Password OTP) and the usage of the E-channel) system(s) the Client hereby release the Bank from any obligations or responsibilities in case of delay/failure to implement any of the operations/transactions for any reason that may result due to the Bank system errors or from the Client side and the Client hereby declare that no recourse against the Bank as a result of this, and this shall be throughout the validity of the Digital signature agreement (One Time Password OTP) and shall survive after its termination due to any reason whatsoever, and the Bank shall not bear concerning any claims/procedures/any other expenses that may arise by the virtue of the Digital signature agreement (One Time Password OTP)
- Access to the Bank Online Banking Service is secured by password protected. The client shall create his own password for his exclusive usage. The client shall register his password at his own responsibility and shall always keep it confidential as per the security requirements. The client shall not reveal his/her password to any other person.
- The client must immediately contact the Bank if it appears to him or becomes aware that someone has accessed his personal security details, as the bank shall not be responsible in any way where instructions or transactions are executed by another person's use client password.
- The client shall promptly notify the Bank in writing with any changes that may occur to the users / authorized signatories of the company; provided that such written notification shall be submitted to the Bank.
- The client shall promptly notify the bank with any instructions that may be issued from any un authorized or fictitious person that is not allowed to access the client accounts.
- The client acknowledges when he uses and accesses the Electronic Banking Service (the Electronic Service) that he has viewed, accepted and shall comply with all the conditions mentioned in this terms and conditions or existing on the Bank's official website (www.cibeg.com) whether in Arabic or English and shall comply with any conditions in any of the two said languages that may be changed in the future. The client acknowledges his full responsibility for following up the terms, conditions and security instructions that may existed on the Bank's official website every time he uses any of the Bank's Electronic Services).
- The client hereby agrees that the Bank shall not be responsible to execute any instructions issued as per this Application Until there is an available balance in the customer account mentioned in customer application and to be the instructions acceptable in form and substance to the Bank.
- The client undertakes to disclose in writing the purpose of any transfer.
- The client who generate the payment file must adhere to the Bank file format, which is available upon request.
- All instructions provided to the Bank shall be completely subject to the Bank's consent and to all banking practices and procedures governing their execution. Such instructions shall also be subject to all terms and conditions as mentioned in the Bank's standard Bank applications.
- The client acknowledges that if the Bank sends data through any electronic means – as requested by the client - it is the client's responsibility to maintain the confidentiality of this data. The Bank shall not be responsible for the leakage of this data or the client's non-receipt of the data for any reason beyond the Bank's control. The charges for the service shall be debited from the Client's accounts and may not be entitled to claim any compensation.
- The client shall be entitled to request the cancellation of any of the requested services. The Bank shall comply only upon the full payment of all fees and expenses related to the financial aspects of the service.
- The client undertakes that all rules and regulations of the Central Bank Of Egypt are binding and enforceable, and any transactions in breach of any of the afore-mentioned rules and regulations cannot be initiated.
- The client accepts that any information he/she receives under the SMS Alert Service/ E-MAIL is for his/her information only
- The client acknowledges his full responsibility and not the responsibility of the Bank for any damage arising from claims, complaints, losses, damages, costs and expenses of whatever nature that could affect the result or incurred by the Bank agreed to extend the SMS Alert Service to The client.
- The client confirms being the sole owner of the mobile phone line number and e-mail registered at the Bank and confirms keeping the mobile at all times under his personal responsibility. He shall also avoid losing it. The client releases and shall not hold the Bank liable for the reading, viewing or stealing of any information through the mobile phone or any other means that allow access to the accounts and information related thereto.
- The client shall inform the Bank immediately and in writing if his mobile phone is stolen or his number has been changed.
- The client agrees that the execution of any transactions shall only be through Token governed in accordance with the Token Agreement.
- Company's signature on the electronic services request and submitting it is considered a final binding contract between the bank and company and it is considered an approval from customer to join any electronic services that the bank will publish in the future, hence company should read and understand all terms and conditions of the service accurately and thoroughly before signing.
- The client declares that all the transferred funds are from his own money and from known legitimate sources. He/she also recognize the legitimacy and integrity of the source and that they don't conflict with the anti-money laundering Law and its executive statue & relevant executive decisions.
- The client declares his/her responsibilities for the data accuracy provided in this application.
- The client hereby unconditionally & irrevocably authorize the Bank to set-off any amounts due to the bank in any form against his Time Deposit / Certificate of deposits / Saving Account / Current Account. If such Time Deposits / Certificate Of Deposits / Saving Accounts / Current Account are in a currency other than that of the due amounts ,the bank shall have the right to sell them or convert them to the currency of the due amounts with the rates declared by the bank using the market's Mid-Rate calculation ( buy rate + sell rate ) divided by 2 on the day of their sale or conversation.
- The client understands that the Treasury bills concerning this request are acquired and kept at the Central Bank of Egypt (CBE) as it is the sole custodian of treasury bills.
- The client understands that the Treasury bonds concerning this request are originally acquired and are kept at MCDR as it is the sole custodian of treasury bonds.
- The client acknowledges his/her full responsibility for inserted beneficiaries' data accuracy, and in case of inserting wrong data, the bank shall not be liable for any loss or damage resulting from errors or delays in the transmission or delivery of messages documents or instructions, or failure of transmission or delivery thereof, or resulting from failure to locate, or error in identifying the named payee or resulting from any other cause whatsoever beyond the control of ourselves or any office, branch , correspondent or agent.
- Client has reviewed and approved all the bank's electronic services terms and conditions published on THE BANK's official website www.cibeg.com which include the Higher Authentication Service : One Time Password ( OTP ) that allows – as one of the features – to perform external transfers through electronic channels , and which is subject to update as per the bank' assessment.
- In case the customer has chosen the e-statement option , The client will be able to review/print his bank accounts' statements and his credit cards' statements as well as through internet banking services and declares that his electronic option replaces the printed statement that are sent through physical mail .And The client declares that electronic statements communicated by the bank are accurate and confirmed by The client , unless The client disputes on what is communicated in the statement within fifteen days from statement issuance date, and if The client did not dispute within this duration , this means that it is confirmation on the accuracy of what is communicated in the statement , and that The client declares the accuracy of all entries and balances on the company accounts and credit cards . The client is always responsible for maintaining the updated e-mail addresses and all the data with the bank continuously
- Client should review and adhere to all security guidelines published on the electronic channels or on the bank's official website.
- The bank takes all the necessary security precautions to ensure the confidentiality of clients' data; however, the bank gives no guarantee against the safety of client personal computers that are infected with viruses or intrusions, as it is the client responsibility. In addition, THE BANK is not responsible for any damages that might affect the clients as a result of using online services.
- Clients must never disclose the username or password or any other authentication method related to electronic services or OTP PIN code to any person for any reason including bank employees. In case this information is disclosed to any party, this is considered an authorization from the customer to this party to use his/her accounts ,The clients hereby is deemed responsible for all activities taking place on the accounts following this disclosure , The clients does not have the right to dispute for any loses incurred as a result of these transaction unless an act of negligence or deliberate action is proven against the bank.
- The bank has the right to amend any of the terms and conditions regulating the electronic banking services at any time and with no need for prior notification to the clients. The bank later will notify the clients with the amendments through any mean selected by the bank and such amendments are considered binding and enforceable.
- All the banking services usage provided through Electronic Channels including internet banking services are governed by Egyptian laws applied in this regard and whatever amendments issued later
- Client declares his/her full responsibility for all the accuracy and genuineness of the provided data in this application is accurate and complete , and that he understands and expressly agrees and accepts the bank's general terms and conditions related to these accounts and those related to electronic services.
- Client undertakes to update his/her personal data in case of any changes occurring or upon the bank's request within 30 days.
- Client, hereby declare that he had received the bank services guide stating bank services tariffs.
- The client irrevocably undertakes that he did not and will not assign the proceed of the discounted export letter of credit and or avalized outward documentary for collection to any other party than the bank.
- The client acknowledges and accepts the code stating fees, charges, commissions and returns applicable to the products and services offered by the bank, and confirms that it is announced at all branches and through the bank's channels of communication, including the website. The client also reserves the right for the Bank to amend this code periodically without the client's prior consent.
- The client acknowledges his awareness & understanding to the Bank's complaint mechanism, announced through publications available at branches, direct emails and CIB call center representatives. In case of complaints, the client also acknowledges his obligation to refer to the bank first, and not referring to the Central Bank of Egypt, unless the Bank does not respond within 15 working days from receiving the complaint by the way and manner agreed upon and previously announced to customers by the bank.
- In the event that the client would like to close or terminate a specific product or service, he is committed to cancel/ delete all financial payments/ instructions in manner and a way acceptable to the Bank and before the date of termination, and he is obliged to refer to the nearest branch, Account Relation Ship Manager and/or contact the Bank Digital contact center, where he can inquire about the expenses and discounts offered by the bank in this case (if any), without any responsibility or obligation falling on the bank in this regard.
1. All transactions received before 2PM in a banking day are subject to implementation on the same day unless there is a problem for e.g. insufficient balance. Transactions received after 2PM shall be subject to implementation on the next banking day.
2. The client hereby expresses and confirms its full acknowledgement, awareness and explicit consent to the letters of credit, letters of guarantee and or documentary collections standard terms and conditions set by the Bank and any other amendments that may be set thereto (Trade Transactions).
3. The client hereby confirms his/her full awareness that all the provided information in such application are considered guiding information and not final data, on the other hand only the approved trade finance transactions by the Bank that are reflected in the Bank's records are considered a final legally binding document (Trade Transactions).
4. All letters of credit applications provided to the Bank through THE BANK Trade Online application are subject to Uniform Custom & Practice applicable at the letter of credit issuing date (Trade Transactions).
5.The client hereby confirms under his/her full responsibility and without any responsibility on the Bank that the goods required for importation under letters of credit and / or documentary collections provided to the Bank through THE BANK Trade Online application will be shipped from country of origin /or from one of the main company production centers /or one of its branches /or one of its sales centers & are not prohibited for importation by the Egyptian Government (Trade Transactions).
6. The client hereby confirms his/her full understanding that issuing request for new Letters of Credit and or documentary collections and or acceptance documentary collection and any amendments to the mentioned will not be implemented by the Bank until the bank received the originals of the importation documents (i.e. Performa invoice, invoice or Purchase order. Such shipping documents should be delivered to THE BANK branch in the same day of transmitting those instructions to the Bank through THE BANK Trade Online application (Trade Transactions).
7. The client hereby authorizes the Bank to renew or extend the validity of the issued Letters of Guarantee prior to its expiry date at beneficiaries' request or the Bank sole discretion without any further consent from the client (Trade Transactions).
8. The client hereby confirms his/her awareness that "Outward Documentary Collection" new transactions will not be implemented by the Bank until the bank received the original documents (Trade Transactions).
9. The client admits his/her full awareness that in case of using the finance/discounting services for Export Letter of credit or partial or full avalized outward documentary collection ,he/she will assign the proceeds to only THE BANK and doesn't have the right to request obtaining that proceeds.
10. The client acknowledges that all the fund transfers or payments to other parties executed through the electronic services shall be considered as a confirmed acknowledgement that the Client execution of these transactions- at his own responsibility and the Bank shall not be liable for the validity of these transactions i.e. (Cash Online – ACH direct credit).
11. The client undertakes to disclose in writing the purpose of the said transfer i.e. (Cash Online – ACH direct credit).
12.The Creditor Client shall not issue any Instructions except after the related mandates have been approved by the Debtors' Banks and EG- ACH, and the Creditor Bank can ask Creditor Client to provide such approved mandates or any other evidence or references that prove such approval provided to be acceptable to the Creditor's Bank otherwise the Creditor Bank is allowed to refuse to perform such Instructions (ACH direct debit).
13. In the event of issuance a revocable mandate instructions, the Creditor Client should preserve in his accounts sufficient balance to cover any direct debit transactions that are revoked by the debtors, as the Creditor Bank will debit any of the creditor accounts without previous approval. The Creditor Client shall be solely liable vis-à-vis the Creditor Bank, the Debtors Clients, the Debtors Banks or any other parties (ACH direct debit).
14. In case the transaction settlement was in a currency other than the currency of the client debit account, the client accepts that the Bank shall exchange the available amounts in the customer account to the requested currency according to the transfer date exchange rate.
15. Once the Bank receives the transactions request submitted by the client regarding ACH, the Bank shall send such requested transactions request to the Egyptian Banks Company through electronic files.( ACH direct credit service)
16. The Bank's responsibility is limited to sending the data mentioned herein to the Egyptian Banks Company to execute the said transactions .( ACH direct credit service)
17.The Creditor's Bank shall not be liable for the accuracy and genuineness of any data or instructions provided by the Creditor Client in connection with the EG-ACH service. If such Instructions or Data have proven to be inaccurate, the Creditor's Bank shall not be liable for indemnifying the Creditor's Client for any mistakes that may occur. The Creditor Client shall be fully liable for the such Instructions either vis-à-vis the Debtor Client (s) and/or Debtor's Bank and/ or Third Party and the Creditor's Bank shall not be liable for any liabilities that may result from implementations of such Instructions .( ACH direct credit service)
18. The Creditor's Bank shall credit the Creditor's Account with the amounts actually debited on Debtor's Accounts and the creditor's bank liabilities are considered to be fulfilled once crediting those amounts to the creditor's account.( ACH direct credit service)
19. he Bank hereby consider all data provided by the Client in this context – through electronic media – as an official authorization to debit the Client's Account with the amounts stated and accordingly crediting the relevant Beneficiaries' accounts in the banks on the data stated.( ACH direct credit)
20. The bank responsibility is limited to the processing of the data received and is not responsible for indemnifying the client because of any mistakes that may arise due to inaccuracy or in genuineness of the data or information provided by the client.
21. Redemption requests submitted to the bank by the units' holder or his/her legal representative prior to 12: 00 pm during bank business days are to be processed at the redemption unit price declared by the bank on that day. In case redemption requests are submitted after 12:00 pm, they are to be processed on the following business day at the unit redemption price declared by the bank on that day.
22. Should no instructions be available to the bank with regard to the Time Deposit on its maturity date, the Time Deposit will be automatically renewed for similar period with the same terms and declared interest rate set by the bank on renewal date.
23. The Bank should be notified in writing or through authenticated channels of any eventual change in the given instructions related to the time deposit at least 48 hours prior to its maturity date.
24. Should you request to withdraw any amount from the time deposit fully or partially before its maturity date, the bank would be entitled to debit expenses resulted thereof, according to the rules & regulations prevailing at the bank on the said withdrawal date
25. In the event of the Time Deposit renewal for one or more periods, the interest rate will be calculated according to the prevailing interest rate at the renewal date.
26. The return on the Time Deposit (paid in cash) will be calculated according to the Bank's internal procedures.
27. The bank cheque cannot be cancelled unless the client (issuer) provides the bank through any of its branches with either the original draft or a written approval according to the acceptable wording in form and substance to the Bank delivered to the bank through any of its branches from beneficiary.
28. Terms and conditions of the Ministry of Finance are applied when buying or selling treasury bills/ biding treasury Bonds auctions and we declare our knowledge and reviewing of these terms and conditions and that we have accepted the implementation to these terms and conditions, without any responsibility or risks on the bank in this regard, whereas the bank is only representative for us in performing our request for buying or selling the treasury bills mentioned in this application.
29. The client hereby authorize the Bank to debit our below mentioned account with the accepted bid value along with fees and commissions. On maturity date, please credit the bills nominal value to same account after deducting due taxes.
30. The client hereby authorize the bank to debit his accounts with the present value along with fees and commissions. On maturity date, to credit the treasury bonds nominal value to same account after deducting due taxes for each coupon.
31. The client hereby understands that treasury bonds subject to this request are kept at MCDR as it is the sole custodian of treasury bonds.
32. The client must send / amend / cancel the Treasury bonds request at least two hours prior to the Central Bank of Egypt cutoff time.
33. The client must send / amend / cancel the Treasury Bills Primary Market request at least one working day prior to the Central Bank of Egypt cutoff time.
Fourth: Client Security Duties:
1. The client accepts to maintain and comply with the security and procedures, any other security instructions issued by THE BANK So client should review and adhere to all the security guidelines published on the electronic channels or the bank's official website. .also The client agrees to set up, maintain and regularly review any further required necessary security precautions To keep the PC good usage And to take the required necessary security precautions to keep his/her private information secrete. The client is responsible for ensuring of his/her security level of his/her own computing and communications equipment and the message transmission safety to THE BANK.
2. Client must never whatever the reason is disclose his/her username, password, or any other authentication methods related to electronic services to any person including bank employees for any reason. In case this information is disclosed to any third party, this is considered as an authorization from The client to this party to use his/her accounts, Including his/her bearing to all the consequences, risks, responsibilities and the arising operations without any responsibility on the bank .The client doesn't have the right to claim for any losses arising due to these transactions unless there is an evidence of negligence or intended action from the bank concerning those transactions.
3. The client bears the responsibility of complying with the security precautions concerning the authentication method through keeping the codes security at all the times as set by the customer the owner of the specified privileges matching with the received rules.
4. The Bank's responsibility is limited to the processing of the instructions issued from customer and being accepted by the bank and it and cannot be held responsible for the ingenuineness or inaccuracy of the data provided by the client. The Bank shall not be held responsible for indemnifying the client for any consequences arising due to ingenuineness or inaccuracy of the data. The client does not have the right to cancel or modify any transaction after its due date.
5. Electronic Banking Services are available 7 days a week and in case of a planned maintenance or service disruption, client will be informed through the appropriate channel. The Bank shall exert a reasonable effort to provide the service. However, the Bank shall not be liable for any failure to provide all or part of the Bank Online Banking Services for any reason beyond its control including in particular any suspension for maintenance or upgrades to the Bank's systems or those at any party the Bank uses to provide the Service.
Fifth: Bank's responsibilities:
- The bank has the right to stop one or more of the electronic banking services.
- The bank should takes all the necessary security precautions to ensure the confidentiality of clients' data.
- In case of any complains or inquiries the client should contact the banks customer service representatives/ GTS – Cash Management Team/ GTS –Trade Management Team. The bank will ensure responding to the customer in a timely manner through the appropriate channel.
- The Bank reserves his right at all the times and at his discretion and desire to add, change, or modify the fees , terms, conditions, features and characteristics of the service and with no need for prior notification to the customer. Any changes or modifications of such shall become effective and binding for the client.
- The Bank – at its sole discretion – shall be entitled to suspend, withdraw or limit the usage of all or part of the services for the protection of its client. The Bank shall notify the client of any such procedure.
- In case of any external transfer to any other bank account, the transfer shall only be executed through Token governed in accordance with the Token Agreement.
- The bank shall not be responsible for any processing delays caused by circumstances beyond its control, including but not limited to; electricity power outage, or errors caused by systems, networks malfunctions, or errors due to PC operating systems corruption or network communications, or transactions delay/suspension resulting from the electronic payments networks, correspondent/ receiving banks.
- The bank is not held responsible for any unintended mistakes resulting from unintended misbehavior
- The Bank shall not be responsible or be considered as a party of in case of any disputes that may arise between the Client and any other parties.
- The Bank shall be entitled -at any time- to set-off any loans or amounts due on the client by being debited from the client's accounts.
- The Bank has the right to disclose data & present documents related to these Time Deposits whenever it takes legal procedures against us.
- During the transfer of funds process, the bank uses one of its branches, correspondents , agencies or intermediaries and due to that the bank shall not be held responsible for any mistakes that may arise from those other parties that may occur due to execution delay or fees or deductions or transfer non execution or processing , also the bank shall not be held responsible for any mistakes in the beneficiary name or any delay that may arise due to explicit or implicit wars , revolution, insurrection, or any prevention because of suppression rules or laws from the public authority or from national or international government or any delay that may arise due to transfer foreign currency allocation.
- The Bank has the right to reject the treasury bonds request due to insufficient balance (present value + commission + fees) in the mentioned client account.
Sixth: Grant of License to access CIB website:
- The licensed Website and its related Materials and all copyrights, patents, trade secrets and any other rights therein shall and remain the sole and exclusive property of the Bank.
- The client undertakes to indemnify the bank for any direct or indirect loss or corruption that may arise due to misusing or publishing the licensed website in contradiction with the terms and conditions mentioned in this Exhibit
- The client undertakes not to print or issue a correspondent website to the licensed website or allow the same with his/her prior knowledge without prior written bank agreement
- The client undertakes not to disclose the Licensed/official Website Materials to any third party other than his/her authorized employees when they need that.
- The client undertakes to use the Licensed Website only in conformity with the grant of license herein and to ensure the full compliance of his/her employees and officers with all the procedures and rules here mentioned.
The client irrevocable authorizes the bank to deduct the transactions and services fees implementation from the client accounts held at the bank either in EGP or its equivalent , also the client undertakes his/her acceptance of any amendable CIB tariff list change that may occur from time to another
Eighth: Termination Terms:
The bank has the right to terminate the mentioned service without expressing reasons at any time subject to notifying in writing the client 30 calendar days prior to that service termination taking into consideration that such service termination would not affect any party rights till the termination date
Ninth: Contract Validity:
This Application is valid for one year starting from the signing date of signing, and to be automatically renewed for another period, both parties mentioned herein have the right to terminate the Application at any time by notifying the other party in writing at least 30 days earlier.
Tenth: Governing law and Jurisdiction:
- This agreement shall be governed in accordance with the Egyptian Law, any disputes arise concerning this agreement shall be finally settled by Giza Courts and all its degrees
- This application is written in both Arabic & English languages, in case of discrepancy, the Arabic one version shall prevail.
Eleventh: Force Majeure and unforeseeable circumstances:
- The parties of this application shall not be considered in infringement in case of any delay or non-performance of liabilities as a result of the occurrence of any event of force majeure.
- The party in default because of delay or non-performance any of its responsibilities that resulted in an event of force majeure, shall notify the other party of the event of default with no delay within a period of seven (7) days from the date of the occurrence of the event of force majeure, in case that the defaulting party did not notify the other with the said period, it shall be considered as a waiver of right of demand.
- Any breach, delay from any party to this application shall not have the right to file a suit against this party, and this breach or delay shall not be considered as an infringement of this application.