The Certificate of Deposit Agreement is a essential banking document used when a depositor wishes to place funds with a financial institution for a fixed term at a predetermined interest rate. This agreement, governed by Austrian law, establishes the legal relationship between the bank and the depositor, specifying crucial terms such as the deposit amount, interest rate, maturity date, and early withdrawal conditions. The document ensures compliance with Austrian banking regulations, particularly the Bankwesengesetz (BWG) and Einlagensicherungs- und Anlegerentsch盲digungsgesetz (ESAEG), while incorporating EU directive requirements. It serves as both a legal contract and a detailed record of the deposit arrangement, providing security and clarity for all parties involved.
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1. Parties: Identification of the financial institution and the depositor(s), including full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the nature of the certificate of deposit
3. Definitions: Definitions of key terms used throughout the agreement, including technical banking and financial terms
4. Deposit Amount and Term: Specification of the principal amount, currency, and term of the certificate of deposit
5. Interest Rate and Calculation: Details of the interest rate, calculation method, and payment frequency
6. Maturity and Renewal: Terms regarding maturity date, renewal options, and notification requirements
7. Early Withdrawal and Penalties: Conditions and penalties for early withdrawal of funds
8. Deposit Protection: Information about deposit protection schemes as required by ESAEG
9. Account Operations: Procedures for managing the CD account, including statements and notifications
10. Tax Provisions: Information about tax treatment and reporting requirements
11. Representations and Warranties: Standard declarations by both parties regarding capacity and authority
12. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Joint Account Provisions: Additional terms for certificates of deposit held by multiple parties - include when there are multiple depositors
2. Special Interest Rate Conditions: Additional terms for variable rates or special interest calculations - include for non-standard interest arrangements
3. Electronic Communications: Terms governing electronic notifications and online account access - include when online services are offered
4. Death or Incapacity: Procedures in case of death or incapacity of the depositor - include for individual depositors
5. Corporate Authorization: Additional requirements for corporate depositors - include when the depositor is a legal entity
1. Schedule A - Interest Rate Sheet: Detailed breakdown of interest rates and calculation methods
2. Schedule B - Fee Schedule: List of applicable fees and charges, including early withdrawal penalties
3. Schedule C - Deposit Protection Information: Detailed information about deposit protection schemes and coverage limits
4. Appendix 1 - Account Opening Forms: Standard forms required for opening the certificate of deposit
5. Appendix 2 - Specimen Signatures: Authorized signatures for account operation and instructions
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