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Blocked Account Agreement

Blocked Account Agreement Template for Singapore

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Key Requirements PROMPT example:

Blocked Account Agreement

"Need a Blocked Account Agreement under Singapore law for a construction project escrow, where the account will hold USD 5 million until project completion in June 2025, with specified milestone-based releases to the contractor."

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What is a Blocked Account Agreement?

A Blocked Account Agreement is essential in situations where funds need to be held securely with restricted access, typically as security for obligations or to ensure specific payment arrangements. Used extensively in Singapore's financial sector, this agreement defines the terms under which the account operates, including detailed provisions for account control, authorized activities, and release mechanisms. The agreement must comply with Singapore's robust financial regulatory framework, including the Banking Act, Payment Services Act, and relevant MAS notices. It's particularly relevant for structured finance transactions, escrow arrangements, and security packages in Singapore's sophisticated financial market.

What sections should be included in a Blocked Account Agreement?

1. Parties: Identification of all parties to the agreement (typically bank, account holder, and beneficiary)

2. Background: Context and purpose of the blocked account arrangement

3. Definitions: Key terms used throughout the agreement

4. Account Establishment: Terms for opening and maintaining the blocked account

5. Operating Procedures: Rules for operating the account, including authorized signatories

6. Blocking Mechanism: Specific restrictions and controls on the account

7. Release Conditions: Circumstances under which funds can be released

8. Bank's Rights and Obligations: Responsibilities and powers of the bank

9. Fees and Charges: Cost structure and payment terms

10. Term and Termination: Duration and termination provisions

What sections are optional to include in a Blocked Account Agreement?

1. Security Interest: Provisions for when the account serves as security for obligations

2. Investment Provisions: Rules for investing blocked funds when permitted

3. Multi-currency Provisions: Rules for handling multiple currencies in the account

4. Electronic Banking: Terms for online access and operations when electronic access is permitted

What schedules should be included in a Blocked Account Agreement?

1. Schedule 1 - Account Details: Specific account information and numbers

2. Schedule 2 - Authorized Signatories: List of persons authorized to operate the account

3. Schedule 3 - Fee Schedule: Detailed breakdown of applicable fees

4. Schedule 4 - Operating Procedures: Detailed procedures for account operations

5. Schedule 5 - Standard Forms: Standard forms for instructions and releases

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





























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Industries

Banking Act (Cap. 19): Primary legislation regulating banking business and operations in Singapore, including provisions about bank accounts and banking relationships

Payment Services Act 2019: Regulates payment systems and payment service providers, with provisions relevant for account operations and fund transfers

Securities and Futures Act (Cap. 289): Relevant for blocked accounts related to securities trading or investment purposes, containing provisions about client money and assets

AML/CFT Requirements (MAS Notice 626): Anti-Money Laundering and Countering the Financing of Terrorism requirements, including customer due diligence and transaction monitoring obligations

Personal Data Protection Act 2012: Governs the handling of personal data, including consent obligations and data protection provisions

Contract Act (Cap. 53): Fundamental contract law legislation along with common law principles governing contract formation and enforcement

Companies Act (Cap. 50): Relevant when parties are corporate entities, covering requirements for corporate authority and execution

Insolvency, Restructuring and Dissolution Act 2018: Contains provisions relating to bankruptcy and insolvency, including impact on blocked accounts in insolvency scenarios

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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