Purpose of the Contract

The purpose of this contract is to use the Safe Deposit Boxes to deposit and maintain funds, securities, documents and other valuable items.

Contract Period:

The period of this contract is one year. It will be renewed for similar period(s), unless either party notifies the other of the desire in writing - thirty days at least prior to the expiry date not to renew the contract.

Annual Rental Amount:

  1. The rental amount shall be paid in advance upon signing this contract and at the beginning of any renewal period.
  2. This rental amount will be for one year. It will be applied to the contract period or any part of it before the expiry date in case of cancelation or termination of this contract.

Obligations of the Lessee (the Customer):

  1. The Second Party cannot deposit in the Safe boxes any explosive or dangerous liquids, materials or any items that jeopardize the Safety of the box or the place in which the Boxes are located. He /She cannot deposit any items; the possession of which is banned under the laws, rules, regulations or any resolutions issued by the concerned authorities. The Bank have the right at any time to inspect the contents of the Safe Box in the presence of the Second Party. If the Second Party does not appear after being notified, or if he/she does not allow the bank to conduct this inspection, the Bank have the right to obtain permission from the competent officer to inspect the safe.
  2. Utilization of the Safe boxes is a personal right of the Lessee. He / She may not lease it or part of it, or assign it to a third party. He / She may appoint a third party under a Bank Power of Attorney or a Special Power of Attorney acceptable to the bank, to act as attorney. The Power of Attorney shall remain valid until the Bank is notified officially of the expiration, whether by discharging the attorney, the death of the principal, or for any other reasons. The Power of Attorney shall be under the same terms applied to the principal in respect of the use of the Safe boxes.
  3. The Second Party - upon the expiry or termination of the Contract- shall hand over the Safe Boxes free of any items and defects. He / she shall return its keys to the Bank. He / she shall pay all the expenses as estimated by the First Party. In case of losing the two keys or one of them, which are handed over to him, or in case of causing any damage to the safe leased to him / her, he / she shall compensate the Bank for all damages resulted from the same.

Obligations of the Lesser (the Bank):

The Bank shall keep the safe in good conditions and maintain it. And shall take the reasonable measures to guard it and ensure its safety. Bank shall not be responsible for any damage caused to the safe and the contents as long as it proves that it takes such measures without failure. Its obligation to maintain the safe shall not affect its right to monitor the objects to be deposited in the safe for security reasons.

General Terms and Conditions:

  1. In case of applying precautionary lien on the safe, the lessee may not use it unless after obtaining a judicial court order to lift the lien or a permission to take some of its contents. If the lien is executive, the execution officer - after notifying the Lessee shall have the right to open the safe box and take the measures for which he is authorized under the law after depositing the fees for opening the safe and restore it to its previous conditions.
  2. In case that the bank is notified of the death of the Lessee or one of the various lessees of the same safe, the safe shall not be used unless with the agreement of all parties concerned or under a court order. If the heirs do not agree or fail to take the appropriate measure to take over the contents of the safe, the Bank have the right to open the safe, subject of this contract.
  3. The Second Party must declare that all the contents of the safe are his / her own private contents. He / she deposited them in the safe box by himself / herself without any interference from Al Ahli Bank of Kuwait, or any of it staff. He / she undertakes not to misuse the safe box or commit any actions that violates the legislations, laws or rules that regulates the use thereof. In case that the bank receives any complaint as a result of using the safe deposit box by the lessee, and the Bank has verified the seriousness of the complaint after conducting the appropriate investigation, then the Bank have the right to submit a report to the General Prosecution against the customer, in accordance with the stipulations of the law in respect of Anti-money laundering and combating of financing of terrorism.

Nullification of the Contract:

This Contract shall be null and void automatically without any need to serve a notice or take any other actions in the following cases:

  1. If the Second Party fails to pay the fees after the elapse of fifteen days from the date of notifying him / her to pay the same.
  2. If there is a court judgment of bankruptcy or deportation outside the country. The Second Party in case of nullification of the contract shall hand over the leased safe free from any items to the First Party, and return its keys within three days from the date of notifying him / her of that nullification.

Opening of the Safe:

  1. In case of nullification, expiry of the contract, or death of the lessee or being legally competent, or for any other reasons, the First Party if the lessee or his / her legal representative does not appear to receive the safe and keys within 3 days from the notification have the right to have a court permit issued to open the safe in the presence of one of the execution officers. A report shall be prepared to list the contents of the safe which shall be handed over to the bank for custody.
  2. The Bank after elapse of six months from opening the safe and listing the contents shall obtain a court order to sell the contents of the safe in the manner stated in the said court order, and to deposit the amount in the custody of the court safe. The privilege determined for the bank to deduct the fees and expenses from the proceeds of sale shall be regarded.

Jurisprudence and Competent Legislation:

This contract shall be subject to the terms and conditions of the Kuwaiti laws and the jurisprudence of the Kuwaiti Courts.