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Blocked Account Agreement

Blocked Account Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Blocked Account Agreement

"I need a Blocked Account Agreement governed by Hong Kong law for a construction project escrow arrangement between ABC Bank Limited and XYZ Development Company, where funds can only be released upon joint instructions from both the developer and the main contractor, with the account to be established by March 2025."

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Document background
The Blocked Account Agreement is a specialized banking document used in Hong Kong to establish and govern arrangements where funds need to be held under specific control mechanisms. This agreement is typically employed in project finance, escrow arrangements, or security structures where funds need to be ring-fenced and released only under pre-agreed conditions. The document reflects Hong Kong banking practices and regulatory requirements, incorporating necessary provisions for account operation, signatory rights, and release mechanisms. It's particularly useful in scenarios requiring third-party oversight of funds, such as construction projects, acquisition transactions, or structured finance arrangements. The agreement includes detailed provisions for account operation, monitoring, and reporting, ensuring compliance with Hong Kong banking regulations while providing clarity on the rights and obligations of all parties involved.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the account holder, the bank, and any security trustee or beneficiary

2. Background: Sets out the context and purpose of the blocked account arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Account Establishment: Details of the blocked account(s) to be established, including account type and currency

5. Account Operation: Specifies how the account will be operated, including signing rights and restrictions

6. Blocking Provisions: Details the specific restrictions on the account and circumstances under which funds can be released

7. Bank's Rights and Obligations: Sets out the bank's responsibilities and rights regarding the blocked account

8. Account Holder's Obligations: Specifies the account holder's duties and restrictions

9. Representations and Warranties: Standard representations from all parties regarding capacity and authority

10. Fees and Expenses: Details of banking charges and responsibility for costs

11. Amendments and Waivers: Process for modifying the agreement and effect of waivers

12. Termination: Circumstances and process for terminating the blocked account arrangement

13. Notices: Communication procedures between parties

14. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and jurisdiction for disputes

Optional Sections

1. Security Interest Provisions: Required when the blocked account forms part of a security arrangement

2. Multiple Account Provisions: Required when multiple blocked accounts are being established

3. Foreign Currency Provisions: Required when the account involves foreign currency transactions

4. Electronic Banking Provisions: Required when online banking access is permitted for limited functions

5. Third Party Rights: Required when rights are to be granted to non-parties under the Contracts (Rights of Third Parties) Ordinance

6. Force Majeure: Optional provisions dealing with events outside parties' control

7. Anti-Money Laundering Compliance: Detailed AML provisions if required by specific circumstances

Suggested Schedules

1. Account Details: Schedule listing specific account numbers and types

2. Authorized Signatories: List of persons authorized to operate the account and their signing authority levels

3. Forms and Notices: Standard forms for payment instructions or release requests

4. Fee Schedule: Detailed breakdown of applicable bank charges and fees

5. Operating Procedures: Detailed procedures for account operation and release of funds

6. Required Documents: List of documents required for various account operations

7. Conditions Precedent: Documents and conditions required before account becomes operational

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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














































Clauses
































Relevant Industries

Banking & Financial Services

Investment Management

Real Estate

Infrastructure

Construction

Project Finance

Private Equity

Insurance

Import/Export

Manufacturing

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Finance

Project Finance

Banking Operations

Account Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Compliance Officer

Legal Counsel

Project Finance Manager

Account Manager

Banking Relationship Manager

Security Trustee

Risk Manager

Corporate Finance Manager

Financial Controller

Industries







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