Safe Deposit Box Agreement Template for Hong Kong

The Safe Deposit Box Agreement is a crucial document used in Hong Kong's banking sector when a financial institution provides secure storage facilities to customers. This agreement is essential for establishing a clear legal framework for the safekeeping of valuable items, documents, and other personal property in a controlled environment. It addresses key aspects such as access rights, security protocols, liability limitations, and fee structures, while ensuring compliance with Hong Kong banking regulations and anti-money laundering requirements. The document is particularly important for banks offering private banking and wealth management services, and can be customized for both individual and corporate customers. The agreement typically includes detailed procedures for regular access, emergency situations, and termination, while incorporating specific Hong Kong legal requirements and banking industry best practices.

1. Parties: Identifies the bank/financial institution and the customer(s) entering into the agreement

2. Background: Brief context explaining the purpose of the agreement - the bank's provision of safe deposit box services to the customer

3. Definitions: Defines key terms used throughout the agreement including 'Safe Deposit Box', 'Access Hours', 'Authorized Users', etc.

4. Box Rental: Details of the specific box being rented, rental period, and rental fees

5. Access Rights and Procedures: Rules and procedures for accessing the safe deposit box, including identification requirements and access hours

6. Security and Keys: Provisions regarding key handling, lost keys, and security procedures

7. Prohibited Items: List of items that may not be stored in the safe deposit box

8. Fees and Charges: Details of all applicable fees, payment terms, and consequences of non-payment

9. Bank's Rights and Obligations: The bank's responsibilities regarding box maintenance, security, and right to access under specific circumstances

10. Customer's Obligations: Customer's responsibilities including proper use, reporting requirements, and maintaining current contact information

11. Liability and Insurance: Limitations of bank's liability and insurance requirements/recommendations

12. Term and Termination: Duration of agreement, renewal terms, and termination procedures

13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes