A collateral safekeeping agreement is entered into between a customer and a banking financial institution authorized to accept collaterals for safekeeping according to the laws governed by the State.
The agreement sets out various terms and conditions for the collateral safekeeping of the items of the customer in the bank premises.
The collateral safekeeping agreement has to be read in full and only on agreement of the terms specified therein can the contract be complete between the bank and the customer. The agreement has clauses such as the process for safekeeping, the rules that are followed by the bank while safekeeping, the levy of fees by the bank for safekeeping, notice period for termination of collateral safekeeping agreement, written consent of the depositor in agreement of terms specified etc.
The agreement is similar to a promissory note and is signed by the depositor for acceptance of the terms of safekeeping with the bank on a duly stamped paper as specified in Securities Services Agreement.
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