1.Scope of application, modifications or amendments to the General Terms and Conditions
1.1 Scope of application
a) These General Terms and Conditions (hereinafter referred to as GTC) shall apply to overall business relation between the Customer and the Bank.
b) Special terms and conditions concluded with the Customer, or special terms applied for specific products and services shall prevail over GTC.
c) In these GTC, the term “Bank” shall have the meaning of Raiffeisen Bank sh.a., while the term “Customer” will include the individuals, physical persons, juridical persons, as per the legal meaning of the mentioned terms.
1.2 Modifications or amendments
a) The bank shall be entitled to make any amendments in GTC upon its discretion. In such cases the Bank shall notify the Custumer in writing, at least 15 days prior the entering into force of the amendments.
b) Modification or amendments to these GTC shall enter into force following the notification of the customer with effect in all present and future business relation between the Customer and the Bank, unless the Bank has received a written objection from the Costumer by that time, notifying the termination of the contract with the Bank.
2.1 Notices of the Bank
a) The notifications, correspondence and the notices, and any other communication of the Bank with the Costumer shall be effective when carried out in the address shown by the Costumer at the time of account opening, or in another address informed by the costumer, if there has been changes related to it.
b) If there is more than one account holder, the notifications as per the Para a) in above should be sent in the address of any of them, and shall be fully effective for all account holders.
2.2 Customer orders and instructions
a) Customer orders and instructions generally shall be given in writing and should contain the original specimens of the authorized persons.
b) Irrespective thereof, the Bank shall be entitled to carry out instructions given via other means of communication (in particular over the phone, via cable, telex, data communication, e-mail, and internet), if the Customer has reached an agreement with the Bank for such services.
c) Rules related to communication via phone, e-mail, internet etc. are settled in the relevant procedures of the Bank and in Terms and Conditions, made known to the Customer at the moment when he/she applies for such services.
3.Obligation to co-operate and liability of the Customer
3.1 Obligations of the customer to notify the bank
In overall business relation with the Bank, the Customer shall observe the obligation to co-operate and notify the Bank for the important changes as below. Any violation thereof shall lead to an obligation to pay damages or to a reduction the customers claims for damages vis-à-vis the Bank.
a) Name and address
- The Customer shall immediately notify the Bank in writing of any changes in his/her name, company name, address or the service address advised by him/her.
- If the Customer fails to notify changes in the address, written communications of the Bank will be deemed to be received if they were sent to the address most recently advised to the bank.
b) Power of representation
- The Customer shall immediately notify the Bank in writing of any cancellation or changes of any power of representation advised to it, including an authority to dispose of and sign for an account and shall provide appropriate documentary evidence in this regard.
- Any power of representation advised to the Bank shall continue to be effective in its current scope until written notification of cancellation or a change of it.
c) Capacity to enter into legal transactions, dissolution of the company
- The Bank shall immediately be notified in writing of any loss or reduction in the Customer’s capacity (legal capacity) to enter into legal transactions. If the customer is a company or legal entity, the dissolution of the same shall also be advised to the Bank immediately.
3.2 Clarity of Orders
a) The Customer shall insure that his/her orders / instructions to the Bank are clear and unambiguous. Modifications, confirmations or reminders shall expressly be marked as such.
b) If the Customer wishes to give special instructions to the Bank regarding the carrying out of orders she/he shall inform the Bank thereof separately and explicitly, and in case of orders given by means of forms, the instructions shall be given separately, i.e. not on the form. This shall, above all, apply if the carrying out of the orders is extremely urgent or subject to certain periods and deadlines.
3.3 Due care and diligence in using means of telecommunication
a)If the Customer gives instructions or other notices via telecommunication s/he shall take appropriate precautions in order to avoid transmission errors and abuse.
3.4 Raising of objections
a) The customer shall immediately verify notices of the bank, such as confirmations of his/her orders, communications about the carrying out of the same, statements of account, closing statements and any other accounts as well as mail and payments of the bank immediately as to their completeness and correctness and shall raise objections, if any, without delay.
b) If the bank receives no written objections within a period of 3 months, the stated notices and services of the bank will be deemed approved.
c) The Bank in each case informs the Customer about the significance of his/her objection or non objection at the beginning of the period. It shall be sufficient if such information is provided on the statement of account.
3.5 Notification in case of non-receipt of communications
The Customer shall notify the bank immediately if s/he does not receive regular communications from the bank (such as closing statements or statements of securities accounts) or other communications or mail from the bank which the customer would have had to expect in his/her circumstances within the period of time normally to be expected with respect to the agreed form of transmission.
Any foreign-language instruments shall be presented to the bank even in Albanian Language, both translated and notarized, if the bank so requires.
4.Termination of the business relation
4.1 . Termination by the Bank
a) Ordinary termination (the simple one)
Unless the agreement has been concluded for a definite period of time, the Bank and the Customer shall be entitled to terminate the entire business relation or individual parts thereof at any time giving a reasonable time period of notice.
b)Termination for important reasons
- The Bank and the Customer shall be entitled to terminate the entire business relation or individual parts thereof at any time with immediate effect for important reason notwithstanding any agreements to the contrary.
- Important reasons for the termination by the Bank are considered the cases when the Customer is using his/her account for illegal activity in violation of any law, if he/she has violated repetitively the GTC, or specific applied conditions, the customer furnishes incorrect information about his/her financial situation or other essential facts and circumstances, or if the financial situation of the Customer or of a co-debtor deteriorates or is put at risk and the fulfillment of obligations vis-à-vis the Bank is jeopardized as a result thereof, or the Customer fails or is unable to fulfill the obligation to provide or increase collateral.
4.2. Legal Consequences
Upon termination of the entire business relation or individual parts thereof the amounts owed hereunder will immediately become due and payable and the Customer shall be obliged to release the Bank from all liabilities assumed for him/her.
5. Right of disposal upon the death of a Customer.
5.1 Disposition in favor of heirs
a) As soon as it receives notice of the death of a Customer, the Bank shall permit disposition on the basis of court decision for the defining of the heirs of the diseased.
Upon the death of e Customer who is the holder of an account with an Authorised Person, the rights of the Authorised Person to act on the account, terminate as well. The Bank is obliged to refuse any bank transaction ordered by the Authorised Person, from the moment of being notified of the Customer’s death.