Corporate Credit Card Acknowledgement Form for Saudi Arabia

Corporate Credit Card Acknowledgement Form Template for Saudi Arabia

This document serves as a formal acknowledgment form for corporate credit card issuance and usage in Saudi Arabia, complying with both Saudi Arabian banking regulations and Islamic finance principles. It establishes the terms, conditions, and responsibilities associated with corporate credit card usage, including spending limits, authorized uses, and compliance requirements. The form incorporates SAMA (Saudi Arabian Monetary Authority) guidelines and Shariah-compliant banking practices, while clearly defining the relationship between the employer and employee regarding corporate card usage, expense reporting, and liability.

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What is a Corporate Credit Card Acknowledgement Form?

The Corporate Credit Card Acknowledgement Form is a crucial document used when companies in Saudi Arabia issue corporate credit cards to their employees. It serves as a legally binding agreement that outlines the terms, conditions, and responsibilities associated with corporate card usage, while ensuring compliance with Saudi Arabian banking regulations and Islamic finance principles. This document is typically implemented during the corporate card issuance process or when updating existing card agreements to reflect new policies or regulatory requirements. It includes essential information about spending limits, authorized uses, reporting requirements, and cardholder obligations, while incorporating SAMA guidelines and Shariah-compliant practices. The form protects both the employer's and employee's interests by clearly defining responsibilities, liabilities, and compliance requirements.

What sections should be included in a Corporate Credit Card Acknowledgement Form?

1. Parties: Identification of the employer (company) and employee (cardholder)

2. Background: Brief context explaining the purpose of issuing corporate credit card and its business nature

3. Definitions: Key terms used in the document including 'Corporate Credit Card', 'Authorized Use', 'Credit Limit', etc.

4. Card Issuance and Purpose: Details of the card being issued, including card number, credit limit, and intended business use

5. Cardholder Responsibilities: Primary obligations of the employee regarding card usage, security, and reporting

6. Authorized Usage: Specific guidelines on permitted and prohibited uses of the corporate credit card

7. Expense Reporting: Requirements and procedures for submitting expense reports and supporting documentation

8. Payment Terms: Terms regarding payment processing, statement reconciliation, and handling of outstanding balances

9. Security Measures: Required security practices for card storage, PIN protection, and reporting lost/stolen cards

10. Compliance Declaration: Employee's declaration of compliance with company policies and Shariah principles

11. Termination Provisions: Procedures for card cancellation upon employment termination or policy violations

12. Acknowledgment: Final statement confirming understanding and acceptance of all terms and conditions

What sections are optional to include in a Corporate Credit Card Acknowledgement Form?

1. Foreign Transaction Handling: Include when card may be used for international transactions, outlining specific procedures and restrictions

2. Rewards Program: Include when corporate card has associated rewards program, specifying ownership and handling of rewards points

3. Department-Specific Policies: Include when different departments have varying spending limits or authorization requirements

4. Delegation Authority: Include when cardholder may have authority to delegate card use to other employees

5. Digital Payment Integration: Include when card can be used with digital payment systems or mobile wallets

What schedules should be included in a Corporate Credit Card Acknowledgement Form?

1. Schedule A - Spending Limits: Detailed breakdown of transaction limits, daily limits, and category-wise spending restrictions

2. Schedule B - Authorized Merchant Categories: List of approved merchant categories and any restricted categories

3. Schedule C - Expense Reporting Templates: Standard forms and formats for expense reporting and reconciliation

4. Appendix 1 - Company Credit Card Policy: Complete corporate credit card policy document referenced in the acknowledgment form

5. Appendix 2 - Emergency Contact Information: List of contacts for card-related emergencies, including bank and company contacts

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Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Partial Payment Acknowledgement Receipt

A Saudi Arabian law-compliant document acknowledging partial payment of a debt while maintaining the creditor's rights to the remaining balance.

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Download a Standard Corporate Credit Card Acknowledgement Form

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What is a Corporate Credit Card Acknowledgement Form?

What sections should be included in a Corporate Credit Card Acknowledgement Form?

What sections are optional to include in a Corporate Credit Card Acknowledgement Form?

What schedules should be included in a Corporate Credit Card Acknowledgement Form?

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