The Tripartite Agreement For Third Party Payment is a specialized legal instrument used in situations where a third party assumes responsibility for making payments on behalf of a debtor to a creditor. This type of agreement is commonly used in South African business transactions across various sectors, particularly in scenarios involving corporate group structures, development projects, or complex financial arrangements. The agreement must comply with South African contract law and financial regulations, including the National Payment System Act and Financial Intelligence Centre Act. It typically includes detailed payment terms, default provisions, representations and warranties from all parties, and necessary compliance requirements. The document is essential for establishing clear legal relationships and obligations between all three parties while providing adequate protection for their respective interests.
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1. Parties: Identifies and provides full details of the three parties: the Principal Debtor, the Third Party Payer, and the Creditor
2. Background: Explains the context of the agreement, including the original debt obligation and the third party's willingness to make payments
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details the payment obligations, including amounts, timing, and method of payment
5. Acknowledgment of Debt: Confirms the original debt obligation and the Principal Debtor's continuing liability
6. Third Party Payment Undertaking: Specifies the Third Party's commitment to make payments and the terms of this undertaking
7. Default Provisions: Outlines consequences of payment default and remedies available to the Creditor
8. Representations and Warranties: Contains statements of fact and assurances from all parties
9. Notices: Specifies how formal communications between parties should be made
10. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement
11. Signature: Execution clause and signature blocks for all three parties
1. Security Provisions: Include when additional security or guarantees are required for the payment obligations
2. Step-In Rights: Include when the Principal Debtor needs right to resume payments under specific circumstances
3. Assignment: Include when any party needs the right to assign their rights or obligations
4. Dispute Resolution: Include when parties want specific dispute resolution procedures beyond court jurisdiction
5. Early Termination: Include when parties want specific provisions for early termination of the payment arrangement
6. Force Majeure: Include when parties want protection against unforeseen circumstances affecting payment ability
7. Confidentiality: Include when transaction details need to remain confidential
1. Payment Schedule: Detailed schedule of payment amounts and due dates
2. Original Debt Agreement: Copy or summary of the original agreement creating the debt
3. Bank Account Details: Specified bank accounts for making and receiving payments
4. KYC Documentation: Required Know Your Customer documentation for all parties
5. Payment Notification Form: Template for notification of payments made
6. Contact Details: Detailed contact information for all parties' representatives
7. Compliance Certificates: Any required regulatory or compliance certificates
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Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Healthcare
Education
Mining
Agriculture
Professional Services
Infrastructure Development
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Accounts Payable
Risk Management
Compliance
Commercial
Corporate Secretariat
Credit Control
Contract Administration
Relevant Roles
Chief Financial Officer
Financial Director
Legal Counsel
Corporate Lawyer
Finance Manager
Accounts Payable Manager
Treasury Manager
Contract Manager
Risk Manager
Compliance Officer
Company Secretary
Commercial Director
Business Development Manager
Credit Controller
Financial Controller
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