PandaTip: Quite simply, a tripartite agreement is an agreement between three parties. You could have a tripartite confidentiality agreement, a tripartite non-compete agreement – you call it. However, tripartite agreements are most common when banks are involved in a transaction. That is why we have taken a little freedom and developed a model for this type of tripartite agreement here. In this tripartite agreement, the bank is the guarantor of the contractor and assumes certain obligations regarding the transaction between the contractor and the customer. We have no doubt that this tripartite agreement needs some additional adjustments for your specific purpose, as there are endless possibilities. Be sure to have the assistance of your legal advisor. The bank is not responsible for (a) the use of funds withdrawn from the account or (b) determining whether a person is entitled to obtain funds that have been ordered or ordered by the contractor. To the extent that the bank, after receiving written instructions from the duly authorised representative of the customer or the contractor with the bank, shows due diligence, the bank shall act in this regard and shall not make liable to any party or third party for any action taken or not taken in accordance with such written instructions, including, but not limited to, instructions for electronic transmission; File, mail or any other electronic instruction or transaction, including automated clearing house entry, or in the event of a breach of a guarantee or guarantee by the client or contractor, as the case may be. Such written instructions or instructions that the bank receives from the director, the financial strategies and valuation department, the client or the duly authorised representative of the bank may be duly issued and submitted by the bank, to the extent that the rights, obligations and liabilities of the bank are concerned. What is a tripartite agreement? Essentially, a tripartite agreement is just a document setting out the terms of an agreement between three separate parties, for example. B in the case of a transaction between two parties where a bank is the guarantor of one of the parties. The Contractor and the Bank undertake to notify each other within [NUM] days of notification of acts or omissions of which the Party is aware, which may infringe the Tripartite Agreement or which may be fraudulent or unauthorized.
Notwithstanding Covenants 6, 7 and 8, if the contracts are not renewed or terminated, this tripartite agreement between the customer, the contractor and the bank is automatically terminated by the service of a written notification to the bank. This tripartite agreement shall terminate automatically at the end of the period referred to in point 6 above. The bank agrees that, without the prior written consent of the customer, it will not enter into any agreement with any other party to assume primary responsibility for this tripartite agreement. In the event of service of an act of seizure, execution or opening of seizure proceedings concerning the account, the bank shall immediately inform the customer. The Bank, the Contractor and the CLIENT agree that in the event of any objection to any terms, this Tripartite Agreement shall supersede the Bank`s Terms of Service for all accounts and services covered by this Tripartite Agreement. The agreements provide that the credits deducted will be used exclusively to finance [DESCRIPTION]. These funds must be deposited in an account separate from the contractor`s general or other funds, with a bank that meets the requirements set out in the agreements; and if the bank meets the requirements, the parties agree to deposit such amounts into an account (the “Account”) with the bank….