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. 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 The bank is not responsible for (a) the use of funds withdrawn from the account or (b) determining whether a person is entitled to obtain funds that have been ordered or ordered by the contractor.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. 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. What is a tripartite agreement? Essentially, a tripartite agreement is just a document that defines the terms of an agreement between three separate parties, for example.B. in the case of a transaction between two parties, in which a bank is the guarantor of one of the parties. 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. This Agreement (this “Tripartite Agreement”) applies from [date] and consists of [customer`s name] (hereinafter referred to as “customer”); [NAME OF CONTRACTOR] (hereinafter referred to as `the Contractor`); and [BANKNAME] (hereinafter referred to as “bank”). The CLIENT has a right of pledge on the assets in the account in order to ensure the repayment of all funds in the account in excess of the right of pledge or any claim of the bank or the contractor in respect of this account. . . .