Download Tripartite Agreement For Third Party Payment - Singapore

Tripartite Agreement For Third Party Payment for Singapore

Tripartite Agreement For Third Party Payment Template for Singapore

A Tripartite Agreement For Third Party Payment under Singapore law is a legally binding document that establishes an arrangement where a third party agrees to make payments on behalf of the original debtor to a creditor. This agreement is governed by Singapore's Contract Act and related financial regulations, including MAS guidelines. It sets out the terms, conditions, and obligations of all three parties, including payment schedules, default provisions, and remedies available under Singapore law.

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What is a Tripartite Agreement For Third Party Payment?

The Tripartite Agreement For Third Party Payment is typically used in situations where an original debtor wishes to arrange for payments to be made by another party while maintaining the underlying obligation. This document is particularly relevant in Singapore's commercial landscape, where complex payment structures are common in business transactions. The agreement details payment terms, schedules, obligations, and rights of all parties involved, while ensuring compliance with Singapore's regulatory framework, including MAS guidelines and banking regulations. It provides legal certainty and protection for all parties by clearly defining roles, responsibilities, and remedies in case of default.

What sections should be included in a Tripartite Agreement For Third Party Payment?

1. Parties: Identification and details of all three parties: Principal Debtor, Creditor, and Third-Party Payer

2. Background/Recitals: Context of the agreement, existing relationships, and reason for third-party payment arrangement

3. Definitions: Key terms used throughout the agreement including Payment Obligations, Payment Schedule, etc.

4. Payment Terms: Detailed payment obligations, amounts, currency, and payment methods

5. Payment Schedule: Timing and structure of payments

6. Representations and Warranties: Statements of fact and assurances from all parties

7. Default and Remedies: Consequences of payment default and available remedies

8. Governing Law: Singapore law provisions and jurisdiction

What sections are optional to include in a Tripartite Agreement For Third Party Payment?

1. Security Provisions: Additional security requirements for substantial payment obligations or high-risk profiles

2. Foreign Exchange Provisions: Currency conversion terms for payments involving foreign currencies

3. Step-In Rights: Rights of parties to take over obligations in complex commercial arrangements

4. Anti-Money Laundering Provisions: AML compliance requirements for regulated entities or large transactions

What schedules should be included in a Tripartite Agreement For Third Party Payment?

1. Payment Schedule: Detailed breakdown of payment amounts and dates

2. Bank Account Details: Designated accounts for payments

3. Original Debt Agreement: Copy of the primary agreement creating the payment obligation

4. Corporate Authorizations: Required corporate approvals and resolutions

5. KYC Documentation: Required identification and verification documents

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Real Estate
Construction
Manufacturing
International Trade
Infrastructure Development
Project Finance
Private Equity
Corporate Finance

Relevant Teams

Finance
Legal
Treasury
Compliance
Risk Management
Commercial Operations
Corporate Development
Project Management
Accounts Payable
Contract Administration

Relevant Roles

Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Commercial Director
Contract Manager
Risk Manager
Compliance Officer
Project Finance Manager
Corporate Finance Manager

Industries

Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore, including fundamental principles of offer, acceptance, consideration, and contractual obligations

Payment Services Act 2019: Regulates payment systems and payment service providers in Singapore, ensuring security and reliability of payment transactions

Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and digital signatures, ensuring enforceability of electronic contracts

Currency Act (Cap. 69): Governs the use of currency in Singapore and regulates monetary transactions

Banking Act (Cap. 19): Regulates banking operations and financial institutions in Singapore, including payment processing and banking transactions

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore governing financial transactions and banking practices

Civil Law Act (Cap. 43): Fundamental legislation governing civil matters including contractual relationships and debt obligations

Companies Act (Cap. 50): Regulates corporate entities' operations and their legal obligations in contractual relationships

Securities and Futures Act (Cap. 289): Governs securities, futures, and financial instruments, including aspects of financial transactions and security interests

Mediation Act 2017: Provides framework for mediation as a dispute resolution mechanism in Singapore

Arbitration Act (Cap. 10): Governs domestic arbitration proceedings for dispute resolution in Singapore

International Arbitration Act (Cap. 143A): Regulates international arbitration proceedings and enforcement of foreign arbitral awards

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in transactions and agreements

Anti-Money Laundering Regulations: Requirements for preventing money laundering and terrorism financing in financial transactions

Partnership Act (Cap. 391): Governs partnerships and their legal obligations in contractual relationships

Limitation Act: Sets time limits for bringing legal claims and enforcing contractual rights

Common Law Principles: Established case law and legal principles from Singapore's courts affecting contract interpretation and enforcement

Foreign Exchange Regulations: Rules governing cross-border payments and currency exchanges in international transactions

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What is a Tripartite Agreement For Third Party Payment?

What sections should be included in a Tripartite Agreement For Third Party Payment?

What sections are optional to include in a Tripartite Agreement For Third Party Payment?

What schedules should be included in a Tripartite Agreement For Third Party Payment?

Authors

Alex Denne

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