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. 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. 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. 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 The bank is not responsible for (a) the use of funds withdrawn from the account or (b) determining whether a person is entitled to obtain funds that have been ordered or ordered by the contractor.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 other electronic instructions or transactions, including automated clearing house entry, or for breach of a guarantee or guarantee by the customer or contractor, as the case may be. . . .