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. 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. 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. There is a broad consensus that such tripartite cooperation is a value that must be preserved. Psa is also very committed to this form of interaction and devotes considerable resources to it. 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, the contractor and the customer undertake to comply with the provisions contained in all annexes or additions to this tripartite agreement that are attached and included therein. 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. The bank, the contractor and the CLIENT agree that no person other than the parties to the agreements is designated as the beneficiary of the tripartite agreement or agreements, nor that any other person has the rights to it. The Contractor may at any time terminate the Tripartite Agreement with a period of at least [NUM] days in respect of the Bank if the Contractor finds that the Bank has not fulfilled the full extent of its obligations under the Tripartite Agreement or that the Bank is fulfilling its obligations in a manner that prevents the Contractor from effectively and efficiently managing the applicable programme.
The CLIENT may at any time terminate this tripartite agreement by written notice to the other two (2) parties. The client or his agents may request copies of the establishment and maintenance of the account, as well as transactions, at the client`s expense. Such copies must be available within a reasonable time. These records shall be kept by the Bank for a period of six (6) years after the end of the calendar year in which the records were made, unless, prior to that date, the Bank has been informed in writing by the Customer that the retention of such records is necessary for an extended period for the purposes of a dispute or litigation. . . .