The Entrepreneur and the Bank undertake to notify each other within [NUM] days of becoming aware of the occurrence of acts or omissions of which the Party is aware, which may violate the Tripartite Agreement or which are otherwise fraudulent or unauthorized. What is a tripartite agreement? A tripartite agreement is essentially just a document that sets out the details of an agreement between three separate parties, such as a transaction between two parties where a bank acts as guarantor for 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 The Bank is not responsible for (a) the use of funds withdrawn from the ACCOUNT or (b) determining whether a person is entitled to receive funds ordered by the Contractor or intended for payment. To the extent that the Bank exercises due diligence upon receipt of written instructions from the DULY AUTHORIZED REPRESENTATIVE of the CLIENT or the Entrepreneur to the Bank, the Bank will act accordingly and shall not be 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 in the form of electronic transmission, Filing, sending by mail or other electronic instructions or transactions, including automated entry of the clearing house, or for the breach of any warranty or representation by the CLIENT or the Contractor, as the case may be. Such written instructions or instructions received by the Bank from or on the instructions of the Director, Financial Strategies and Valuation Department, the CLIENT or his duly authorised representative may be deemed to have been duly issued by the CLIENT and submitted to the Bank with respect to the Rights, Obligations and Commitments of the Bank. The Bank undertakes not to enter into an agreement with any other party to discharge the primary responsibility of this Tripartite Agreement without the prior written consent of the CLIENT. Notwithstanding Clauses 6, 7 and 8, this tripartite agreement between the CLIENT, the Entrepreneur and the Bank shall be automatically terminated upon delivery of written notice to the Bank if the agreements are not renewed or terminated. This Tripartite Agreement shall terminate ipso jure upon expiry of the period provided for in paragraph (6) above. The CLIENT will issue a letter of credit (irrevocable to the extent that bonds arise if the Bank has acted in accordance with the contractor`s instructions) to the Bank in favour of the ACCOUNT. The CUSTOMER authorizes the Bank to submit a claim request 1031 (the “Direct Debit”) against the Letter of Credit in accordance with the direct debit instructions agreed upon by the parties (the “Direct Debit Instructions”) to the relevant Federal Reserve Bank. Claims are limited to the number of (a) cheques and other items, including LFS items issued by or on behalf of the Contractor, that are submitted for payment each day or that should be presented for payment each day (individually, the “Items” and collectively, the “Items”); (b) any withdrawal or debit to the ACCOUNT in accordance with normal procedures for processing the Items, including, but not limited to, adjustments and chargebacks in connection with the Items (the “Adjustments”), and (c) prior overdrafts, if any, less other accumulated deposits.
In connection with any transfer of money, the parties agree to be bound by the then-current operating rules and policies of the National Automated Clearinghouse Association (the “NACHA Rules”), except that, with respect to government, the NACHA rules are modified by regulations of the Department of Finance. Notwithstanding anything to the contrary in this document, the Bank is not obliged to follow the instructions or instructions of the CLIENT or the Contractor to reverse the entries or elements, unless such cancellation is in accordance with the rules of NACHA or the regulations of the Ministry of Finance. The Bank undertakes to ensure the service of the ACCOUNT in the manner indicated herein and on the basis of the specifications and price lists contained in the Supplements. PandaTip: Quite simply, a tripartite agreement is an agreement between three parties. You could have a tripartite non-disclosure agreement, a tripartite non-compete agreement – you call it. However, tripartite agreements most often occur when banks are involved in a transaction. That is why we have taken some liberties and created a model for this type of tripartite agreement. In this tripartite agreement, the Bank acts as guarantor for the contractor and assumes certain obligations in connection with the transaction between the contractor and the customer.
We have no doubt that this tripartite agreement requires some additional adjustments for your specific purpose, as the possibilities are endless. Be sure to seek the help of your legal counsel. The CLIENT or its authorized representatives may request copies of the installation and maintenance as well as transactions on the ACCOUNT at the CLIENT`s expense. Such copies must be available within a reasonable time. These records will 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 the Bank has been informed in writing by the CLIENT before that date that the retention of these records is necessary for a longer period for the purposes of disputes or litigation. The Contractor may terminate this Tripartite Agreement at any time with at least [NUM] days` notice to the Bank if it determines that the Bank has materially breached its obligations under this Tripartite Agreement or that the Bank is performing its obligations in a manner that prevents the Contractor from effectively managing the applicable Program. The CUSTOMER may terminate this Tripartite Agreement at any time by written notice to the other two (2) parties. The Bank, the Contractor and the CLIENT agree that no person other than the parties to the Agreements shall be the beneficiary of the Agreement or tripartite Agreements, and no other person shall have any rights arising therefrom. Without giving reasons, the Contractor or the Bank may terminate this Tripartite Agreement on the annual anniversary of the entry into force of the Tripartite Agreement by providing the other two (2) parties with written notice of termination at least [ANZAHL] a few days before the end of the then-current annual term of this Tripartite Agreement.
In the event of service of an order for seizure, execution or opening of a seizure procedure in connection with the ACCOUNT, the Bank will inform the CLIENT without delay. The Client and the Entrepreneur are parties to the contract entered into on [DATE], including any modifications, which are individually and collectively referred to in these “Agreements” and provide for the cash advance in accordance with the Letter of Credit (the “Letter of Credit”). .