PandaTip: Simply put, a tripartite agreement is an agreement between three parties. You could have a tripartite confidentiality agreement, a tripartite non-competition 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 free hand and created here a model for such a tripartite agreement. In this tripartite agreement, the bank acts as guarantor of the contractor and assumes certain obligations regarding the transaction between the contractor and the client. We have no doubt that this tripartite agreement will require some additional adjustments for your specific objective, as there are an infinite number of possibilities. Be sure to get the support of your legal counsel. What is a tripartite agreement? A tripartite agreement is essentially just a document outlining the details of an agreement between three separate parties, for example. B in the case of a transaction between two parties in which a bank is guarantor of one of the parties.
Notwithstanding agreements 6, 7 and 8, this tripartite agreement between THE CLIENT, the contractor and the bank is automatically terminated by the transmission of a written notification to the Bank if the contracts are not renewed or terminated. This tripartite contract automatically ends at the end of the deadline (6). The bank agrees not to reach an agreement with another party on the implementation of the main responsibility for this tripartite agreement without the prior written approval of the CLIENT. The Bank, the contractor and the client agree to comply with the provisions of the annexes or the additions of this tripartite agreement that are incorporated into it. The Bank, the contractor and the CLIENT agree that this tripartite agreement will replace, in the event of a contractual conflict, the Bank`s terms of service for all accounts and services covered by this tripartite agreement. CET ACCORD (this “tripartite contract”) is effective from [Date] and is located between [CUSTOMER NAME] (hereafter referred to as “customer”); [CONTRACTOR NAME] (hereafter referred to as “contractors”), and [BANK NAME] (hereafter referred to as “bank”). The client and the contractor are contracting parties to the contract, including any changes that he or she refers to, individually and collectively, as “agreements” providing for the advance of funds under the accreditor (the “letter of credit”).