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. The RBI also stated that for the export and import transaction, third-party payments from a financial action group (FATF) should come from a compliant country and only through the banking channel. 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. Recently, the RBI liberalized the payment procedure for exports/imports per round (A.P. (DIR Series) Circular No.70) of November 8, 2013 (hereafter the circular) which allows third parties to pay for exports and import transactions. Under the most important conditions RBI said that for the export transaction of the irrevocable ordering company should be in force by a tripartite agreement, while for irrevocable/tripartite fixed order import transactions should be in force. We may have a tripartite export agreement (d) If exports are destined for a few limited countries such as Sudan, Somalia and other countries, payments can be received for the same country by an “open coverage country”. The “Open Cover Country” list is limited to the FATF-compliant list, as shown in point b) above. Click here for the country classification. The Reserve Bank of India (RBI) on Friday authorized third-party payments for export/import transactions under certain conditions. Completion of construction projects – non-execution of projects in a timely manner – impossible to allocate/deliver reserved housing – agreement in three parts – suck up the amount of buyers…