The Third Party Payment Contract is essential in commercial arrangements where one party assumes payment obligations on behalf of another. This document type is commonly used in Indonesian business transactions where direct payment between the principal debtor and creditor is not preferred or practical. It must comply with Indonesian Civil Code requirements for contract formation and Bank Indonesia regulations governing payment systems (particularly Regulation No. 22/23/PBI/2020). The agreement typically includes comprehensive payment terms, security arrangements, regulatory compliance provisions, and risk allocation mechanisms. It's particularly relevant in scenarios involving trade finance, property transactions, or ongoing commercial arrangements where third-party payment structures provide business advantages or risk mitigation. The document must address both the commercial requirements of the parties and the regulatory framework governing payment services in Indonesia.
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1. Parties: Identification of all parties: the principal debtor, the third-party payor, and the creditor/beneficiary
2. Background: Context of the agreement, relationship between parties, and basis for the third-party payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including payment-related terminology
4. Payment Obligations: Details of the payment obligations, including amount, currency, and payment schedule
5. Payment Mechanism: Specific procedures and methods for making payments, including electronic transfer details
6. Conditions Precedent: Conditions that must be satisfied before payment obligations become effective
7. Representations and Warranties: Key statements of fact and assurances from each party
8. Regulatory Compliance: Compliance obligations with Indonesian payment systems and banking regulations
9. Default and Remedies: Events of default and corresponding remedies available to parties
10. Liability and Indemnification: Allocation of risks and responsibilities between parties
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Governing Law and Dispute Resolution: Specification of Indonesian law as governing law and dispute resolution mechanisms
13. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
1. Security Arrangements: Include when additional security or guarantees are required for the payment obligations
2. Foreign Exchange Provisions: Required when payments involve foreign currency transactions
3. Anti-Money Laundering Compliance: Detailed AML provisions when dealing with large payment amounts or high-risk transactions
4. Force Majeure: Include when parties want specific provisions for handling payment disruptions due to extraordinary events
5. Confidentiality: Include when sensitive financial or commercial information is involved
6. Step-In Rights: Include when creditor requires rights to step in and take over payment arrangements in specific circumstances
7. Electronic Payment Systems: Include detailed provisions when specific electronic payment platforms or systems are being used
1. Payment Schedule: Detailed schedule of payment amounts, dates, and frequencies
2. Bank Account Details: Specified bank account information for all parties
3. Service Level Agreement: Performance standards for payment processing and related services
4. Compliance Documentation: Required regulatory compliance documents and certifications
5. Security Documentation: Details of any security arrangements or guarantees
6. Required Notices and Forms: Templates for payment notices and standard forms
7. Contact Details: List of authorized representatives and contact information for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
International Trade
Manufacturing
Retail
Construction
Infrastructure
Energy
Telecommunications
E-commerce
Insurance
Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Commercial Operations
Accounts Payable
Credit Control
Banking Operations
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Payments Manager
Legal Counsel
Compliance Officer
Contract Manager
Risk Manager
Commercial Director
Account Manager
Financial Controller
Banking Relationship Manager
Corporate Finance Manager
Credit Manager
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