The Third Party Payment Agreement is a crucial document used in Philippine business transactions where an entity or individual agrees to assume payment obligations on behalf of another party. This arrangement is common in various business contexts, including corporate group structures, real estate transactions, and commercial financing arrangements. The agreement must comply with Philippine law, particularly the Civil Code of the Philippines and relevant banking regulations. It typically includes detailed payment terms, obligations of all parties, default provisions, and compliance requirements. This document is essential when structuring payment arrangements that involve three parties, helping to minimize risk and ensure clarity in complex financial obligations while maintaining legal compliance with Philippine jurisdiction requirements.
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1. Parties: Identifies and provides full details of all three parties: the Principal Debtor, the Third-Party Payor, and the Creditor
2. Background: Explains the context of the original debt obligation and the third party's willingness to make payments
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details the amount, frequency, and method of payments to be made by the third party
5. Representations and Warranties: Statements of fact and assurances from each party regarding their capacity and authority to enter into the agreement
6. Third Party Payor's Obligations: Specific duties and commitments of the third-party payor, including payment schedule and notification requirements
7. Principal Debtor's Continuing Obligations: Confirms the principal debtor's continuing liability and responsibilities
8. Creditor's Obligations: Outlines the creditor's duties, including providing payment confirmations and updating records
9. Default and Remedies: Specifies what constitutes default and the available remedies for each party
10. Termination: Conditions and process for terminating the agreement
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for dispute resolution
12. Notices: Specifies how formal communications between parties should be made and delivered
13. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Security Provisions: Include when the third-party payment is secured by collateral or guarantees
2. Tax Provisions: Include when there are specific tax implications or requirements that need to be addressed
3. Electronic Payment Provisions: Include when payments will be made electronically, addressing relevant E-Commerce Act requirements
4. Assignment and Delegation: Include when any party needs the right to assign their rights or delegate obligations
5. Relationship of Parties: Include when there's a need to clarify that no agency or partnership is created
6. Confidentiality: Include when sensitive financial or commercial information will be shared
7. Force Majeure: Include when parties want protection from events beyond their control affecting payment ability
8. Anti-Money Laundering Compliance: Include when the payment arrangement requires specific AML compliance measures
1. Payment Schedule: Detailed schedule of payment amounts, dates, and methods
2. Original Debt Documentation: Copy of the original debt agreement or documentation
3. Payment Instructions: Detailed banking or payment processing instructions
4. Required Forms: Any standard forms required for payment processing or notifications
5. Contact Details: Complete contact information and authorized representatives for all parties
6. Compliance Documentation: Required regulatory compliance documents and certifications
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Import/Export
Professional Services
Infrastructure
Healthcare
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Accounts Payable
Credit Control
Corporate Secretariat
Commercial Operations
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Corporate Secretary
Treasury Manager
Accounts Payable Manager
Credit Controller
Risk Manager
Contract Administrator
Financial Controller
Business Development Manager
Commercial Director
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