The Third Party Payment Agreement is essential in situations where one party agrees to fulfill payment obligations on behalf of another party to a beneficiary. This arrangement is common in Pakistani business practices, particularly in construction projects, international trade, and complex commercial transactions. The document must comply with Pakistani financial regulations, including the Payment Systems and Electronic Fund Transfers Act 2007 and relevant State Bank of Pakistan directives. It's particularly important when structuring payment arrangements that require specific compliance measures, such as cross-border transactions or high-value domestic payments. The agreement typically includes detailed payment terms, processing procedures, default provisions, and necessary compliance requirements, ensuring all parties understand their roles and responsibilities while maintaining alignment with Pakistani banking regulations and, where applicable, Islamic banking principles.
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1. Parties: Identifies and defines the three main parties: (1) The Primary Debtor/Payer, (2) The Payment Receiver/Beneficiary, and (3) The Third Party Payer
2. Background: Explains the context of the agreement, including the underlying obligation and reason for third party payment arrangement
3. Definitions: Defines key terms used throughout the agreement, including payment-related terminology and regulatory references
4. Payment Terms: Details of the payment obligations, including amount, currency, timing, and payment mechanisms
5. Payment Process: Step-by-step procedure for how payments will be processed, including triggering events and confirmation requirements
6. Representations and Warranties: Key statements and guarantees from each party regarding their capacity, authority, and compliance with laws
7. Obligations of the Parties: Specific duties and responsibilities of each party, including compliance requirements and reporting obligations
8. Default and Remedies: Consequences of payment default and available remedies for each party
9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
10. Governing Law and Jurisdiction: Confirms Pakistani law as governing law and specifies jurisdiction for dispute resolution
1. Islamic Banking Compliance: Required when any party requires compliance with Islamic banking principles
2. Foreign Exchange Provisions: Required when payments involve foreign currency or cross-border transactions
3. Security Arrangements: Optional section for when additional security or collateral is required for the payment obligations
4. Electronic Payment Terms: Required when payments will be processed electronically, including specific technical requirements
5. Anti-Money Laundering Compliance: Detailed compliance section required for high-value or complex payment arrangements
6. Force Majeure: Optional provisions for circumstances preventing payment performance
7. Confidentiality: Required when sensitive financial or commercial information is involved
8. Assignment: Optional provisions regarding the ability to transfer rights or obligations under the agreement
1. Payment Schedule: Detailed schedule of payment amounts, dates, and frequencies
2. Payment Processing Procedures: Technical details of payment mechanisms and processing steps
3. Required Documentation: List of documents required for payment processing and compliance
4. Contact Details: Key contact information for all parties and their authorized representatives
5. Compliance Checklist: Checklist of regulatory requirements and necessary compliance steps
6. Form of Payment Notice: Template for payment notifications and confirmations
7. Know Your Customer (KYC) Requirements: Details of required KYC documentation and verification procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Real Estate
International Trade
Manufacturing
Retail
Logistics and Supply Chain
Professional Services
Technology and Software
Energy and Utilities
Healthcare
Relevant Teams
Legal
Finance
Treasury
Compliance
Accounts Payable
Risk Management
Corporate Banking
Payment Operations
Procurement
Internal Audit
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Compliance Officer
Treasury Manager
Accounts Payable Manager
Contract Administrator
Risk Manager
Financial Controller
Banking Relations Manager
Payment Operations Manager
Corporate Finance Director
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