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Third Party Payment Agreement
"I need a Third Party Payment Agreement under Qatar law where our parent company will make monthly payments of QAR 500,000 to our suppliers on behalf of our local subsidiary, starting from March 2025, with specific provisions for payment verification and Sharia compliance."
1. Parties: Identifies and defines all parties to the agreement: the Principal Payor, the Payment Recipient, and the Third Party Payor
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
4. Payment Obligations: Details the specific payment obligations, including amounts, currencies, and timing
5. Payment Mechanics: Specifies the method and process of payment, including bank account details and transaction procedures
6. Conditions Precedent: Lists any conditions that must be met before payments commence
7. Representations and Warranties: States the legal assurances and factual statements made by each party
8. Covenants: Details ongoing obligations of all parties throughout the agreement term
9. Default and Remedies: Specifies what constitutes default and the available remedies
10. Term and Termination: States the duration of the agreement and circumstances for termination
11. Governing Law and Jurisdiction: Confirms Qatar law as governing law and specifies jurisdiction for disputes
12. General Provisions: Contains standard boilerplate clauses including notices, amendments, and severability
1. Sharia Compliance: Required when the agreement must explicitly comply with Islamic finance principles
2. Security Arrangements: Include when additional security or guarantees are required for the payment obligations
3. Tax Provisions: Required when payments have tax implications requiring specific handling
4. Foreign Exchange Provisions: Include when payments involve multiple currencies
5. Step-In Rights: Required when another party needs the right to assume payment obligations in specific circumstances
6. Regulatory Compliance: Include when specific regulatory requirements apply to the payment arrangement
7. Anti-Money Laundering Provisions: Required for high-value or cross-border payment arrangements
1. Payment Schedule: Detailed schedule of payment amounts, dates, and frequencies
2. Bank Account Details: Specific banking information for all parties
3. Payment Procedures: Step-by-step process for making and confirming payments
4. Required Notices and Forms: Templates for payment notifications and related communications
5. Compliance Documentation: Required forms and documents for regulatory compliance
6. Contact Details: List of authorized representatives and contact information for all parties
7. Security Documentation: Details of any security arrangements or guarantees
Authors
Banking and Financial Services
Construction and Real Estate
Oil and Gas
Infrastructure Development
International Trade
Manufacturing
Professional Services
Retail and Commercial
Healthcare
Education
Legal
Finance
Treasury
Compliance
Commercial
Risk Management
Operations
Project Management
Corporate Secretariat
Business Development
Legal Counsel
Finance Director
Chief Financial Officer
Treasury Manager
Compliance Officer
Contract Manager
Project Manager
Commercial Director
Risk Manager
Account Manager
Corporate Secretary
Financial Controller
Business Development Manager
Operations Director
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