The Entrusted Payment Agreement serves as a crucial legal framework for situations where funds need to be managed and disbursed by a trusted third party in Canada. This document is particularly valuable in complex financial transactions, real estate deals, large-scale construction projects, or international trade arrangements where secure payment handling is essential. The agreement comprehensively addresses the requirements of Canadian federal and provincial legislation, including the Financial Administration Act, Trust and Fiduciary Laws, and anti-money laundering regulations. It establishes clear procedures for fund management, defines security protocols, outlines compliance requirements, and specifies the rights and responsibilities of all involved parties. The document is designed to provide robust protection for all stakeholders while ensuring efficient and secure payment processing.
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1. Parties: Identification of all parties to the agreement including the entrusting party, the trustee, and the beneficiary
2. Background: Context of the agreement and the business relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Authority: Formal appointment of the trustee and scope of their authority
5. Payment Processing Procedures: Detailed procedures for receiving, holding, and disbursing entrusted funds
6. Service Fees and Charges: Fee structure and payment terms for the trustee's services
7. Obligations and Responsibilities: Specific duties and responsibilities of each party
8. Security and Safeguards: Measures for protecting and securing entrusted funds
9. Reporting and Records: Requirements for financial reporting, record-keeping, and audit rights
10. Representations and Warranties: Standard representations and warranties from all parties
11. Term and Termination: Duration of the agreement and termination provisions
12. Dispute Resolution: Procedures for resolving disputes between parties
13. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Foreign Currency Provisions: Required when payments involve multiple currencies
2. Electronic Payment Systems: Specific provisions for electronic payment platforms when used
3. Sub-agents and Delegates: Required when the trustee needs authority to appoint sub-agents
4. Insurance Requirements: Specific insurance obligations when handling high-value transactions
5. Compliance with Specific Regulations: Required for specialized industries or regulated sectors
6. Force Majeure: Detailed force majeure provisions for high-value or critical payment arrangements
7. Anti-Money Laundering Compliance: Detailed AML procedures for high-risk or international transactions
1. Schedule A - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
2. Schedule B - Payment Processing Procedures: Step-by-step procedures for processing payments
3. Schedule C - Authorized Representatives: List of authorized representatives and their signing authorities
4. Schedule D - Required Forms: Standard forms for payment instructions and authorizations
5. Schedule E - Service Level Requirements: Detailed service levels and performance metrics
6. Appendix 1 - Compliance Requirements: Specific regulatory compliance requirements and procedures
7. Appendix 2 - Security Protocols: Detailed security measures and protocols for handling funds
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
International Trade
Investment Services
Professional Services
Technology and Software
Manufacturing
Import/Export
Legal Services
Insurance
Property Development
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Operations
Corporate Banking
Transaction Banking
Client Relations
Contract Administration
Relevant Roles
Chief Financial Officer
Treasury Manager
Financial Controller
Compliance Officer
Legal Counsel
Risk Manager
Finance Director
Trust Officer
Payment Operations Manager
Account Manager
Corporate Banker
Transaction Banking Specialist
Relationship Manager
Contract Administrator
Financial Operations Director
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