The Third Party Payment Agreement is essential in modern business transactions where payment processing requires an intermediary facilitator. This document is commonly used when businesses or individuals need to establish a formal arrangement for recurring payments, large transaction volumes, or specialized payment processing services. It's particularly relevant in the Canadian market where payment processing must comply with federal regulations such as the Payment Clearing and Settlement Act and provincial electronic commerce laws. The agreement covers critical aspects including payment terms, processing fees, security requirements, compliance obligations, and risk allocation between parties. It's designed to protect all parties' interests while ensuring smooth payment operations and regulatory compliance. This document should be used whenever a third party is involved in facilitating payments between a payer and payee in Canada, whether for business-to-business transactions, consumer payments, or specialized payment processing arrangements.
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1. Parties: Identifies and provides full legal details of all three parties: the payer, the payee, and the payment facilitator
2. Background: Explains the context of the agreement and the relationship between the parties
3. Definitions: Defines key terms used throughout the agreement
4. Payment Terms: Details the amount, frequency, and method of payments
5. Payment Facilitator's Obligations: Outlines the responsibilities and duties of the payment facilitator
6. Payer's Obligations: Specifies the payer's responsibilities, including maintaining sufficient funds and providing necessary information
7. Payee's Obligations: Defines the payee's responsibilities and requirements
8. Service Fees: Specifies any fees charged by the payment facilitator and who is responsible for paying them
9. Term and Termination: Specifies the duration of the agreement and conditions for termination
10. Confidentiality: Establishes confidentiality obligations regarding payment information and other sensitive data
11. Representations and Warranties: States the legal assurances and promises made by each party
12. Liability and Indemnification: Outlines the allocation of risks and responsibilities for losses
13. Dispute Resolution: Establishes procedures for resolving disagreements
14. General Provisions: Includes standard legal clauses such as governing law, notices, and amendments
1. Foreign Currency Provisions: Required when payments involve currency conversion or international transfers
2. Electronic Payment Systems: Needed when specific electronic payment platforms or systems are being used
3. Anti-Money Laundering Compliance: Required for high-value transactions or when dealing with regulated entities
4. Data Protection: Required when handling personal or sensitive payment information, especially in cross-border transactions
5. Force Majeure: Optional clause for handling unforeseen circumstances affecting payment processing
6. Service Level Requirements: Needed when specific performance metrics are required for payment processing
7. Audit Rights: Important when regular verification of payment processing is required
8. Insurance Requirements: Needed when significant payment volumes or risks require specific insurance coverage
1. Schedule A - Payment Details: Detailed breakdown of payment amounts, frequencies, and processing schedules
2. Schedule B - Fee Schedule: Comprehensive list of all fees and charges associated with the payment services
3. Schedule C - Service Level Standards: Specific metrics and standards for payment processing performance
4. Schedule D - Authorized Representatives: List of individuals authorized to act on behalf of each party
5. Schedule E - Technical Requirements: Technical specifications for payment processing systems and interfaces
6. Appendix 1 - Forms and Procedures: Standard forms and procedures for payment processing and communication
7. Appendix 2 - Compliance Requirements: Detailed compliance requirements and procedures
8. Appendix 3 - Security Protocols: Security requirements and procedures for payment processing
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
E-commerce
Retail
Healthcare
Insurance
Real Estate
Education
Technology
Telecommunications
Professional Services
Manufacturing
Wholesale Distribution
Relevant Teams
Finance
Legal
Compliance
Treasury
Accounts Payable
Accounts Receivable
Risk Management
Operations
Commercial
Procurement
Payment Operations
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Accounts Payable Manager
Accounts Receivable Manager
Payment Operations Manager
Compliance Officer
Legal Counsel
Contract Manager
Risk Manager
Financial Controller
Business Development Manager
Operations Director
Commercial Manager
Payment Solutions Specialist
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