The Third Party Payment Agreement is a crucial document used in South African business transactions where one party agrees to make payments on behalf of another party to a designated creditor. This arrangement is common in various commercial contexts, including corporate group structures, project financing, and business partnerships. The agreement must comply with South African financial regulations, including the Financial Intelligence Centre Act (FICA), the National Payment System Act, and relevant banking laws. It typically includes detailed provisions on payment mechanics, compliance requirements, anti-money laundering provisions, and risk allocation between parties. The document is particularly important in the South African context due to the country's strict financial regulatory framework and the need to ensure transparent, compliant payment arrangements.
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1. Parties: Identifies and provides full details of all parties: the principal debtor, the third-party payer, and the creditor/payee
2. Background: Explains the context of the agreement, including the underlying obligation and reason for third-party payment arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Payment Terms: Details the amount, currency, timing, and method of payments to be made by the third party
5. Payment Instructions: Specifies the process and requirements for initiating and processing payments
6. Obligations of the Parties: Sets out the specific duties and responsibilities of each party
7. Representations and Warranties: Contains statements of fact and assurances made by each party
8. Compliance Requirements: Addresses compliance with relevant South African laws, including FICA and banking regulations
9. Default and Remedies: Specifies what constitutes default and the consequences thereof
10. Confidentiality: Governs the treatment of confidential information shared between parties
11. Term and Termination: Specifies the duration of the agreement and circumstances for termination
12. General Provisions: Contains standard legal clauses including notices, governing law, and jurisdiction
1. Security Provisions: Include when additional security or guarantees are required for the payment obligations
2. Foreign Exchange Provisions: Required when payments involve foreign currency transactions
3. Electronic Payment Systems: Include when specific electronic payment platforms or systems will be used
4. Dispute Resolution: Optional detailed dispute resolution procedures, including mediation or arbitration
5. Force Majeure: Include when parties want specific provisions for unforeseeable circumstances
6. Anti-Money Laundering Provisions: Detailed AML provisions when dealing with high-risk transactions or parties
7. Data Protection: Detailed POPIA compliance provisions when significant personal data processing is involved
1. Payment Schedule: Detailed breakdown of payment amounts, dates, and frequencies
2. Bank Account Details: Specified bank account information for all parties
3. Documentation Requirements: List of required documents for payment processing and compliance
4. Service Level Agreement: Specific performance metrics and standards for payment processing
5. Fee Schedule: Breakdown of any applicable fees, charges, or commissions
6. Authorized Representatives: List of persons authorized to act on behalf of each party
7. Compliance Checklist: Detailed checklist of regulatory requirements and necessary documentation
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