The Entrusted Payment Agreement serves as a crucial instrument in situations where parties require secure and structured payment arrangements through a trusted intermediary. This document is particularly relevant in Singapore's sophisticated financial landscape, where complex payment arrangements are common in various business contexts. The agreement typically details payment mechanisms, authorization protocols, compliance requirements, and risk management measures. It's designed to align with Singapore's robust regulatory framework, including the Payment Services Act 2019 and MAS guidelines, making it an essential tool for businesses requiring managed payment services with proper oversight and control.
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1. Parties: Identification and details of all parties involved in the agreement
2. Background: Context and purpose of the entrusted payment arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment: Terms of appointment of the entrusted party
5. Payment Terms: Details of payment amounts, timing, and mechanisms
6. Obligations of Parties: Duties and responsibilities of each party
7. Compliance with Laws: Requirements for compliance with relevant Singapore laws and regulations
8. Representations and Warranties: Standard declarations and assurances from all parties
9. Term and Termination: Duration of agreement and termination provisions
10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Security Arrangements: Additional security measures for payments, recommended for high-value transactions or high-risk arrangements
2. Force Majeure: Provisions for unforeseen circumstances affecting the ability to perform obligations
3. Confidentiality: Protection of sensitive information and trade secrets
4. Data Protection: Compliance with Personal Data Protection Act and data handling procedures
5. Anti-Money Laundering: Specific provisions for compliance with AML regulations and reporting requirements
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts, dates, and conditions
2. Schedule 2 - Bank Account Details: Specified accounts for payments and transfers
3. Schedule 3 - Authorization Matrix: List of authorized personnel and their approval limits
4. Schedule 4 - KYC Requirements: Required identification and verification documents for regulatory compliance
5. Schedule 5 - Service Level Agreement: Specific performance metrics and service standards
Relevant legal definitions
Agreement
Applicable Laws
Authorized Person
Banking Day
Beneficiary
Business Day
Confidential Information
Effective Date
Entrusted Funds
Entrusted Payment
Entrustor
Event of Default
Force Majeure Event
Instructions
Payment Account
Payment Date
Payment Instructions
Payment Services
Payment Schedule
Regulatory Authority
Security Procedures
Service Fees
Singapore Dollars
Term
Transaction
Trustee
Working Day
Applicable Laws
Authorized Person
Banking Day
Beneficiary
Business Day
Confidential Information
Effective Date
Entrusted Funds
Entrusted Payment
Entrustor
Event of Default
Force Majeure Event
Instructions
Payment Account
Payment Date
Payment Instructions
Payment Services
Payment Schedule
Regulatory Authority
Security Procedures
Service Fees
Singapore Dollars
Term
Transaction
Trustee
Working Day
Clauses
Appointment of Trustee
Authorization
Payment Terms
Service Fees
Payment Instructions
Bank Accounts
Security Procedures
Obligations of Trustee
Obligations of Entrustor
Representations and Warranties
Confidentiality
Data Protection
Anti-Money Laundering
Record Keeping
Reporting Requirements
Liability and Indemnification
Force Majeure
Term and Termination
Events of Default
Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Amendments
Severability
Counterparts
Authorization
Payment Terms
Service Fees
Payment Instructions
Bank Accounts
Security Procedures
Obligations of Trustee
Obligations of Entrustor
Representations and Warranties
Confidentiality
Data Protection
Anti-Money Laundering
Record Keeping
Reporting Requirements
Liability and Indemnification
Force Majeure
Term and Termination
Events of Default
Remedies
Assignment
Notices
Governing Law
Dispute Resolution
Entire Agreement
Amendments
Severability
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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