Legal Templates
Third Party Payment Agreement

Third Party Payment Agreement for the United States

Third Party Payment Agreement Template for United States

A Third Party Payment Agreement is a legally binding document used in the United States that establishes an arrangement where one party agrees to make payments on behalf of another party to a designated beneficiary. This agreement outlines payment terms, obligations of all parties, liability provisions, and compliance requirements under U.S. federal and state laws, including the Uniform Commercial Code and relevant banking regulations.

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What is a Third Party Payment Agreement?

The Third Party Payment Agreement serves as a critical document in situations where an entity assumes payment responsibilities on behalf of another party. Common in various financial arrangements, from corporate settlements to family support payments, this agreement ensures clear documentation of payment obligations, schedules, and responsibilities. Under U.S. jurisdiction, it must comply with federal banking regulations, state laws, and anti-money laundering requirements. The agreement typically includes specific payment terms, default provisions, termination conditions, and relevant compliance obligations to protect all parties involved.

What sections should be included in a Third Party Payment Agreement?

1. Parties: Identifies all three parties: the payor, payee, and third-party payer

2. Background: Explains the context and reason for the third-party payment arrangement

3. Definitions: Defines key terms used throughout the agreement including Payment Terms, Payment Schedule, and other relevant terminology

4. Payment Terms: Details of payment amounts, schedules, methods, and conditions for payment

5. Obligations of Parties: Specific responsibilities and obligations of each party in the payment arrangement

6. Term and Termination: Duration of the agreement and conditions for termination or modification

7. Representations and Warranties: Statements of fact and guarantees made by each party

8. Governing Law: Specifies applicable jurisdiction and governing law for the agreement

What sections are optional to include in a Third Party Payment Agreement?

1. Security Provisions: Specific security measures and protocols for handling sensitive financial information and transactions

2. Compliance Requirements: Detailed regulatory compliance obligations and reporting requirements

3. Force Majeure: Provisions for circumstances beyond parties' control that may affect payment obligations

4. Confidentiality: Terms regarding the protection and non-disclosure of confidential information

5. Dispute Resolution: Procedures for resolving disputes between parties

What schedules should be included in a Third Party Payment Agreement?

1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts, frequencies, and due dates

2. Schedule B - Bank Details: Banking and account information for all parties involved in the payment arrangement

3. Schedule C - Required Forms: Regulatory and compliance forms that must be completed and maintained

4. Schedule D - Authorization Forms: Forms authorizing the third party to make payments on behalf of the payor

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Jurisdiction

United States

Publisher

Genie AI

Document Type

Service Agreement

Sector

Commercial

Cost

Free to use
Industries

Uniform Commercial Code (UCC): Articles 3 and 4 governing negotiable instruments, bank deposits and collections, crucial for payment agreements and financial transactions

Electronic Funds Transfer Act (EFTA): Federal law establishing rights, liabilities, and responsibilities of participants in electronic fund transfer systems

Truth in Lending Act (TILA): Federal law requiring clear disclosure of lending terms and costs in financial transactions

Fair Credit Billing Act (FCBA): Federal law protecting consumers from unfair billing practices and providing dispute resolution procedures

Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering

Anti-Money Laundering (AML) Regulations: Regulatory framework designed to prevent conversion of illegally obtained funds into legitimate assets

State Contract Laws: State-specific legislation governing formation and enforcement of contracts, including payment agreements

State UCC Modifications: State-specific adaptations and modifications to the Uniform Commercial Code

State Consumer Protection Laws: State-level regulations protecting consumers in financial transactions and agreements

State Banking Regulations: State-specific rules governing banking operations and financial transactions

CFPB Regulations: Consumer Financial Protection Bureau rules protecting consumers in financial markets

Federal Reserve Board Regulations: Central bank regulations affecting payment systems and financial transactions

OCC Guidelines: Office of the Comptroller of the Currency guidelines for national banks and financial institutions

Statute of Frauds: Legal requirement that certain contracts must be in writing to be enforceable

PCI DSS: Payment Card Industry Data Security Standard requirements for handling credit card information

Federal Tax Regulations: IRS requirements for reporting financial transactions and payments

Privacy Laws: Federal and state regulations governing the handling and protection of personal information

Bankruptcy Code: Federal laws affecting payment obligations and priorities in bankruptcy situations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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