Third Party Payment Contract

Third Party Payment Contract for the United Kingdom

Third Party Payment Contract Template for England and Wales

A Third Party Payment Contract is a legally binding agreement governed by English and Welsh law that establishes the terms and conditions for payments made through or by a third party on behalf of the primary payer. This document outlines the rights, obligations, and responsibilities of all parties involved in the payment process, including payment mechanisms, timing, dispute resolution procedures, and compliance requirements with relevant financial regulations and anti-money laundering legislation.

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What is a Third Party Payment Contract?

The Third Party Payment Contract is essential in situations where payments are facilitated or made by a party other than the primary debtor. Under English and Welsh law, this contract type ensures clarity and legal certainty in complex payment arrangements, particularly in commercial transactions, international trade, and financial services. The document addresses key aspects such as payment terms, liability allocation, regulatory compliance, and risk management, while ensuring adherence to UK financial services regulations and anti-money laundering requirements.

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

1. Parties: Identifies all parties involved: the payer, payee, and payment facilitator

2. Background: Explains the context and purpose of the third party payment arrangement

3. Definitions: Defines key terms used throughout the agreement including payment-related terminology

4. Payment Terms: Details of payment amounts, timing, and mechanisms

5. Payment Instructions: Specific procedures for making payments

6. Obligations of Parties: Responsibilities of each party involved in the payment arrangement

7. Term and Termination: Duration of agreement and termination provisions

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

1. Consumer Protection Provisions: Additional protections required when one party is a consumer - includes statutory rights and cooling-off periods

2. Foreign Currency Provisions: Provisions for handling foreign exchange and currency risks in cross-border payments

3. Data Protection: Compliance requirements with GDPR and data protection laws when processing personal data

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

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and frequency

2. Bank Account Details: Secure schedule containing banking information for all parties

3. Service Level Agreement: Performance standards and timeframes for payment processing

4. Compliance Requirements: Checklist of regulatory and anti-money laundering requirements

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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Voluntary Payment Agreement

An England & Wales agreement documenting voluntary payment arrangements, detailing schedules, terms, and conditions.

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What is a Third Party Payment Contract?

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

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

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