Contents of the three-party contract with the bank by the laws of Vietnam
Usually, on the market is commonly used, mainly the type of contract with the participation of two parties. However, in many cases it is necessary to have the appearance of many parties to sign, with all three parties involved… So, what is a tripartite contract to be understood? How is the content of the three-party contract with the bank by the laws of Vietnam? What is the legal value of a tripartite contract? Let’s find out with Lawyer X the regulations on this content in the article below.
Legal grounds
- Civil Code 2015
What is a tripartite contract?
A tripartite contract is a type of contract that is agreed upon and signed between three parties in the contract. The three main parties are usually banks, investors and home buyers. Through this contract, it is possible to define the rights and obligations of the parties to agree and sign the contract. Legal effect will be started when the two parties enter into the contract. It is also possible to follow other agreements in accordance with the provisions of law.
What principles should be met when entering into a civil contract?
In the spirit of the 2013 Constitution and the 2015 Civil Code, the basic principles when entering into a civil contract have been stipulated in a relatively brief, concise and clear law. Specifically, Article 3 of the 2015 Civil Code provides as follows:
Article 3. Basic principles of civil law
- All individuals and legal entities are equal and must not use any reason to discriminate; are equally protected by law in terms of personal and property rights.
- Individuals and juridical persons shall establish, perform and terminate their civil rights and obligations on the basis of freely and voluntarily committing and agreeing. All commitments and agreements that do not violate the prohibition of the law, are not contrary to social ethics are effective for the parties and must be respected by other subjects.
- Individuals and legal entities must establish, perform and terminate their civil rights and obligations in good faith and honestly.
- The establishment, exercise, and termination of civil rights and obligations must not infringe upon the national interests, ethnic groups, public interests, and lawful rights and interests of others.
- Individuals and legal entities must be solely responsible for their failure to perform or improper performance of their civil obligations.
Notes when signing a tripartite contract with a bank
Must ensure the content of the three-party contract
The content of the contract is one of the key elements into a contract. Because the main content is the legal basis to establish the rights and obligations of the three parties. And in a three-party contract, there should be main contents such as:
(i) Who is the relevant party in the contract?
(ii) Price, quantity and quality of the item.
(iii) Form and method of payment between the three parties when signing the contract.
(iv) Term and obligations and responsibilities of the parties.
These contents need to be clear, detailed and accurate to avoid disputes.
Must ensure the form of the 3-party contract
For ordinary civil contracts, in addition to entering into written contracts, there are also oral contracts. However, for the contract, the parties can only enter into writing and confirm the signatures of 3 parties. The specific provisions are as follows:
(i) The contract must contain specific provisions on each term, rights and obligations of the parties.
(ii) When all three have signed the contract, the new contract will take effect, even though an authorized party to sign on its behalf is still recognized.
(iii) The contract has very high legal effect, is binding and legal or not depends on the contracting parties.
Must ensure the legality of the three-party contract
A tripartite contract is signed without fully meeting the legal provisions, the contract will be partially or completely invalid based on the content specified in the tripartite contract.
The legal value of a tripartite contract is determined when the following conditions are met:
(i) The three parties participating in the signing must have civil legal capacity and civil act capacity
(ii) The three parties participating in signing, establishing and developing the contents of the contract must be based on a voluntary spirit, without any signs of coercion.
(iii) A triple contract established and signed must satisfy the conditions in terms of both content and form in accordance with the provisions of the law on contracts.
(iv) Where one of the three parties to a contract is an organization (legal person), the person directly entering into the contract of that organization must be the competent person entrusted by the organization.
What is the legal value of a three-party contract?
The legal value of the contract is one of the most concerned issues, which should be kept in mind when signing a contract. Accordingly, the conditions for determining the legal value of a three-party contract are as follows:
The parties participating in the signing must have full civil legal capacity and civil act capacity.
The parties participating in the signing, setting up and construction of the contract must be based on a voluntary spirit.
The three-party contract must meet the conditions in terms of both content and form in accordance with the provisions of the law on contracts.
In case one of the three parties to a contract is an organization, the entity directly entering into a contract must comply with the assigned authority.
Contents in the contract must not violate the law, violate social ethics.
What principle should be met to protect the content of a tripartite contract?
Content is one of the key elements, indispensable to make a contract. Article 398 of the 2015 Civil Code clearly stipulates the content of a three-party contract, whereby the parties must reach an agreement in the contract on the following main contents:
The object of correlation in the contract includes those who are implementing organizations or individuals;
Quantity of product samples, quality of product type;
The typical price of the product type, of the target consumer contracted in the contract;
Form and method of payment between the three parties when signing the contract like.
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Frequently asked questions
A tripartite contract is one of the difficult forms of contract, with many complicated points and potential disputes, because when there are three parties participating in a work agreement, the division of authority, responsibility and authority is equally divided. responsibilities, the scope of work is not easy.
In order to ensure the safety of this Contract, it is necessary for the parties to have experience, meticulousness and carefully check the terms before signing, on the other hand, when encountering new situations, they need to immediately adjust. by the Contract Appendix attached with full signatures of all three parties.
According to the provisions of Article 404 of the Civil Code 2015 When entering into a civil contract:
“first. A civil contract is entered into at the time the offeror receives a reply accepting the contract.
A civil contract is also considered to be entered into when the response time limit expires but the request-receiving party remains silent.
The time of entering into a verbal contract is the time when the parties have agreed on the content of the contract.
The time of entering into a written contract is the time when the last party signs the document.”
Conclusion: So the above is Contents of the three-party contract with the bank by the laws of Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
