Anyone please let me know what is tripatriate agreement and under which legislation it comes?????????
Please provide the format also if any?????????????????
1 Replies
Abhishek Deshmukh
(Partner)
(21 Points)
Replied 15 October 2010
| Originally posted by : CA.Parth Dewangan | ||
 |
Anyone please let me know what is tripatriate agreement and under which legislation it comes????????? Please provide the format also if any????????????????? |
 |
Hello,
Tripatriate agreement essentially consists of agreement between three parties. It is governed by usual Contract Act, however, like any other agreements other statues plays crucial roll. In most of the cases such roll is limited to compliance relating to different statutes and its responsibilities of the parties for the same.
Eg. Contact for erecting power plant is given by Company A to Company B. Company A wants Company B to execute the same with the help of Company C. Here the agreement can be between A, B and C. which will lay down rights, responsibilities of all the parties and its interaction with each others’ rights and responsibilities. As any other typical contract, there will be consideration, scope of work, problem solving mechanism etc. Of course, if the same is to be executed outside india or machinery needed has to be imported from abroad, other acts will come into play such as fema , import regulations, etc.
Hope this clears
Regards,
AD
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