“Honestly, phisgoc is already violating the tripartite agreement,” the POC said in a statement. The tripartite agreement should represent the developer or seller who states that the property has clear title. In addition, it is also worth mentioning that the developer has not entered into any new contract with any other party for the sale of the property. For example, the Maharashtra Ownership of Flats Act, 1963, requires full disclosure from the seller/developer to the buyer on all details relevant to the purchased property. The tripartite agreement should also include the developer`s obligations to construct the building in accordance with approved plans and specifications approved by the local authority. Here are two frequent cases where tripartite agreements have proven useful: on the other hand, the tripartite agreement requires the POC “to ensure that Phisgoc liquidates all necessary expenses, including sponsorship, donations and liquidation of state aid, in accordance with the rules and regulations of the state concerned”. Consequently, the Dubai Court of Cassation made the main proceedings and the counterclaim proceedings final. The judgment ordered the developer to pay the bank the amount of AED 38.5 million in the main proceedings and, in the context of the counter-action proceedings, the bank had to pay the company the AED 8.5 million it had paid to the developer by means of a counter-claim procedure. This judgment was delivered on the basis that the bank was the assignee of the company`s rights under the tripartite assignment contract signed by the three parties.
In this article, we explain everything you need to know about tripartite agreements, including: this ruling confirms that the courts maintain an agreement between the parties (subject to their power to interpret the contract and its terms – as long as they do not violate the law). When a contract between parties involves obligations and rights, the court has no choice but to respect the content, clauses and terms of the agreement and render its judgment. The bank filed a complaint against the developer and the company in the Dubai courts to terminate the tripartite assignment agreement as well as the separate agreement signed between it and the developer and, in addition to a court injunction requiring both parties to repay AED 38.5 million, the total amount paid for the purchase/financing of the units. Of the AED38.5 million, AED8.5 million (approximately AED2,322,404 $US) had been paid by the buyer as the first deposit (before the conclusion of the assignment contract), while the remaining AED30 million (approximately 8,196,721 $US) had been paid by the bank (after the execution of the assignment contract). . . .