Tripartite Deeds or Agreements, are agreements between the developer (or Principal), builder and financier (usually the bank) which set out the parties’ rights and obligations regarding the completion of building works and processes involved to deal with defaults under any loan or under the building contract.
Where there is a loan agreement, the financier may require that the builder enter into a Builder Side Deed. This is essentially where the builder consents to the lender stepping in and to try and resolve a situation of default by the Principal.
There are numerous issues to consider in such agreements and the proper advice as to the terms of such agreements is highly recommended. The terms should be negotiated where necessary before they are entered into, so as to avoid common misunderstandings and pitfalls, which can be devastating, that usually arise from a failure to treat these documents with the attention they need.
With all such documentation relating to loans and otherwise, where numerous terms and conditions exist and must be complied with, it is critical you obtain clear and impartial advice so that you can understand what is expected.
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