The transfer of debt, as defined in a typical tripartite agreement, clarifies the requirements for the transfer of the property if the borrower does not pay or pass on his debt. A tripartite agreement signifies the role and responsibilities of all parties involved, with the exception of basic information about them. Tripartite agreements should contain details of ownership and contain an appendix to all original documents. The tripartite agreements describe the different guarantees and contingencies between the three parties in the event of non-payment. A tripartite construction credit agreement generally lists the rights and remedies of the three parties from the perspective of the borrower, the lender and the developer. It describes the phases or phases of construction, the final sale price, the date of holding as well as the interest rate and the payment plan of the loan. It also defines the legal procedure known as the transfer of receivables and determines who, how and when different securities are transferred in the property between the parties. The bank agrees that, without the prior written consent of the customer, it will not enter into any agreement with any other party to assume primary responsibility for this tripartite agreement. The loan agreement signed by the bank with Pit-a-Pat specifically provides the guarantee for the loan, which was „the domiciliation of the contractual revenues of Julius Berger (Nig.) Plc“.
The initial application, filed on behalf of the bank, also established that it was a domicile. Interestingly, the bank changed its reference to the receivable from „domiciliation“ to „assignment“. The Supreme Court held that, although the original application cannot form the basis of the judgment, it nevertheless exists. The Supreme Court considered both the original and the amended petition and, according to Augie, JSC, said the tripartite agreement must represent the developer or seller that states 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 obligations of the developer to construct the building in accordance with approved plans and specifications approved by the local authority. . . .