What is Imfpa business?

IMFPA means Irrevocable Master Fee Protection Agreement.

What is a sub fee protection agreement?

Sub-Fee Coverage (Amount Received By Paymaster): This sub-fee protection agreement (“SFPA”) is issued on behalf of the paymaster named above (“the Paymaster”). Payments by the Paymaster to the Beneficiaries (“the Payments”) will be made after each arrival of funds on behalf of the Beneficiaries to the Paymaster.

What is an irrevocable pay order?

This order of payment is irrevocably confirmed and payable upon the closing of each and every transaction, without any protest, delays, and/or deductions (other than bank wire transfer fees and routine banking delays) to the hereafter designated Beneficiary.

What is an SPA in business?

A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction between a buyer and a seller. SPAs are typically used for real estate transactions, but they are found in all areas of business.

What is a typical paymaster fee?

Typical fees range from one quarter percent (. 25\%) for large transactions to one per cent (1.00\%) on small amounts. Safefunds paymaster service is perfect when a group of separate entities need a neutral party to receive the proceeds and fairly distribute the funds to the participants.

Which guarantee is irrevocable?

A Guarantee is irrevocable, meaning that once issued it cannot be amended nor cancelled during its validity period without the consent of the parties, i.e. the Guarantor and/or the Beneficiary.

Can irrevocable letter of credit be Cancelled?

An irrevocable letter of credit cannot be canceled, nor in any way modified, except with the explicit agreement of all parties involved: the buyer, the seller, and the issuing bank. For example, the issuing bank does not have the authority by itself to change any of the terms of an ILOC once it is issued.

What is spa stand for?

SPA

What is the spa government?

Backed by GPO administrative and technical assistance, the Simplified Purchase Agreement (SPA) ensures vendor compliance with GPO Contract Term Quality Assurance Through Attributes Program for Printing and Binding and Government Paper Specification Standards—while offering the best value for purchases up to $10,000.

How does a paymaster account work?

We as a commercial agent (paymaster) act as a neutral third party to receive funds from any transaction between two separate individuals, businesses, corporations or institutions. We maintain an escrow account, then disburse those funds when instructed to do so from all parties.

What is a legal paymaster?

A paymaster is a trustworthy individual who acts as a neutral third party in a transaction where there is an escrow agreement. Their responsibilities are to: Receive funds from the buyer. Maintain funds in escrow.

What is unconditional and irrevocable?

(a) If Borrower at any time fails to fully and punctually pay or perform any of the Obligations when due, Guarantor hereby promises to pay and perform all such Obligations immediately.