A third party is usually a person who, even if he has no connection in an agreement, is concerned by the terms of that agreement. When two parties enter into an agreement containing another person responsible for payments, that person is considered a third party. The third party has no legal rights to the agreement, unless otherwise stated, but is responsible for compliance with the agreement. For third-party payment agreements to work, the third party must be willing to accept the agreement. The third party must sign the agreement and assume responsibility for payments to the manufacturer of the contract. A payment agreement entered into by a third party is an agreement between two persons comprising a third party responsible for payments defined as the terms of the agreement. Any agreement entered into, under which one party must pay another party, could involve a third party. This third party is sometimes considered a co-signer when the contract is a loan. The co-signer has no rights to the agreement, but must pay the agreement in case of delay of the borrower. These are also used in other cases, such as invoices for schooling. A student can sign an agreement to take classes, but the parent signs a third-party payment agreement that states that the parent agrees to pay all bills incurred.
Jennifer VanBaren began her professional online writing career in 2010. She taught accounting, mathematics and business courses at the university level for five years. Among his highlights are the publication of articles on music, business, gardening and domestic organization. She has a bachelor`s degree in accounting and finance from St Joseph`s College, Rensselaer, Ind. .