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The Trust Administration Agreement is a legally binding document that outlines the terms and conditions between the administrator and the client. It is important because it establishes the relationship between the two parties and sets out their respective rights and obligations. The agreement is entered into by the administrator, who agrees to undertake the administration of the client, and the client, who requests the administrator's assistance in acting as the administrator and providing facilities and services.
The agreement begins with definitions of key terms used throughout the document, such as auditors, companies law, directors, group, memorandum & articles of association, minute book, register of directors and officers, register of mortgages and charges, register of shareholders, and shareholders. These definitions ensure clarity and understanding of the terms used in the agreement.
The appointment section states that the client appoints the administrator to provide the specified services, and the administrator accepts the appointment. This section also mentions that the administrator's powers and duties are subject to the overall policy and supervision of the client, and the administrator must comply with resolutions of the shareholders and/or directors.
The representations and warranties section outlines the representations and warranties made by both the client and the administrator. The client represents that it is a validly existing company with the necessary authorization to carry on its business. The administrator represents that it is also a validly existing company with the necessary authorization to carry on its business. Both parties agree to disclose all material facts to each other and ensure that the information provided is accurate and not misleading.
The administrative duties section details the services that the administrator will perform for the client. These services include providing office space and administrative staff, maintaining statutory registers, keeping books and records, calculating net asset valuation, opening and maintaining bank accounts, arranging audits, facilitating meetings, and performing other services as agreed upon.
The authority of the administrator section states that the administrator is authorized to act on behalf of the client and make decisions in the same manner as the shareholders and/or directors. However, the administrator's powers are subject to the overall policy and supervision of the client.
The agreement also includes provisions for compensation, termination, confidentiality, non-competition, and other important matters. It is essential for both parties to carefully review and understand the terms of the agreement before signing.
Each section of the document provides detailed information and sets out the specific rights and responsibilities of the administrator and the client. It is important for both parties to have a clear understanding of the entire document and the implications of each section.
1. Review the entire Trust Administration Agreement to understand the terms and conditions between the administrator and the client.
2. Pay attention to the definitions section to understand the meanings of key terms used throughout the agreement.
3. Understand the appointment section, which outlines the roles and responsibilities of the administrator and the client.
4. Review the representations and warranties made by both parties to ensure that all necessary information has been disclosed and that the information provided is accurate.
5. Familiarize yourself with the administrative duties section to understand the specific services that the administrator will provide to the client.
6. Understand the authority of the administrator and the limitations on their powers.
7. Review the provisions for compensation, termination, confidentiality, non-competition, and other important matters.
8. Seek legal advice if there are any terms or provisions that you do not fully understand.
9. Ensure that both parties have a clear understanding of the entire agreement and its implications before signing.
10. Keep a copy of the signed agreement for future reference and reference it as needed during the course of the relationship between the administrator and the client.