The Advance Payment Contract is essential in Nigerian business transactions where substantial upfront funding is required before the commencement of work or delivery of goods/services. This document type is commonly used in large-scale projects, equipment procurement, and construction contracts where suppliers or contractors require initial funding to mobilize resources or commence work. It includes comprehensive provisions for protecting the interests of both parties, incorporating necessary safeguards such as bank guarantees or bonds as required under Nigerian law. The contract ensures compliance with Nigerian financial regulations, including the Central Bank of Nigeria's guidelines and anti-money laundering requirements. It is particularly crucial in sectors requiring significant capital investment or long lead times for delivery.
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1. Parties: Identification and details of the parties entering into the contract
2. Background: Context of the agreement and general purpose of the advance payment arrangement
3. Definitions: Key terms used throughout the agreement and their specific meanings
4. Advance Payment Terms: Detailed terms of the advance payment including amount, timing, and currency
5. Security Arrangements: Details of any advance payment guarantees, bonds, or other security measures
6. Obligations of the Supplier: Supplier's commitments regarding goods/services delivery and performance standards
7. Delivery Schedule: Timeline and milestones for delivery of goods or services
8. Payment Recovery Mechanism: Methods for recovering advance payment through deductions from future payments
9. Default and Remedies: Consequences of default and available remedies for both parties
10. Termination: Circumstances under which the contract can be terminated and consequences
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. Notices: Process and addresses for formal communications between parties
1. Force Majeure: Provisions for unforeseen circumstances preventing contract performance - include when significant delivery periods are involved
2. Anti-Corruption Compliance: Specific anti-corruption provisions - include when dealing with government contracts or high-value transactions
3. Confidentiality: Provisions for protecting sensitive information - include when proprietary information is involved
4. Insurance: Insurance requirements - include when dealing with high-value goods or services
5. Step-in Rights: Rights to take over performance - include in complex project-based contracts
6. Currency Fluctuation: Provisions for handling exchange rate changes - include in international transactions
7. Dispute Resolution: Alternative dispute resolution procedures - include when parties prefer arbitration over litigation
1. Schedule 1 - Payment Schedule: Detailed breakdown of advance payment amounts, installments, and timing
2. Schedule 2 - Delivery Schedule: Detailed timeline for delivery of goods or services
3. Schedule 3 - Technical Specifications: Detailed specifications of goods or services to be provided
4. Schedule 4 - Form of Advance Payment Guarantee: Template for the advance payment guarantee or bond
5. Schedule 5 - Project Milestones: Key project milestones and corresponding payment recovery points
6. Appendix A - Required Documentation: List of documents required for advance payment release
7. Appendix B - Contact Details: Detailed contact information for key personnel and authorized representatives
Relevant legal definitions
Advance Payment
Advance Payment Guarantee
Applicable Laws
Bank Guarantee
Business Day
Commencement Date
Completion Date
Contract Price
Contract Documents
Delivery Schedule
Effective Date
Force Majeure Event
Goods
Guarantor
Milestone
Notice
Payment Recovery
Payment Schedule
Performance Security
Project
Recovery Period
Security
Services
Specifications
Supplier
Technical Documentation
Works
Working Hours
Nigerian Naira
Purchaser
Substantial Completion
Site
Project Manager
Quality Standards
Defects Liability Period
Intellectual Property Rights
Confidential Information
Material Adverse Effect
Representatives
Warranty Period
Advance Payment Guarantee
Applicable Laws
Bank Guarantee
Business Day
Commencement Date
Completion Date
Contract Price
Contract Documents
Delivery Schedule
Effective Date
Force Majeure Event
Goods
Guarantor
Milestone
Notice
Payment Recovery
Payment Schedule
Performance Security
Project
Recovery Period
Security
Services
Specifications
Supplier
Technical Documentation
Works
Working Hours
Nigerian Naira
Purchaser
Substantial Completion
Site
Project Manager
Quality Standards
Defects Liability Period
Intellectual Property Rights
Confidential Information
Material Adverse Effect
Representatives
Warranty Period
Clauses
Payment Terms
Security
Performance Obligations
Delivery
Force Majeure
Termination
Default
Representations and Warranties
Confidentiality
Assignment
Notices
Governing Law
Dispute Resolution
Indemnification
Insurance
Anti-Corruption
Compliance with Laws
Records and Audit
Bank Guarantees
Recovery Mechanism
Change Control
Risk Allocation
Intellectual Property
Limitation of Liability
Counterparts
Severability
Entire Agreement
Amendment
Waiver
Time of Essence
Currency and Exchange
Set-off Rights
Third Party Rights
Security
Performance Obligations
Delivery
Force Majeure
Termination
Default
Representations and Warranties
Confidentiality
Assignment
Notices
Governing Law
Dispute Resolution
Indemnification
Insurance
Anti-Corruption
Compliance with Laws
Records and Audit
Bank Guarantees
Recovery Mechanism
Change Control
Risk Allocation
Intellectual Property
Limitation of Liability
Counterparts
Severability
Entire Agreement
Amendment
Waiver
Time of Essence
Currency and Exchange
Set-off Rights
Third Party Rights
Relevant Industries
Construction
Manufacturing
Oil and Gas
Infrastructure Development
Technology and Software
Engineering Services
Defense Contracting
Agricultural Projects
Telecommunications
Mining and Minerals
Real Estate Development
Industrial Equipment
Relevant Teams
Legal
Finance
Procurement
Commercial
Treasury
Risk Management
Operations
Compliance
Supply Chain
Project Management
Relevant Roles
Procurement Manager
Contract Administrator
Chief Financial Officer
Project Manager
Legal Counsel
Finance Director
Commercial Manager
Supply Chain Manager
Risk Manager
Treasury Manager
Operations Director
Compliance Officer
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