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1. Parties: Identification of seller and buyer with full legal names, addresses, and contact details
2. Background: Brief context explaining the seller's ownership and buyer's interest in purchasing the vehicle on payment terms
3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Installment Payments', etc.
4. Sale and Purchase: Core agreement to sell and purchase the vehicle, stating the total purchase price
5. Payment Terms: Detailed payment structure including down payment, installment amounts, payment dates, and payment methods
6. Vehicle Details and Condition: Comprehensive description of the vehicle including make, model, year, VIN, current condition, and mileage
7. Transfer of Title: Conditions for and timing of ownership transfer, including registration requirements
8. Seller's Warranties: Warranties regarding vehicle ownership, condition, and authority to sell
9. Buyer's Obligations: Responsibilities including insurance, maintenance, and usage restrictions until full payment
10. Default and Remedies: Consequences of payment default and other breaches, including repossession rights
11. Governing Law: Specification of Nigerian law as governing law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Insurance Requirements: Detailed insurance obligations - include when specific insurance requirements need to be mandated
2. Security Interest: Creation of security interest in the vehicle - include when additional security documentation is required
3. Third-Party Guarantor: Guarantor details and obligations - include when a guarantor is involved in securing the payments
4. Early Payment Provisions: Terms for early payment or contract termination - include when early payment options are offered
5. Vehicle Usage Restrictions: Specific restrictions on vehicle use - include when vehicle requires special handling or has usage limitations
6. Cross-Border Usage: Provisions for using vehicle outside Nigeria - include when cross-border travel is anticipated
7. Maintenance Requirements: Specific maintenance obligations - include when vehicle requires specialized maintenance
1. Schedule 1 - Vehicle Specifications: Detailed technical specifications, features, and accessories of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and payment methods
3. Schedule 3 - Vehicle Inspection Report: Pre-sale inspection report detailing vehicle condition and any existing damage
4. Schedule 4 - Vehicle Documents: List of all vehicle documents being transferred (registration, maintenance records, etc.)
5. Appendix A - Photographs: Dated photographs of vehicle showing condition at time of sale
6. Appendix B - Maintenance History: Detailed service and maintenance history of the vehicle
Vehicle
Purchase Price
Down Payment
Installment Payment
Payment Date
Payment Schedule
Default
Default Interest
Seller
Buyer
Guarantor
Security Interest
Transfer Date
Completion Date
Vehicle Documents
Registration Documents
Certificate of Title
Encumbrance
Force Majeure
Business Day
Effective Date
Insurance Policy
Maintenance Records
Payment Terms
Vehicle Identification Number
Place of Delivery
Repossession
Outstanding Balance
Late Payment Fee
Early Payment
Material Adverse Change
Permitted Use
Territory
Transfer of Ownership
Warranties
Working Hours
Payment Method
Default Notice
Cure Period
Payment Terms
Transfer of Title
Vehicle Description
Warranties and Representations
Security Interest
Insurance
Default and Remedies
Force Majeure
Dispute Resolution
Governing Law
Assignment
Amendment
Severability
Entire Agreement
Notices
Vehicle Maintenance
Risk and Possession
Registration and Documentation
Repossession Rights
Interest and Late Payments
Early Termination
Vehicle Usage
Indemnification
Costs and Expenses
Inspection Rights
Representations of Authority
Further Assurance
Counterparts
Third Party Rights
Automotive
Transportation
Financial Services
Logistics
Fleet Management
Vehicle Leasing
Retail
Commercial Trading
Insurance
Legal
Sales
Finance
Compliance
Operations
Risk Management
Commercial
Credit Assessment
Customer Service
Documentation
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Fleet Manager
Business Development Manager
Credit Risk Officer
Vehicle Finance Specialist
Automotive Sales Executive
Contract Administrator
Operations Manager
Commercial Director
Auto Dealer Principal
Finance and Insurance Manager
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