The Contract For Vehicle Sale With Payments is essential for any vehicle sale transaction in Nigeria where the full purchase price is not paid upfront. This document is commonly used by dealerships, private sellers, and companies selling vehicles to individuals or organizations, providing a legally robust framework for installment-based vehicle purchases. It includes comprehensive details about the vehicle, payment terms, ownership transfer conditions, and parties' obligations, ensuring compliance with Nigerian vehicle transfer regulations and consumer protection laws. The agreement is particularly important as it protects the seller's interests until full payment is received while giving the buyer clear rights and responsibilities during the payment period. It's designed to meet requirements under Nigerian law, including the Federal Road Safety Commission Act, Sale of Goods Act, and relevant financial regulations.

1. Parties: Identification of seller and buyer with full legal names, addresses, and contact details

2. Background: Brief context of the sale agreement and the parties' intentions

3. Definitions: Definitions of key terms used throughout the agreement

4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, mileage, and current condition

5. Purchase Price and Payment Terms: Total purchase price, deposit amount, payment schedule, and payment method details

6. Transfer of Title: Terms regarding when and how vehicle ownership will transfer to the buyer

7. Seller's Representations and Warranties: Seller's declarations about vehicle condition, ownership, and absence of encumbrances

8. Buyer's Obligations: Buyer's responsibilities regarding payments, insurance, and vehicle maintenance during the payment period

9. Default and Remedies: Consequences of payment default and available remedies for both parties

10. Vehicle Possession and Risk: Terms regarding vehicle possession, risk transfer, and responsibility for maintenance and insurance

11. Registration and Documentation: Requirements for vehicle registration transfer and necessary documentation

12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

13. Signatures: Execution section for parties' signatures and witness details