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1. Parties: Identification and details of all parties involved in the payment agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the document
4. Payment Amount: Specification of the total payment amount and any breakdown of costs
5. Payment Schedule: Timing and frequency of payments, including due dates
6. Payment Method: Approved methods of payment and banking details
7. Currency: Specification of payment currency and exchange rate provisions if applicable
8. Late Payment: Consequences of late payment including interest and penalties
9. Invoicing Requirements: Requirements for invoice submission, approval process and payment processing
10. Dispute Resolution: Procedures for handling payment disputes
11. Term and Termination: Duration of the payment terms and conditions for termination
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. International Payments: Additional terms for cross-border payments, including forex considerations and international banking requirements
2. Early Payment Discounts: Terms and conditions for early payment incentives
3. Performance-Based Payments: Conditions and metrics for performance-linked payment adjustments
4. Force Majeure: Provisions for payment obligations during extraordinary circumstances
5. Third-Party Payments: Terms for payments made through or to third parties
6. Electronic Payment Systems: Specific provisions for electronic payment platforms and digital transactions
7. Tax Provisions: Detailed tax implications and responsibilities
8. Security and Guarantees: Requirements for payment security, bonds, or guarantees
1. Schedule 1: Payment Schedule: Detailed breakdown of payment amounts, dates, and milestones
2. Schedule 2: Bank Details: Complete banking information for all parties
3. Schedule 3: Invoice Format: Template and requirements for invoice submission
4. Schedule 4: Interest Calculation: Methodology for calculating late payment interest
5. Schedule 5: Performance Metrics: Detailed metrics for performance-based payments if applicable
6. Appendix A: Required Documentation: List of required supporting documents for payment processing
7. Appendix B: Currency Exchange Procedures: Procedures for handling currency conversions if applicable
Applicable Law
Banking Day
Business Day
Central Bank of Nigeria
Contract Price
Currency
Default Interest Rate
Due Date
Early Payment
Electronic Payment
Exchange Rate
Force Majeure Event
Interest Rate
Invoice
Late Payment
Milestone Payment
Naira
Payment
Payment Date
Payment Method
Payment Schedule
Payment Terms
Principal Amount
Purchase Order
Receiving Bank
Remitting Bank
Specified Account
Statement of Account
Tax
VAT
WHT (Withholding Tax)
Wire Transfer
Working Day
Payment Schedule
Payment Method
Currency and Exchange Rate
Invoicing
Late Payment
Interest
Taxes
Bank Charges
Set-off
Security
Force Majeure
Dispute Resolution
Governing Law
Amendments
Notices
Default
Termination
Assignment
Electronic Payments
Bank Account Details
Payment Authentication
Confidentiality
Record Keeping
Audit Rights
Compliance
Anti-Money Laundering
Foreign Exchange
Severability
Entire Agreement
Manufacturing
Oil and Gas
Financial Services
Construction
Technology
Retail
Agriculture
Telecommunications
Healthcare
Education
Transportation and Logistics
Mining
Real Estate
Professional Services
Energy
Finance
Legal
Procurement
Accounts Payable
Accounts Receivable
Treasury
Commercial
Compliance
Risk Management
Operations
Supply Chain
Credit Control
Chief Financial Officer
Finance Manager
Accounts Payable Manager
Procurement Manager
Commercial Director
Contract Manager
Treasury Manager
Financial Controller
Credit Controller
Legal Counsel
Compliance Officer
Business Development Manager
Project Manager
Operations Manager
Risk Manager
Supply Chain Manager
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Pay Back Contract
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Partial Payment Agreement For House And Lot
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Install Agreement
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Independent Contractor Payment Agreement
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Final Payment Agreement
A Nigerian law-governed agreement that documents and formalizes the terms for final settlement of an outstanding financial obligation.
Down Payment Contract
A Nigerian law-governed agreement establishing terms and conditions for down payments in purchase transactions, including payment terms, obligations, and remedies.
Commitment Letter To Pay Debt
A legally binding document under Nigerian law where a debtor formally acknowledges a debt and commits to specific repayment terms.
Bill Of Sale Agreement With Payments
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Advance Payment Contract
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Advance Payment Agreement
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Prepayment Agreement
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Payment Release Agreement
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Partnership Payment Agreement
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Partial Rent Payment Agreement
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Part Payment Sale Agreement
A Nigerian law-governed agreement structuring the sale of goods or assets with payment in installments, detailing payment terms and ownership transfer conditions.
Money Received Agreement
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