The Deferred Payment Contract serves as a crucial legal instrument in Nigerian commercial transactions where immediate full payment is not feasible or desired. This document type is commonly used in various business contexts, from large-scale commercial transactions to smaller business arrangements, providing a structured framework for delayed payment terms. It includes essential elements required under Nigerian law such as payment schedules, interest calculations, security arrangements, and default provisions. The contract ensures compliance with Nigerian financial regulations, including the Money Lenders Act and Central Bank of Nigeria guidelines, while providing adequate protection for both creditor and debtor interests. It's particularly valuable in situations requiring formal documentation of payment obligations spread over time, such as asset purchases, service contracts, or supply agreements.
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1. Parties: Identification and details of the creditor and debtor, including their registered addresses and registration numbers if applicable
2. Background: Context of the deferred payment arrangement, including the original transaction or obligation giving rise to the debt
3. Definitions: Key terms used throughout the agreement, including payment-related terminology and financial definitions
4. Principal Amount and Payment Terms: Clear statement of the total amount owed and the agreed payment structure
5. Payment Schedule: Detailed breakdown of payment installments, including dates, amounts, and method of payment
6. Interest: Interest rate applicable to the deferred payments and method of calculation
7. Security: Details of any security or collateral provided to guarantee the payments
8. Default and Remedies: Consequences of missing payments and remedies available to the creditor
9. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority to enter into the agreement
10. Notices: Procedure for serving notices and communications between parties
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for dispute resolution
1. Early Payment Provisions: Terms for early repayment including any applicable discounts or penalties
2. Force Majeure: Provisions for unforeseen circumstances affecting payment capability
3. Third-Party Guarantee: Terms of any third-party guarantee or surety arrangement
4. Assignment: Rights and restrictions regarding the assignment of the agreement to third parties
5. Insurance: Requirements for insurance of any security or collateral
6. Costs and Expenses: Allocation of legal and administrative costs related to the agreement
7. Confidentiality: Provisions for maintaining confidentiality of the agreement terms
8. Dispute Resolution: Alternative dispute resolution mechanisms before court proceedings
1. Payment Schedule: Detailed table of payment dates, amounts, and cumulative totals
2. Security Details: Comprehensive description and documentation of security or collateral
3. Interest Calculation: Detailed methodology for interest calculation and examples
4. Form of Payment Notice: Template for payment reminders and notices
5. Security Documentation: Copies of security-related documents and registrations
6. Guarantee Agreement: If applicable, the form of third-party guarantee
7. Contact Details: List of authorized representatives and contact information for both parties
Relevant legal definitions
Agreement
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Default Notice
Deferred Amount
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
Governing Law
Guarantor
Initial Payment
Installation
Interest Period
Interest Rate
Late Payment Fee
Material Adverse Change
Outstanding Balance
Payment Date
Payment Schedule
Principal Amount
Security
Security Documents
Security Interest
Specified Account
Term
Transaction Documents
Working Day
Nigerian Naira
Permitted Assignment
Repayment Schedule
Security Provider
Underlying Transaction
Payment Method
Authorized Representative
Business Day
Commencement Date
Confidential Information
Default Event
Default Interest Rate
Default Notice
Deferred Amount
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
Governing Law
Guarantor
Initial Payment
Installation
Interest Period
Interest Rate
Late Payment Fee
Material Adverse Change
Outstanding Balance
Payment Date
Payment Schedule
Principal Amount
Security
Security Documents
Security Interest
Specified Account
Term
Transaction Documents
Working Day
Nigerian Naira
Permitted Assignment
Repayment Schedule
Security Provider
Underlying Transaction
Payment Method
Authorized Representative
Clauses
Payment Terms
Interest
Security
Default
Force Majeure
Representations and Warranties
Covenants
Assignment
Termination
Notices
Confidentiality
Dispute Resolution
Governing Law
Indemnification
Amendment
Waiver
Severability
Entire Agreement
Third Party Rights
Further Assurance
Costs and Expenses
Set-Off
Counterparts
Time of Essence
Authority
Survival
Acknowledgment
Good Faith
Remedies
Default Interest
Interest
Security
Default
Force Majeure
Representations and Warranties
Covenants
Assignment
Termination
Notices
Confidentiality
Dispute Resolution
Governing Law
Indemnification
Amendment
Waiver
Severability
Entire Agreement
Third Party Rights
Further Assurance
Costs and Expenses
Set-Off
Counterparts
Time of Essence
Authority
Survival
Acknowledgment
Good Faith
Remedies
Default Interest
Relevant Industries
Banking and Finance
Real Estate
Manufacturing
Retail
Construction
Agriculture
Oil and Gas
Telecommunications
Import/Export
General Commerce
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Operations
Commercial
Procurement
Accounts Receivable
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Controller
Legal Counsel
Commercial Director
Procurement Manager
Contract Manager
Risk Manager
Treasury Manager
Operations Director
Company Secretary
Accounts Receivable Manager
Credit Risk Analyst
Business Development Manager
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