The Forward Purchase Agreement is commonly used in Nigerian commercial transactions where parties wish to secure future supply of goods or commodities at predetermined prices. This agreement type is particularly relevant in sectors such as agriculture, oil and gas, and manufacturing, where price volatility and supply chain security are key concerns. The document addresses critical aspects including payment terms, delivery schedules, quality specifications, and risk allocation, all within the Nigerian legal framework. It typically includes provisions for regulatory compliance, particularly with the Investment and Securities Act 2007 and relevant Central Bank of Nigeria regulations. The agreement is designed to provide certainty in commercial relationships while allowing for the specific requirements of different sectors and transaction types. Forward Purchase Agreements are especially valuable in the Nigerian market context where securing supply chains and managing price risks are essential business considerations.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the agreement and commercial relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase Obligation: Core obligation of seller to sell and buyer to purchase the specified goods/commodities
5. Purchase Price and Payment Terms: Agreed price, payment schedule, and payment mechanisms
6. Delivery Terms: Delivery schedule, location, and method of delivery
7. Quality and Specifications: Detailed specifications of the goods/commodities to be delivered
8. Risk and Title: Transfer of risk and ownership of the goods
9. Representations and Warranties: Key promises and assertions made by each party
10. Force Majeure: Provisions for unforeseen circumstances affecting performance
11. Default and Termination: Events of default and termination rights
12. Dispute Resolution: Mechanism for resolving disputes between parties
13. Governing Law: Specification of Nigerian law as governing law
14. Boilerplate Provisions: Standard legal provisions including notices, amendments, and assignment
1. Price Adjustment Mechanism: Used when parties want to include formula or mechanism for price adjustments based on market conditions
2. Quality Testing Procedures: Included when specific testing protocols are required for quality verification
3. Storage Requirements: Required when goods need specific storage conditions before delivery
4. Insurance Requirements: Detailed insurance obligations when specific coverage is required
5. Export/Import Provisions: Necessary for cross-border transactions
6. Hedging Obligations: Used when parties agree to specific hedging requirements
7. Credit Support: Required when additional financial security is needed
8. Confidentiality: Detailed confidentiality provisions when sensitive information is involved
1. Product Specifications: Detailed technical specifications of the goods/commodities
2. Pricing Schedule: Detailed pricing information and calculations
3. Delivery Schedule: Detailed timeline and logistics for deliveries
4. Quality Standards: Specific quality requirements and testing procedures
5. Form of Notice: Template for various notices required under the agreement
6. Required Certifications: List of required certificates and documentation
7. Key Personnel: List of key contacts for both parties
8. Credit Support Documentation: Forms of any required guarantees or security documents
Relevant legal definitions
Acceptance
Affiliate
Agreement
Applicable Law
Banking Day
Base Price
Bill of Lading
Business Day
Buyer
Commencement Date
Commercially Reasonable Efforts
Confidential Information
Contract Price
Contract Quantity
Defaulting Party
Delivery Date
Delivery Location
Delivery Period
Delivery Point
Delivery Schedule
Dispute
Effective Date
Event of Default
Force Majeure Event
Forward Price
Good Industry Practice
Goods
Governing Law
Government Authority
Incoterms
Initial Term
Inspection Certificate
Interest Rate
Invoice
Letter of Credit
Losses
Material Adverse Change
Naira
Non-Defaulting Party
Notice
Party/Parties
Payment Date
Payment Terms
Performance Security
Price Adjustment
Product Specifications
Quality Standards
Renewal Term
Representatives
Seller
Shipping Documents
Specifications
Storage Facility
Term
Termination Date
Title Documents
Transaction
USD
Warranty Period
Affiliate
Agreement
Applicable Law
Banking Day
Base Price
Bill of Lading
Business Day
Buyer
Commencement Date
Commercially Reasonable Efforts
Confidential Information
Contract Price
Contract Quantity
Defaulting Party
Delivery Date
Delivery Location
Delivery Period
Delivery Point
Delivery Schedule
Dispute
Effective Date
Event of Default
Force Majeure Event
Forward Price
Good Industry Practice
Goods
Governing Law
Government Authority
Incoterms
Initial Term
Inspection Certificate
Interest Rate
Invoice
Letter of Credit
Losses
Material Adverse Change
Naira
Non-Defaulting Party
Notice
Party/Parties
Payment Date
Payment Terms
Performance Security
Price Adjustment
Product Specifications
Quality Standards
Renewal Term
Representatives
Seller
Shipping Documents
Specifications
Storage Facility
Term
Termination Date
Title Documents
Transaction
USD
Warranty Period
Clauses
Sale and Purchase
Payment Terms
Delivery
Title and Risk
Quality and Specifications
Price Adjustment
Force Majeure
Representations and Warranties
Conditions Precedent
Storage and Handling
Insurance
Default
Termination
Indemnification
Confidentiality
Assignment
Change of Control
Dispute Resolution
Governing Law
Notices
Entire Agreement
Amendment
Severability
Third Party Rights
Counterparts
Costs and Expenses
Time of the Essence
Further Assurance
Waiver
Set-off
Anti-corruption
Compliance with Laws
Record Keeping
Tax
Currency and Exchange Rate
Security
Inspection Rights
Product Testing
Documentation Requirements
Sanctions and Export Control
Payment Terms
Delivery
Title and Risk
Quality and Specifications
Price Adjustment
Force Majeure
Representations and Warranties
Conditions Precedent
Storage and Handling
Insurance
Default
Termination
Indemnification
Confidentiality
Assignment
Change of Control
Dispute Resolution
Governing Law
Notices
Entire Agreement
Amendment
Severability
Third Party Rights
Counterparts
Costs and Expenses
Time of the Essence
Further Assurance
Waiver
Set-off
Anti-corruption
Compliance with Laws
Record Keeping
Tax
Currency and Exchange Rate
Security
Inspection Rights
Product Testing
Documentation Requirements
Sanctions and Export Control
Relevant Industries
Agriculture
Oil and Gas
Mining
Manufacturing
Commodities Trading
Consumer Goods
Industrial Products
Energy
Food and Beverage
Textiles
Relevant Teams
Legal
Procurement
Supply Chain
Commercial
Finance
Risk Management
Operations
Compliance
Treasury
Business Development
Relevant Roles
Commercial Director
Procurement Manager
Supply Chain Manager
Legal Counsel
Contract Manager
Trading Manager
Risk Manager
Finance Director
Operations Manager
Compliance Officer
Business Development Manager
Treasury Manager
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