Goodwill Purchase Agreement for Nigeria

Goodwill Purchase Agreement Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that facilitates the transfer of business goodwill from a seller to a purchaser. This document outlines the terms and conditions for the sale of intangible assets including business reputation, customer relationships, brand value, and other non-physical business assets. It incorporates specific provisions compliant with Nigerian business law, including the Companies and Allied Matters Act (CAMA) 2020, and addresses key aspects such as valuation, payment terms, warranties, and post-sale obligations including non-compete clauses.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Goodwill Purchase Agreement

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Goodwill Purchase Agreement?

The Goodwill Purchase Agreement is a critical document used in Nigerian business transactions when transferring the intangible assets and reputation of a business. It is commonly employed during business acquisitions, mergers, or partial business transfers where the purchaser seeks to acquire the established reputation, customer relationships, and brand value of an existing business. The agreement must comply with Nigerian legal requirements, particularly the Companies and Allied Matters Act (CAMA) 2020 and relevant tax regulations. This document typically includes detailed provisions on valuation methods, payment structures, warranties, representations, and post-sale restrictions such as non-compete clauses. It's essential for protecting both parties' interests and ensuring a smooth transfer of business goodwill while maintaining legal compliance in the Nigerian business environment.

What sections should be included in a Goodwill Purchase Agreement?

1. Parties: Identifies and provides full details of the seller and purchaser

2. Background: Contextual information about the business and purpose of the goodwill purchase

3. Definitions: Defines key terms used throughout the agreement

4. Sale and Purchase of Goodwill: Core transaction terms including the assets comprising the goodwill being purchased

5. Purchase Price: Specifies the purchase price and payment terms

6. Completion: Details of when and how the transfer will be completed

7. Seller's Warranties: Warranties regarding ownership, authority to sell, and quality of goodwill

8. Seller's Covenants: Non-compete and non-solicitation provisions to protect the goodwill value

9. Confidentiality: Provisions protecting confidential information

10. Tax Matters: Allocation of tax liabilities and responsibilities

11. Notices: Process for formal communications between parties

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

13. Entire Agreement: Confirms the agreement represents the complete understanding between parties

14. Boilerplate Provisions: Standard contract clauses including severability, waiver, and amendment procedures

What sections are optional to include in a Goodwill Purchase Agreement?

1. Earn-out Provisions: Used when part of the purchase price is contingent on future performance

2. Employee Matters: Include when employees are being transferred as part of the goodwill

3. Intellectual Property Assignment: Required when specific IP rights are being transferred

4. Third Party Consents: Include when certain transfers require consent from third parties

5. Foreign Exchange Provisions: Required when transaction involves international parties or foreign currency

6. Dispute Resolution: Alternative dispute resolution procedures if preferred over court jurisdiction

7. Post-Completion Obligations: Specific requirements for transition period after completion

8. Force Majeure: Include when specific protection against unforeseen events is required

What schedules should be included in a Goodwill Purchase Agreement?

1. Schedule 1: Description of Business and Goodwill: Detailed description of the business and goodwill components being transferred

2. Schedule 2: Excluded Assets: List of assets specifically excluded from the sale

3. Schedule 3: Intellectual Property Rights: Comprehensive list of trademarks, trade names, and other IP included in sale

4. Schedule 4: Customer and Supplier Contracts: List of key business relationships included in goodwill

5. Schedule 5: Completion Obligations: Detailed list of actions required at completion

6. Schedule 6: Warranties: Detailed warranties given by the seller

7. Appendix A: Form of Transfer Instruments: Template documents for transferring specific assets

8. Appendix B: Required Consents: List of third-party consents required for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Sale Agreement

Cost

Free to use
Relevant legal definitions
Relevant Industries

Retail

Professional Services

Manufacturing

Hospitality

Healthcare

Technology

Financial Services

Real Estate

Construction

Education

Consulting

Food and Beverage

Transportation and Logistics

Relevant Teams

Legal

Finance

Corporate Development

Mergers & Acquisitions

Tax

Compliance

Risk Management

Business Development

Operations

Corporate Secretariat

Relevant Roles

Chief Executive Officer

Managing Director

Business Owner

Corporate Lawyer

Legal Counsel

Chief Financial Officer

Finance Director

Business Development Manager

Mergers & Acquisitions Manager

Tax Manager

Company Secretary

Commercial Director

Operations Director

Risk Manager

Compliance Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Bike Selling Agreement Letter

A legal document governed by Nigerian law that formalizes the sale and transfer of ownership of a motorcycle between parties, including key transaction details and compliance requirements.

find out more

Asset Sale And Purchase Agreement

A Nigerian law-governed agreement detailing terms and conditions for the sale and purchase of assets, including purchase price, warranties, and completion mechanics.

find out more

Simple Car Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of vehicles, detailing essential terms, conditions, and ownership transfer requirements.

find out more

Residential Lease For Single Family Home

Nigerian residential lease agreement for single-family homes, compliant with federal and state tenancy laws.

find out more

Sale Agreement Of Bike

A Nigerian law-governed agreement for the sale and purchase of a bike, detailing terms, conditions, and ownership transfer requirements.

find out more

Car Purchase Contract

A Nigerian law-governed agreement for the sale and purchase of a motor vehicle, detailing transaction terms and ownership transfer requirements.

find out more

Real Estate Listing Contract

A Nigerian-law governed agreement between property owner and real estate agent establishing terms for property listing, marketing, and sale/lease arrangements.

find out more

Deed Of Sale Of Motorcycle

A Nigerian law-compliant deed that formalizes the sale and transfer of ownership of a motorcycle between parties, including all necessary legal and regulatory requirements.

find out more

Real Estate Purchase Offer

A formal offer document for real estate purchase in Nigeria, outlining proposed terms and conditions in compliance with Nigerian property law.

find out more

Sales Commission Letter

A Nigerian-law governed document establishing commission-based sales arrangements between a company and sales representatives, outlining payment terms and performance expectations.

find out more

Sale Of Bike Agreement

A Nigerian law-governed agreement for the sale and purchase of a motorcycle or bike, outlining terms, conditions, and ownership transfer requirements.

find out more

Auto Purchase And Sale Agreement

A Nigerian law-governed agreement documenting the terms and conditions for the sale and purchase of a motor vehicle, including specifications, price, and ownership transfer details.

find out more

Agreement For Sale Of Flat

A Nigerian law-governed agreement for the sale and purchase of a flat, including terms, conditions, and requirements for property transfer.

find out more

Wholesale Contract

Nigerian wholesale contract template governing bulk sale arrangements between distributors and business customers, compliant with Nigerian commercial law.

find out more

Sale Agreement Online

A comprehensive online sale agreement template compliant with Nigerian e-commerce laws and regulations, suitable for both digital and physical goods transactions.

find out more

For Sale As Is Contract

A Nigerian law-compliant "For Sale As Is" contract template for transactions where goods or property are sold in their current condition without warranties.

find out more

Flat Buying Agreement

A legally binding agreement under Nigerian law for the purchase and sale of residential flats, detailing terms, conditions, and obligations of all parties involved.

find out more

Contract For Vehicle Sale With Payments

A Nigerian law-governed agreement for vehicle sale with structured payment terms, ensuring legal compliance and protecting both parties' interests.

find out more

Basic Sales Agreement

A standard Nigerian law-governed agreement outlining terms and conditions for the sale and purchase of goods between parties.

find out more

Tripartite Agreement For Sale Of Property

A Nigerian law-governed agreement between three parties for property sale, typically involving a seller, buyer, and financial institution or facilitator.

find out more

Sale Agreement For Bike

A Nigerian law-governed agreement detailing terms and conditions for the sale and purchase of a bike, ensuring legal compliance and protecting both parties' interests.

find out more

Oil Purchase And Sale Agreement

Nigerian law-governed agreement for oil purchase and sale transactions, incorporating local regulatory requirements and industry standards.

find out more

Contract For Sale Of House And Land

A Nigerian law-governed agreement for the sale and transfer of house and land property, incorporating Land Use Act requirements and detailing sale terms and conditions.

find out more

Resale Agreement Draft

Nigerian-law governed Resale Agreement template establishing supplier-reseller relationship with key commercial terms and regulatory compliance.

find out more

Scrap Vehicle Sale Agreement

A Nigerian law-governed agreement for the sale and transfer of vehicles intended for scrapping, ensuring compliance with local environmental and vehicle disposal regulations.

find out more

Sale And Construction Agreement

A Nigerian law-governed agreement combining property sale terms with construction obligations, detailing project specifications, timelines, and payment terms.

find out more

Real Estate Buyers Agreement Form

A standardized agreement form for real estate purchases in Nigeria, ensuring compliance with local property laws while protecting both buyer and seller interests.

find out more

Property Sell Agreement

A Nigerian law-governed agreement for the transfer of property ownership from seller to buyer, incorporating Land Use Act requirements and Governor's Consent provisions.

find out more

New Car Purchase Agreement

A Nigerian law-governed agreement for the purchase of a new vehicle, defining terms between seller and buyer while ensuring regulatory compliance.

find out more

Export Sales Contract

Nigerian law-governed contract for international sale and export of goods, incorporating local export regulations and international trade practices.

find out more

Hotel Purchase Agreement

A Nigerian law-governed agreement for the purchase and sale of a hotel property, including both real estate and business operational assets.

find out more

Residential Real Estate Purchase Agreement

A legally binding agreement under Nigerian law for the purchase and sale of residential real estate property, ensuring compliance with the Land Use Act and relevant property regulations.

find out more

Unconditional Sale And Purchase Agreement

A Nigerian law-governed agreement for the unconditional sale and purchase of assets or property, facilitating immediate transfer from seller to buyer.

find out more

Purchase Contract For Home

A Nigerian law-governed contract for the sale and purchase of residential property, establishing terms and conditions for property transfer and ownership rights.

find out more

Vehicle Installment Sale Agreement

A Nigerian law-governed agreement for the sale of vehicles through installment payments, detailing payment terms, ownership conditions, and party obligations.

find out more

Commercial Property Sale Contract

A legally binding agreement for the sale and purchase of commercial property in Nigeria, compliant with Nigerian property law and regulations.

find out more

Sales And Service Contract

A Nigerian law-governed contract combining product sales and service provision terms, ensuring compliance with local commercial regulations while facilitating business relationships.

find out more

Residential Contract Of Sale

A Nigerian law-governed contract for the sale and purchase of residential property, detailing terms, conditions, and requirements for property transfer.

find out more

Assignment Of Real Estate Purchase And Sale Agreement

A Nigerian law-governed agreement transferring rights and obligations under an existing real estate purchase agreement from the original purchaser to a new purchaser.

find out more

Owner Finance Car Sale Contract

A Nigerian law-governed agreement for the sale of a vehicle with financing provided directly by the seller to the buyer.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

2 Docs LeftAccess Now