The Joint and Several Promissory Note is commonly used in Nigerian business transactions where multiple parties share responsibility for a debt obligation. This document is particularly useful in situations involving business partnerships, group borrowing, or when additional security is required through multiple responsible parties. The note must comply with Nigerian legal requirements, particularly the Bills of Exchange Act and Stamp Duties Act, and creates a powerful debt instrument where each promisor bears full responsibility for the entire debt amount. This arrangement provides strong security for the payee, as they can pursue recovery from any or all promisors. The document typically includes detailed payment terms, interest provisions, default consequences, and must be properly executed and stamped to be enforceable in Nigerian courts.
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1. Parties: Identification of all makers (promisors) and the payee, including full legal names and addresses
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
3. Joint and Several Liability Declaration: Clear statement that all makers are jointly and severally liable for the full amount
4. Payment Terms: Specific details about when and how payment will be made, including due date, installment schedule if applicable, and payment method
5. Interest Rate: Specification of any applicable interest rate, calculation method, and payment frequency
6. Place of Payment: Designation of where payment should be made
7. Default Provisions: Consequences of default, including acceleration of the debt and any applicable penalties
8. Governing Law: Statement that the note is governed by Nigerian law
9. Signatures: Execution block for all makers' signatures, with date and witness provisions
1. Security Provisions: Include when the note is secured by collateral or other assets
2. Prepayment Terms: Include when early payment is allowed, specifying any conditions or penalties
3. Assignment Rights: Include when transfer or assignment of the note needs to be specifically addressed
4. Notice Provisions: Include when specific methods of notice between parties need to be defined
5. Currency Specification: Include when payment may be made in multiple currencies or when exchange rate provisions are needed
6. Force Majeure: Include when specific circumstances that might affect payment ability need to be addressed
1. Payment Schedule: Detailed breakdown of installment payments if applicable, including dates and amounts
2. Collateral Description: Detailed description of any security or collateral if the note is secured
3. Guarantor Information: Details of any guarantors and their obligations, if applicable
4. Interest Calculation Examples: Examples of interest calculations if complex interest provisions are included
Relevant legal definitions
Business Day
Default Event
Default Interest Rate
Due Date
Effective Date
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Joint and Several Liability
Makers
Material Adverse Effect
Maturity Date
Note
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Principal Sum
Promisors
Repayment Schedule
Security
Stamp Duty
Witnesses
Default Event
Default Interest Rate
Due Date
Effective Date
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Joint and Several Liability
Makers
Material Adverse Effect
Maturity Date
Note
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Principal Sum
Promisors
Repayment Schedule
Security
Stamp Duty
Witnesses
Clauses
Promise to Pay
Joint and Several Liability
Payment Terms
Interest
Default
Acceleration
Security
Representations and Warranties
Assignment
Notices
Governing Law
Jurisdiction
Amendment
Severability
Waiver
Force Majeure
Stamp Duty Compliance
Execution
Witness Requirements
Prepayment
Set-off Rights
Currency
Costs and Expenses
Joint and Several Liability
Payment Terms
Interest
Default
Acceleration
Security
Representations and Warranties
Assignment
Notices
Governing Law
Jurisdiction
Amendment
Severability
Waiver
Force Majeure
Stamp Duty Compliance
Execution
Witness Requirements
Prepayment
Set-off Rights
Currency
Costs and Expenses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Small and Medium Enterprises
Agriculture
Oil and Gas
Commercial Trading
Professional Services
Investment and Private Equity
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Business Development
Commercial Operations
Investment
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Treasury Manager
Financial Controller
Compliance Officer
Business Development Manager
Contract Manager
Company Secretary
Investment Officer
Banking Officer
Collections Manager
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