The Money Received Agreement is a crucial document used in Nigerian business and personal transactions to formally acknowledge the receipt of funds and establish the terms of any associated obligations. This document is particularly important in situations where funds are provided with an expectation of repayment or specific use conditions. The agreement helps prevent future disputes by clearly documenting the amount received, purpose, repayment terms (if applicable), and other relevant conditions. Commonly used in both business and personal contexts, the Money Received Agreement provides legal protection under Nigerian law and can be essential for accounting, audit, and legal compliance purposes. The document is often required for internal record-keeping, tax documentation, and as evidence in financial transactions.

1. Parties: Identifies and provides full details of all parties involved in the agreement

2. Background: Explains the context and circumstances leading to the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Acknowledgment of Money Received: Clearly states the amount received and date of receipt

5. Purpose of Funds: Specifies the intended use or purpose of the money received

6. Repayment Terms: Details the repayment schedule, including amounts and due dates

7. Interest (if applicable): Specifies any interest charges and calculation method

8. Mode of Payment: Specifies acceptable payment methods and payment details

9. Default and Remedies: Outlines what constitutes default and the consequences

10. Representations and Warranties: States the parties' assertions about their capacity and authority

11. Governing Law: Specifies that Nigerian law governs the agreement

12. Execution: Signature blocks and execution requirements