The Promise to Pay Contract is a fundamental legal instrument in Nigerian business and financial transactions, used to formalize and document debt obligations between parties. This document is typically employed when there is a need to establish a clear, legally enforceable payment commitment, whether arising from a loan, deferred payment arrangement, or settlement of outstanding obligations. The contract must comply with Nigerian contract law and financial regulations, making it particularly important to include specific elements required by local jurisdiction. It can be used in various contexts, from formal lending arrangements to business transactions, and should include detailed payment terms, interest calculations, and enforcement mechanisms. The Promise to Pay Contract serves as crucial evidence in Nigerian courts and provides security for creditors while clearly defining obligations for debtors.
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1. Parties: Identification of the Creditor and Debtor with full legal names and addresses
2. Background: Context of the debt obligation, including origin of the debt and circumstances leading to this agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Clear statement of the debt amount and debtor's acknowledgment of the obligation
5. Payment Terms: Detailed payment schedule, including amount, frequency, and method of payments
6. Interest: Interest rate applicable and calculation method
7. Default Provisions: Consequences of missing payments and what constitutes a default
8. Representations and Warranties: Debtor's declarations regarding their capacity and ability to pay
9. Governing Law: Specification of Nigerian law as the governing law
10. Dispute Resolution: Process for resolving any disputes related to the agreement
1. Security: Details of any assets provided as security for the debt - include when the debt is secured
2. Guarantor Provisions: Terms relating to any guarantors of the debt - include when there are guarantors
3. Insurance Requirements: Obligations to maintain insurance on any secured assets - include for secured debts
4. Early Payment Provisions: Terms for early repayment of the debt - include when early payment is permitted
5. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include for longer-term payment arrangements
6. Assignment: Rights to assign the debt to third parties - include when debt assignment might be contemplated
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Original Debt Documentation: Copy of original documentation proving the debt
3. Security Details: Description and documentation of any security provided
4. Guarantor Information: Details of guarantors and their commitments if applicable
5. Prior Payment History: Record of any payments already made against the debt
Relevant legal definitions
Agreement
Business Day
Creditor
Debt
Debtor
Default
Default Interest
Due Date
Effective Date
Event of Default
Guarantor
Interest Rate
Law
Material Adverse Effect
Notice
Outstanding Amount
Payment Date
Payment Schedule
Principal Amount
Recovery Costs
Repayment Period
Security
Term
Working Day
Written Notice
Business Day
Creditor
Debt
Debtor
Default
Default Interest
Due Date
Effective Date
Event of Default
Guarantor
Interest Rate
Law
Material Adverse Effect
Notice
Outstanding Amount
Payment Date
Payment Schedule
Principal Amount
Recovery Costs
Repayment Period
Security
Term
Working Day
Written Notice
Clauses
Acknowledgment of Debt
Payment Terms
Interest
Default
Acceleration
Security
Representations and Warranties
Guarantees
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Costs and Expenses
Indemnification
Confidentiality
Further Assurance
Counterparts
Time of Essence
Survival
Payment Terms
Interest
Default
Acceleration
Security
Representations and Warranties
Guarantees
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Costs and Expenses
Indemnification
Confidentiality
Further Assurance
Counterparts
Time of Essence
Survival
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Agriculture
Small Business
Corporate Finance
Private Lending
Relevant Teams
Legal
Finance
Credit Control
Risk Management
Treasury
Compliance
Debt Recovery
Corporate Affairs
Business Development
Account Management
Relevant Roles
Finance Manager
Credit Controller
Legal Counsel
Debt Recovery Officer
Account Manager
Financial Director
Compliance Officer
Risk Manager
Corporate Lawyer
Treasury Manager
Collections Manager
Business Development Manager
Contract Administrator
Chief Financial Officer
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