The Supplier Credit Agreement is a vital commercial document used when a supplier agrees to provide goods or services on credit terms to a buyer in Nigeria. This agreement is particularly important in business relationships where immediate payment isn't feasible or when strategic credit arrangements benefit both parties. The document must comply with Nigerian law, including the Central Bank of Nigeria Act, Money Lenders Act, and relevant financial regulations. It typically includes detailed provisions on credit limits, interest calculations, repayment schedules, security arrangements, and default remedies. The agreement is essential for businesses looking to establish formal credit relationships with their suppliers while ensuring legal protection and clear terms of engagement within the Nigerian jurisdiction.
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1. Parties: Identification of the supplier (creditor) and the buyer (debtor), including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the supplier's business, the buyer's business, and the purpose of the credit arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Credit Facility: Details of the credit amount, purpose, and availability period
5. Interest and Fees: Specification of interest rates, calculation methods, and any applicable fees
6. Repayment Terms: Payment schedule, method of payment, and currency of payment
7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the buyer regarding their business and ability to repay
9. Covenants: Ongoing obligations of the buyer during the term of the agreement
10. Events of Default: Circumstances that constitute default and the consequences thereof
11. Remedies: Rights and remedies available to the supplier in case of default
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
13. Notices: Process and addresses for serving formal notices under the agreement
14. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Security: Details of any security or collateral provided - include when the credit facility is secured
2. Parent Company Guarantee: Terms of guarantee provided by a parent company - include when buyer is a subsidiary
3. Insurance: Requirements for insurance coverage - include when specific insurance is required for the credit facility
4. Foreign Exchange Provisions: Specific provisions for handling foreign exchange risks - include for international transactions
5. Force Majeure: Provisions for unforeseen circumstances - include when dealing with long-term supply arrangements
6. Assignment and Transfer: Rights to assign or transfer the agreement - include when transferability is important
7. Step-In Rights: Rights of the supplier to take control in certain circumstances - include for critical supply arrangements
1. Payment Schedule: Detailed repayment schedule including dates, amounts, and breakdown of principal and interest
2. Product Schedule: Details of products or services covered by the credit facility
3. Security Details: Detailed description of any security or collateral provided
4. Form of Drawdown Notice: Template for requesting drawdown under the credit facility
5. Conditions Precedent Documents: List of required documents to be provided before facility becomes available
6. Financial Covenants: Detailed financial ratios and requirements to be maintained
7. Authorized Signatories: List of persons authorized to act on behalf of each party
Relevant legal definitions
Agreement
Applicable Law
Business Day
CBN
Conditions Precedent
Credit Facility
Credit Limit
Default Interest Rate
Default Notice
Drawdown
Drawdown Notice
Effective Date
Event of Default
Financial Indebtedness
Financial Statements
Force Majeure Event
Goods
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Naira
Outstanding Amount
Payment Date
Permitted Security Interest
Purchase Order
Repayment Date
Repayment Schedule
Security
Security Documents
Services
Supplier Credit
Term
Transaction Documents
VAT
Working Capital
Applicable Law
Business Day
CBN
Conditions Precedent
Credit Facility
Credit Limit
Default Interest Rate
Default Notice
Drawdown
Drawdown Notice
Effective Date
Event of Default
Financial Indebtedness
Financial Statements
Force Majeure Event
Goods
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Naira
Outstanding Amount
Payment Date
Permitted Security Interest
Purchase Order
Repayment Date
Repayment Schedule
Security
Security Documents
Services
Supplier Credit
Term
Transaction Documents
VAT
Working Capital
Clauses
Credit Facility
Interest
Fees and Charges
Repayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Terms
Currency
Set-off
Indemnification
Force Majeure
Assignment
Confidentiality
Notices
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Third Party Rights
Waiver
Time of Essence
Record Keeping
Compliance with Laws
Anti-Money Laundering
Foreign Exchange
Tax
Interest
Fees and Charges
Repayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Terms
Currency
Set-off
Indemnification
Force Majeure
Assignment
Confidentiality
Notices
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Third Party Rights
Waiver
Time of Essence
Record Keeping
Compliance with Laws
Anti-Money Laundering
Foreign Exchange
Tax
Relevant Industries
Manufacturing
Construction
Oil and Gas
Telecommunications
Retail
Agriculture
Mining
Healthcare
Technology
Infrastructure
Automotive
Industrial Equipment
Consumer Goods
Energy
Relevant Teams
Legal
Finance
Procurement
Supply Chain
Treasury
Credit Control
Risk Management
Operations
Commercial
Accounts Payable
Relevant Roles
Chief Financial Officer
Finance Director
Procurement Manager
Supply Chain Director
Credit Controller
Commercial Director
Legal Counsel
Treasury Manager
Accounts Payable Manager
Risk Manager
Contract Manager
Financial Controller
Operations Director
Business Development Manager
Company Secretary
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