Vendor Finance Contract for Nigeria

Vendor Finance Contract Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes the terms and conditions under which a vendor provides financing to a customer for the purchase of goods, equipment, or services. The document outlines the financial arrangement, including the facility amount, interest rates, repayment terms, security arrangements, and obligations of all parties involved. It incorporates relevant provisions from Nigerian financial regulations, including the Banks and Other Financial Institutions Act (BOFIA) and the Secured Transactions in Movable Assets Act, while establishing clear mechanisms for enforcement and dispute resolution under Nigerian jurisdiction.

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
Vendor Finance Contract

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 Vendor Finance Contract?

The Vendor Finance Contract serves as a crucial legal instrument in Nigerian commercial transactions where vendors offer financing solutions to customers for purchasing goods, equipment, or services. This document type is particularly relevant in scenarios where traditional banking finance may be less accessible or when vendors aim to facilitate sales through direct financing arrangements. The contract must comply with Nigerian financial regulations, including the Banks and Other Financial Institutions Act (BOFIA), Central Bank of Nigeria guidelines, and relevant securities legislation. It typically includes detailed provisions for the facility amount, interest calculations, security arrangements, conditions precedent, and enforcement mechanisms. The document is designed to protect both the vendor's financial interests and the customer's rights while ensuring compliance with Nigerian commercial law and financial regulations.

What sections should be included in a Vendor Finance Contract?

1. Parties: Identification of the vendor (finance provider) and the customer, including full legal names, registration details, and addresses

2. Background: Context of the financing arrangement, relationship between parties, and purpose of the agreement

3. Definitions and Interpretation: Detailed definitions of terms used in the agreement and rules for interpreting the contract

4. Facility Amount and Purpose: Specification of the financing amount, purpose, and any restrictions on use

5. Interest and Fees: Details of interest rates, calculation methods, and all applicable fees

6. Repayment Terms: Payment schedule, payment methods, and prepayment provisions

7. Security and Collateral: Description of security arrangements, collateral requirements, and perfection requirements

8. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

9. Representations and Warranties: Statements of fact and assurances given by the customer

10. Covenants: Positive and negative obligations of the customer during the facility period

11. Events of Default: Circumstances constituting default and consequences thereof

12. Enforcement Rights: Rights and remedies of the vendor in case of default

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

What sections are optional to include in a Vendor Finance Contract?

1. Insurance Requirements: Required when specific insurance coverage is needed for financed assets

2. Guarantees: Include when personal or corporate guarantees are required as additional security

3. Assignment and Transfer: Include when either party may need to transfer rights or obligations

4. Force Majeure: Include for long-term financing arrangements to address unforeseen circumstances

5. Anti-Money Laundering Provisions: Required for high-value transactions or when dealing with regulated entities

6. Electronic Communications: Include when parties agree to use electronic means for notices and communications

7. Tax Provisions: Include detailed tax provisions when complex tax implications exist

What schedules should be included in a Vendor Finance Contract?

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations

2. Asset Schedule: Description and valuation of financed assets or equipment

3. Security Documents: Forms of security documents, guarantees, or collateral agreements

4. Conditions Precedent Documents: List of required documents and evidence for conditions precedent

5. Form of Drawdown Notice: Template for requesting disbursement of funds

6. Financial Covenants: Detailed financial ratios and reporting requirements

7. Permitted Security Interests: List of pre-approved security interests or liens

8. Insurance Requirements: Detailed insurance specifications and requirements

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

Financing Agreement

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Manufacturing

Construction

Technology

Agriculture

Healthcare

Telecommunications

Energy

Mining

Transportation

Real Estate

Industrial Equipment

Retail

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Commercial

Sales

Procurement

Business Development

Corporate Finance

Relevant Roles

Chief Financial Officer

Finance Director

Commercial Director

Legal Counsel

Contract Manager

Credit Risk Manager

Treasury Manager

Financial Controller

Business Development Manager

Compliance Officer

Risk Manager

Corporate Finance Manager

Sales Director

Procurement Manager

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

Simple Interest Loan Contract

A Nigerian law-governed agreement establishing terms for a loan with simple interest calculation, including repayment terms and party obligations.

find out more

Factoring Agreement

A Nigerian law-governed agreement establishing terms for the purchase of accounts receivable by a Factor from a Client, including pricing, procedures, and parties' obligations.

find out more

Employees Loan Agreement

A Nigerian law-governed agreement establishing terms for workplace loans between employers and employees, including repayment through salary deductions.

find out more

Co Financing Agreement

A Nigerian law-governed agreement establishing terms for multiple financial institutions to jointly finance a project, including contribution ratios, disbursement mechanisms, and inter-creditor arrangements.

find out more

Litigation Funding Agreement

A Nigerian law-governed agreement setting out terms for third-party funding of litigation, including funding commitments, returns, and risk allocation.

find out more

Loan Facilitation Agreement

A Nigerian law-governed agreement establishing terms for loan facilitation services between lenders and borrowers, ensuring regulatory compliance and defining party obligations.

find out more

Simple Loan Term Sheet

A Nigerian law-governed preliminary document outlining key commercial and legal terms for a proposed loan facility, serving as the basis for a detailed loan agreement.

find out more

Loan For Use Agreement

A Nigerian law-governed agreement allowing temporary, free use of an item or asset, with an obligation to return it in its original condition.

find out more

Hire Purchase Agreement For Car

A Nigerian law-governed agreement for the purchase of a vehicle through installment payments, with ownership transferring upon final payment.

find out more

International Loan Agreement

Nigerian law-governed agreement for international lending transactions, incorporating local regulatory requirements and international banking standards.

find out more

Film Financing Agreement

A Nigerian law-governed agreement setting out terms for film production financing, including investment structure, rights, and profit-sharing arrangements.

find out more

Undertaking Loan Agreement

A Nigerian law-governed loan agreement setting out terms, conditions, and undertakings between lender and borrower, with specific compliance requirements under Nigerian banking regulations.

find out more

Trade Finance Agreement

Nigerian law-governed agreement establishing terms for trade finance facilities between financial institutions and trading entities, incorporating local regulatory requirements and international practices.

find out more

Real Estate Loan Agreement

A Nigerian law-governed agreement establishing terms for a real estate-secured loan, including property security arrangements and regulatory compliance requirements.

find out more

Project Finance Contract

A Nigerian law-governed agreement establishing terms for project financing of large-scale infrastructure or development projects, incorporating local regulatory requirements and international best practices.

find out more

Official Loan Agreement

A Nigerian law-governed loan agreement establishing formal lending terms between parties, compliant with local banking regulations and financial laws.

find out more

Margin Loan Agreement

A Nigerian law-governed agreement establishing terms for margin lending facilities, including loan terms, collateral requirements, and regulatory compliance measures.

find out more

Loan Swap Agreement

A Nigerian law-governed agreement enabling the exchange of loan obligations between parties, including provisions for interest rate or currency swaps and regulatory compliance.

find out more

Financing Contract Agreement

A Nigerian law-governed agreement establishing the terms and conditions of a financing facility between lender and borrower, including loan terms, security arrangements, and regulatory compliance requirements.

find out more

Financial Support Agreement

A Nigerian law-governed agreement establishing terms for financial support between parties, including funding terms, repayment conditions, and regulatory compliance requirements.

find out more

Financial Assistance Agreement

A Nigerian law-governed agreement establishing terms and conditions for providing financial assistance, including loan terms, security arrangements, and regulatory compliance requirements.

find out more

Financial Agreement Between Two Parties

A Nigerian law-governed financial agreement template for structuring financial arrangements between two parties, ensuring regulatory compliance and clear terms.

find out more

Car Loan Agreement Between Individuals

A Nigerian-law governed agreement between private individuals for a car loan, establishing terms, conditions, and security arrangements for vehicle financing.

find out more

Car Loan Agreement Between Family

A Nigerian law-governed agreement formalizing a car loan arrangement between family members, including loan terms, vehicle security, and repayment provisions.

find out more

Car Installment Agreement

A Nigerian law-governed agreement for vehicle purchase through installment payments, detailing payment terms, ownership rights, and party obligations.

find out more

Car Finance Contract

A Nigerian law-governed agreement establishing terms and conditions for vehicle financing, including payment obligations, security interests, and regulatory compliance requirements.

find out more

Bridge Financing Agreement

A Nigerian law-governed agreement providing temporary financing to bridge gaps between immediate capital needs and long-term funding solutions.

find out more

Bridge Facility Agreement

A Nigerian law-governed temporary financing arrangement providing short-term funding while permanent financing is arranged.

find out more

Auto Finance Contract

A Nigerian law-governed vehicle financing agreement that structures the terms and conditions for vehicle purchase financing, ensuring compliance with local banking and consumer protection regulations.

find out more

Motorcycle Hire Purchase Agreement

A Nigerian law-governed agreement for motorcycle purchase through hire purchase arrangements, detailing payment terms, ownership rights, and obligations.

find out more

Tri Party Loan Agreement

A Nigerian law-governed agreement establishing a three-way loan arrangement between lender, borrower, and a third party, detailing loan terms and parties' obligations.

find out more

Standard Hire Purchase Agreement

A Nigerian law-governed agreement enabling purchase of goods through installments, with ownership transferring upon final payment.

find out more

Master Asset Finance Agreement

A Nigerian law-governed master agreement establishing terms for ongoing asset financing arrangements between a financial institution and borrower.

find out more

Development Credit Agreement

A Nigerian law-governed agreement establishing terms for development financing, including credit facility arrangements, project implementation requirements, and compliance obligations.

find out more

Consortium Loan Agreement

A Nigerian law-governed agreement establishing terms for a multi-lender loan facility, including syndication and security arrangements.

find out more

Small Business Loan Agreement

Nigerian-law governed loan agreement between a financial institution and small business, detailing loan terms, security, and obligations under CBN regulations.

find out more

Small Credit Agreement

Nigerian-law governed Small Credit Agreement template for structured small-scale lending transactions, compliant with local banking and consumer protection regulations.

find out more

Mortgage Loan Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of mortgage loan portfolios between financial institutions, including transfer and servicing arrangements.

find out more

Loan Agreement Between Lender Borrower And Guarantor

Nigerian law-governed loan agreement establishing lending terms between lender, borrower, and guarantor, with comprehensive security and obligation provisions.

find out more

Monthly Payment Plan Agreement

A Nigerian law-governed agreement establishing structured monthly payment terms between parties, including payment schedules, conditions, and regulatory compliance requirements.

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