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The Car Sales Deposit Agreement is a crucial document used in Nigeria when a potential buyer wishes to secure a vehicle purchase by paying a deposit. This agreement serves as an interim contract between the deposit payment and the final vehicle purchase, typically used in both private and commercial vehicle sales. It includes essential details such as vehicle specifications, deposit amount, purchase price, completion timeframe, and conditions for deposit refund or forfeiture. The document must comply with Nigerian contract law, consumer protection regulations, and automotive industry standards. It's particularly important in the Nigerian market where vehicle purchases often involve significant lead times, especially for imported vehicles or specific model requests. The agreement provides legal protection for both parties and helps prevent disputes by clearly documenting the terms of the deposit arrangement.

1. Parties: Identification of the seller and buyer with full legal names and addresses

2. Background: Brief context explaining the purpose of the deposit agreement and intended vehicle purchase

3. Definitions: Key terms used in the agreement including 'Deposit', 'Vehicle', 'Purchase Price', and 'Completion Date'

4. Vehicle Details: Specific description of the vehicle including make, model, year, VIN, color, and condition

5. Deposit Terms: Amount of deposit, payment method, and when it must be paid

6. Purchase Price and Payment: Total purchase price, how deposit will be applied, and remaining payment terms

7. Duration and Completion: Timeframe for completing the full purchase and what happens if completion doesn't occur

8. Seller's Obligations: Commitments from seller including holding the vehicle and maintaining its condition

9. Buyer's Obligations: Buyer's commitments including completion timeframe and documentation requirements

10. Refund Conditions: Circumstances under which deposit will be refunded or forfeited

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

12. Signatures: Execution block for both parties