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Full Payment Agreement

Full Payment Agreement Template for Nigeria

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Full Payment Agreement

"I need a Full Payment Agreement for my technology company to receive a one-time payment of 25 million Naira from a corporate client in Lagos, with payment to be made by March 15, 2025."

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The Full Payment Agreement is a crucial document used in Nigerian business and financial transactions when one party needs to formalize their commitment to pay a specific amount to another party. This document is particularly relevant in situations involving substantial financial obligations, business transactions, or settlement of debts. It provides a comprehensive framework that complies with Nigerian contract law, financial regulations, and banking requirements. The agreement typically includes detailed payment terms, methods of payment, default provisions, and enforcement mechanisms. It's designed to protect both parties' interests while ensuring compliance with Nigerian financial transaction regulations and anti-money laundering requirements. The document is especially useful in commercial transactions, debt settlements, service payments, or any situation requiring formal documentation of payment obligations.
Suggested Sections

1. Parties: Identification and details of the parties entering into the agreement, including their legal status and registered addresses

2. Background: Context of the agreement, including the circumstances leading to the payment obligation

3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the document

4. Payment Obligation: Clear statement of the total amount to be paid and acknowledgment of the debt

5. Payment Terms: Specific details about how and when the payment will be made, including payment method and deadline

6. Mode of Payment: Acceptable payment methods and banking details for transfer

7. Evidence of Payment: Requirements for documenting and confirming payments made

8. Default and Consequences: What constitutes default and the consequences of failing to make payment

9. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority

10. Governing Law and Jurisdiction: Specification that Nigerian law governs the agreement and which courts have jurisdiction

11. Notices: How formal communications between parties should be made and delivered

12. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Security: Details of any collateral or security provided to guarantee the payment, include when security is being provided

2. Interest: Terms for interest on late payments or scheduled interest, include when interest is applicable

3. Payment Schedule: If payment is to be made in multiple installments, include detailed payment schedule

4. Force Majeure: Provisions for unforeseen circumstances affecting payment ability, include for larger agreements or longer payment terms

5. Assignment: Rights to assign the payment obligation to third parties, include when assignment rights are needed

6. Confidentiality: Provisions for keeping the agreement and its terms confidential, include for sensitive commercial arrangements

7. Tax Provisions: Allocation of tax responsibilities, include when tax implications are significant

8. Currency Exchange: Provisions for handling currency conversion if relevant, include for international payments

Suggested Schedules

1. Payment Details: Detailed breakdown of the payment amount, including any calculations or adjustments

2. Bank Account Details: Complete banking information for making payments

3. Payment Timeline: If applicable, detailed schedule of payment installments with dates and amounts

4. Supporting Documents: Copies of relevant documents evidencing the underlying obligation

5. Security Documents: If applicable, details and copies of security arrangements or collateral documents

6. Authorized Signatories: List of persons authorized to give and receive notices or confirm payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































Clauses































Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Technology

Energy and Natural Resources

Agriculture

Healthcare

Education

Telecommunications

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Compliance

Risk Management

Commercial Operations

Corporate Secretariat

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Accounts Receivable Manager

Credit Controller

Legal Counsel

Contract Manager

Business Development Manager

Financial Controller

Treasury Manager

Risk Manager

Compliance Officer

Corporate Secretary

Collections Manager

Account Executive

Commercial Director

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

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