The Incidental Credit Agreement is designed for use in Nigeria when a business provides credit as a secondary service to its primary business activities. This document is particularly relevant when merchants, retailers, or service providers offer payment terms or delayed payment options to their customers. The agreement ensures compliance with Nigerian financial regulations, including the Central Bank of Nigeria's consumer protection framework and relevant state money lending laws. It contains detailed provisions covering credit terms, interest rates, repayment schedules, default procedures, and security arrangements where applicable. This type of agreement is distinct from traditional loan agreements as it specifically addresses credit provided incidental to the sale of goods or services, making it essential for businesses that regularly offer credit terms to their customers.
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1. Parties: Identifies and defines the credit provider and the credit receiver with their full legal names, registration details, and addresses
2. Background: Explains the context of the incidental credit arrangement and the purpose of the agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out rules for interpreting the agreement
4. Credit Facility: Details the nature and amount of the credit facility, including any limitations or conditions
5. Interest and Charges: Specifies the interest rate, calculation method, and any additional charges applicable
6. Repayment Terms: Sets out the repayment schedule, payment methods, and consequences of late or missed payments
7. Representations and Warranties: Contains statements of fact and assurances made by both parties
8. Events of Default: Lists circumstances that constitute default and the consequences thereof
9. Termination: Specifies how and when the agreement can be terminated by either party
10. Notices: Details how formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and establishes jurisdiction for dispute resolution
1. Security: Include when the credit facility requires collateral or security
2. Insurance: Include when insurance is required to cover the credit facility or associated assets
3. Early Repayment: Include when early repayment options are available, specifying any associated terms or penalties
4. Assignment: Include when either party may need to transfer their rights or obligations under the agreement
5. Force Majeure: Include when protection against unforeseen circumstances is necessary
6. Confidentiality: Include when sensitive business information is involved in the credit arrangement
7. Change in Circumstances: Include when provisions for dealing with material changes in either party's situation are needed
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and installment structure
2. Schedule 2 - Interest Rate Calculation: Detailed methodology for calculating interest and examples of calculations
3. Schedule 3 - Fees and Charges: Comprehensive list of all applicable fees and charges
4. Schedule 4 - Security Details: If applicable, detailed description of any security or collateral provided
5. Appendix A - Required Documents: List of documents required for the credit facility and ongoing compliance
6. Appendix B - Contact Details: Detailed contact information for key personnel and departments for both parties
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