The Intent To Purchase Agreement is a crucial preliminary document used in Nigerian business transactions when a potential buyer wishes to formally express their serious intention to purchase assets, property, or business interests, while maintaining legal protections for both parties. This document is particularly relevant in scenarios where significant due diligence is required before finalizing a purchase, or where parties need to establish exclusive negotiation rights. The agreement typically includes provisions for purchase price, due diligence requirements, exclusivity periods, and conditions precedent, all structured within the framework of Nigerian law. It serves as a stepping stone to the final purchase agreement while providing sufficient legal certainty to protect the parties' interests during the preliminary phase of the transaction. The document is commonly used in both domestic Nigerian transactions and international investments into Nigeria, requiring careful consideration of local legal requirements and business practices.
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1. Parties: Identification and details of all parties involved in the agreement, including their legal status and addresses
2. Background: Context of the transaction and relationship between the parties
3. Definitions: Clear definitions of key terms used throughout the agreement
4. Subject Matter: Detailed description of the asset or property intended to be purchased
5. Purchase Price: Proposed purchase price and any conditions or mechanisms for price adjustment
6. Due Diligence: Terms regarding the buyer's right to conduct due diligence and the seller's obligations to facilitate this
7. Conditions Precedent: Conditions that must be satisfied before proceeding with the final purchase
8. Duration and Exclusivity: Period during which the intent to purchase remains valid and any exclusivity arrangements
9. Deposit Terms: Details of any deposit required, including amount, payment terms, and conditions for refund or forfeiture
10. Confidentiality: Obligations regarding confidential information shared during the process
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for dispute resolution
1. Break Fee: Terms regarding any break fee payable if either party withdraws from the transaction - include if there's significant due diligence cost or risk
2. Regulatory Approvals: Section dealing with required regulatory approvals - include if the transaction requires government or regulatory consent
3. Financing Conditions: Terms regarding the buyer's financing arrangements - include if purchase is subject to financing
4. Asset Management: Provisions regarding management of the asset during the interim period - include for business or property purchases
5. Employee Matters: Provisions regarding employees if the purchase involves a business - include for business acquisitions
6. Environmental Matters: Environmental considerations and responsibilities - include for industrial property or business purchases
7. Intellectual Property: Provisions regarding IP rights - include if the purchase involves intellectual property
1. Asset Description Schedule: Detailed description of the asset or property intended to be purchased
2. Due Diligence Requirements: List of documents and information required for due diligence
3. Timeline Schedule: Proposed timeline for key milestones including due diligence, negotiations, and completion
4. Required Approvals: List of required regulatory or third-party approvals
5. Excluded Assets: List of assets specifically excluded from the intended purchase, if applicable
6. Form of Final Agreement: Proposed form or key terms of the final purchase agreement
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