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Partial Payment Installment Agreement

Partial Payment Installment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Partial Payment Installment Agreement

"I need a Partial Payment Installment Agreement for a manufacturing company in Lagos that owes my company NGN 5,000,000, to be paid in monthly installments over 18 months starting March 2025, with the debt secured by their equipment."

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The Partial Payment Installment Agreement is a crucial document used in Nigerian business and financial transactions when parties need to establish a structured repayment plan for an existing debt. This agreement type is commonly utilized when a debtor cannot make a full immediate payment but demonstrates willingness and capability to settle the debt through regular installments. The document must comply with Nigerian contract law, financial regulations, and the Money Lenders Act, making it particularly important for businesses, financial institutions, and individuals managing debt obligations. It typically includes specific terms about payment schedules, interest calculations, default provisions, and any security arrangements, while also considering local enforcement mechanisms and legal requirements for debt collection in Nigeria.
Suggested Sections

1. Parties: Identifies and provides full details of all parties to the agreement, including their legal names, addresses, and registration details if applicable

2. Background: Explains the context of the debt and the parties' intention to enter into an installment payment arrangement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Original Debt Acknowledgment: States the original debt amount and its origin, with the debtor's formal acknowledgment

5. Payment Terms: Details the agreed installment amounts, payment schedule, and payment methods

6. Interest and Fees: Specifies any applicable interest rates and additional fees

7. Default Provisions: Outlines what constitutes default and its consequences

8. Representations and Warranties: Contains basic declarations by both parties about their capacity and authority to enter into the agreement

9. Notices: Specifies how formal communications between parties should be made

10. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Provisions: Include when the debt is secured by specific assets or guarantees

2. Early Payment Provisions: Include when there are specific terms for early repayment or discounts for early settlement

3. Third-Party Guarantor: Include when a guarantor is providing additional security for the debt

4. Insurance Requirements: Include when specific insurance must be maintained on secured assets

5. Debt Restructuring Terms: Include when the agreement involves restructuring of multiple debts

6. Electronic Payment Terms: Include when specific electronic payment systems or platforms will be used

7. Force Majeure: Include when parties want to address circumstances beyond their control that might affect payment ability

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

2. Original Debt Documentation: Copies of original agreements or documentation evidencing the debt

3. Asset Schedule: Description of any assets provided as security (if applicable)

4. Interest Calculation Methods: Detailed explanation of how interest is calculated and applied

5. Contact Details: Comprehensive contact information for all parties and relevant representatives

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

Financial Services

Banking

Retail

Manufacturing

Construction

Real Estate

Healthcare

Education

Technology

Telecommunications

Agriculture

Energy

Professional Services

Logistics

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Treasury

Compliance

Risk Management

Collections

Corporate Affairs

Business Operations

Relevant Roles

Chief Financial Officer

Financial Controller

Credit Manager

Collections Manager

Legal Counsel

Compliance Officer

Accounts Receivable Manager

Risk Manager

Treasury Manager

Business Development Manager

Contract Administrator

Finance Director

Debt Recovery Officer

Corporate Lawyer

Financial Analyst

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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