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Payment Guarantee Agreement

Payment Guarantee Agreement Template for Nigeria

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Key Requirements PROMPT example:

Payment Guarantee Agreement

"I need a Payment Guarantee Agreement under Nigerian law where First Bank Nigeria will act as guarantor for ABC Manufacturing Limited's payment obligations to XYZ Trading Corp, with a guarantee amount of 500 million Naira and an expiry date of March 15, 2025."

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Document background
The Payment Guarantee Agreement is a crucial financial instrument in Nigerian commercial practice, commonly used to secure payment obligations in various business transactions. It is particularly relevant when there is a need to provide additional security for payment obligations, such as in large commercial contracts, international trade, or significant financial transactions. The agreement must comply with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It typically includes detailed provisions on the scope of the guarantee, demand mechanisms, enforcement procedures, and expiry conditions. This document is essential for risk management and facilitating business transactions where parties seek additional payment security.
Suggested Sections

1. Parties: Identification of the Guarantor, Principal Debtor, and Beneficiary with their full legal names and addresses

2. Background: Context of the underlying transaction and purpose of the guarantee

3. Definitions: Definitions of key terms used throughout the agreement

4. Guarantee: Core guarantee provisions, including the scope and nature of the guaranteed obligations

5. Payment Terms: Specific terms regarding when and how payments under the guarantee must be made

6. Demand Requirements: Process and requirements for making a valid demand under the guarantee

7. Duration and Expiry: Term of the guarantee and conditions for expiry

8. Representations and Warranties: Key statements of fact and assurances given by the Guarantor

9. Independent Obligation: Confirmation that the guarantee is independent of the underlying obligation

10. Enforcement: Rights and mechanisms for enforcing the guarantee

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

12. Notices: Process for giving formal notices under the agreement

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Counter-Indemnity: Optional section where the Principal Debtor agrees to indemnify the Guarantor - used when the Principal Debtor is a party to the agreement

2. Multiple Guarantors: Additional provisions for cases where there is more than one guarantor, addressing joint and several liability

3. Security: Provisions regarding any security provided to support the guarantee obligations

4. Assignment: Provisions regarding the ability to assign rights under the guarantee - used when assignment needs to be specifically permitted or prohibited

5. Step-In Rights: Provisions allowing the Guarantor to step into the position of the Principal Debtor - used in complex commercial transactions

6. Currency Provisions: Specific provisions for guarantees involving multiple currencies or currency conversion

7. Tax Gross-Up: Provisions dealing with tax deductions from guarantee payments - used when tax implications need to be addressed

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Guaranteed Obligations: Detailed description of the obligations being guaranteed

3. Payment Details: Bank account and payment processing details

4. Security Details: Details of any security provided (if applicable)

5. Corporate Authorizations: Copies of relevant corporate approvals and authorizations

6. Underlying Agreement: Copy or summary of the agreement giving rise to the guaranteed obligations

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

Construction and Real Estate

Manufacturing

International Trade

Oil and Gas

Telecommunications

Infrastructure Development

Retail and Commercial

Energy

Mining

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Commercial Operations

Corporate Finance

Credit Control

Banking Operations

Contract Administration

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Commercial Director

Risk Manager

Treasury Manager

Contract Manager

Company Secretary

Credit Manager

Banking Relationship Manager

Compliance Officer

Transaction Manager

Corporate Finance Manager

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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