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Addendum To Purchase Agreement

Addendum To Purchase Agreement Template for Nigeria

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Key Requirements PROMPT example:

Addendum To Purchase Agreement

"I need an Addendum to Purchase Agreement to modify the payment terms of our original agreement dated January 15, 2025, extending the payment schedule from 30 to 60 days and adjusting the purchase price from ₦5,000,000 to ₦6,500,000 due to increased material costs."

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Document background
The Addendum To Purchase Agreement is a crucial legal instrument used in Nigerian business transactions when parties need to modify an existing purchase agreement without creating an entirely new contract. This document type is particularly relevant in Nigeria's dynamic business environment, where changing market conditions, regulatory requirements, or business needs may necessitate adjustments to original agreements. It must comply with Nigerian contract law and commercial regulations, including the Companies and Allied Matters Act (CAMA) 2020 and the Stamp Duties Act. The addendum typically includes specific references to the original agreement, clearly outlined modifications, and maintains all unaltered terms of the original contract. It's commonly used across various sectors from real estate to manufacturing, and can address changes in price, delivery terms, specifications, or any other contractual provisions that require modification.
Suggested Sections

1. Parties: Identification of all parties to the original Purchase Agreement, maintaining the same naming conventions

2. Background: Reference to the original Purchase Agreement including its date, parties, and subject matter, and brief context for the addendum

3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement and any new terms

4. Reference to Original Agreement: Specific clause confirming the addendum's relationship to the original Purchase Agreement

5. Amendments: Clear articulation of specific changes to the original agreement, referenced by section number and content

6. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain in full force and effect

7. Governing Law: Confirmation that Nigerian law governs the addendum

8. Execution: Signature blocks for all parties, including dates and witness provisions as required under Nigerian law

Optional Sections

1. Effective Date: Specific section stating when the amendments take effect, if different from signing date

2. Consideration: Required if the amendments involve changes to payment terms or new consideration

3. Representations and Warranties: Include if new representations are needed specific to the amendments

4. Conditions Precedent: Include if there are specific conditions that must be met before amendments take effect

5. Ratification: Specific confirmation of understanding and agreement to the changes by all parties

6. Third Party Rights: Include if amendments affect or create rights for third parties

7. Counterparts: Include if the addendum may be signed in multiple copies

Suggested Schedules

1. Schedule of Amendments: Detailed listing of all specific changes to the original agreement, particularly useful for multiple or complex amendments

2. Revised Price Schedule: If amendments involve price changes or payment terms

3. Modified Specifications: For changes to product, service, or property specifications

4. Updated Timeline: If amendments affect delivery or performance schedules

5. Consent Documents: Any required third-party consents or regulatory approvals for the amendments

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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



































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Relevant Industries

Real Estate

Manufacturing

Oil and Gas

Agriculture

Technology

Retail

Construction

Mining

Telecommunications

Financial Services

Automotive

Healthcare

Energy

Import/Export

Professional Services

Relevant Teams

Legal

Procurement

Finance

Commercial

Operations

Supply Chain

Business Development

Sales

Compliance

Risk Management

Corporate Secretariat

Executive Leadership

Project Management

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Commercial Director

Chief Financial Officer

Business Development Manager

Operations Manager

Supply Chain Manager

Company Secretary

Chief Executive Officer

Sales Director

Project Manager

Compliance Officer

Risk Manager

General 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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