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Business Broker Contract Template for Nigeria

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Key Requirements PROMPT example:

Business Broker Contract

"I need a Business Broker Contract for my Lagos-based real estate company, establishing an exclusive arrangement with a broker to handle commercial property sales with a 5% commission structure and a minimum three-month engagement starting January 2025."

Document background
The Business Broker Contract is essential for professional intermediaries operating in Nigeria's dynamic business environment. This document is specifically designed to comply with Nigerian commercial law and regulatory requirements, providing a formal framework for business brokers engaged in facilitating business sales, acquisitions, or mergers. The contract addresses key aspects such as broker appointment, service scope, commission structures, and confidentiality obligations, while incorporating necessary provisions from the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian legislation. It's particularly crucial for protecting both parties' interests in business transactions and ensuring clear understanding of rights, obligations, and compensation terms. The document includes specific provisions for the Nigerian market context, including local business practices, regulatory compliance requirements, and standard commercial terms.
Suggested Sections

1. Parties: Identification of the business broker and the client with full legal names and addresses

2. Background: Context of the agreement and brief description of the parties' intentions

3. Definitions: Key terms used throughout the agreement including 'Transaction', 'Commission', 'Confidential Information', etc.

4. Appointment and Scope: Formal appointment of the broker and detailed scope of services to be provided

5. Broker's Rights and Obligations: Detailed responsibilities of the broker including marketing, negotiation, and documentation duties

6. Client's Rights and Obligations: Client's responsibilities including providing information, cooperation, and exclusive listing terms if applicable

7. Commission Structure: Detailed breakdown of fees, commission rates, and payment terms

8. Confidentiality: Obligations regarding confidential information handling and non-disclosure provisions

9. Term and Termination: Duration of the agreement and circumstances for termination

10. Post-Termination Rights: Rights and obligations that survive after agreement termination, including tail period provisions

11. Warranties and Representations: Statements of fact and promises made by both parties

12. Limitation of Liability: Extent and limitations of broker's liability

13. General Provisions: Standard clauses including notices, amendments, governing law, etc.

Optional Sections

1. Non-Compete: Restrictions on broker's ability to work with competing businesses - used when dealing with sensitive or competing interests

2. Success Fee Structure: Additional performance-based compensation terms - used for complex transactions or high-value deals

3. International Transactions: Specific provisions for cross-border deals - included when international business sales are anticipated

4. Multiple Listing Services: Terms for listing on various platforms - relevant when using multiple marketing channels

5. Dispute Resolution: Detailed arbitration or mediation procedures - recommended for high-value contracts

6. Force Majeure: Provisions for unforeseen circumstances - particularly relevant in uncertain market conditions

Suggested Schedules

1. Schedule A - Services Description: Detailed list of specific services to be provided by the broker

2. Schedule B - Commission Rates: Detailed breakdown of commission structures, including any sliding scales or special provisions

3. Schedule C - Marketing Plan: Specific marketing strategies and channels to be used

4. Schedule D - Required Documentation: List of documents and information required from the client

5. Appendix 1 - Confidentiality Agreement: Detailed NDA terms for use with potential buyers

6. Appendix 2 - Due Diligence Checklist: Standard checklist for information gathering and verification

7. Appendix 3 - Reporting Templates: Standard formats for progress reports and updates

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

Relevant legal definitions








































Clauses








































Relevant Industries

Business Services

Professional Services

Real Estate

Manufacturing

Retail

Technology

Healthcare

Hospitality

Financial Services

Construction

Agriculture

Energy

Transportation

Education

Telecommunications

Relevant Teams

Legal

Business Development

Mergers & Acquisitions

Corporate Finance

Compliance

Risk Management

Executive Leadership

Commercial Operations

Advisory Services

Investment

Relevant Roles

Business Broker

Managing Director

Chief Executive Officer

Business Development Manager

Legal Counsel

Corporate Lawyer

Mergers & Acquisitions Manager

Business Owner

Chief Financial Officer

Commercial Director

Compliance Officer

Risk Manager

Company Secretary

Investment Manager

Transaction Advisory 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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