¶¶Òõ¶ÌÊÓƵ

All Countries
Real Estate
Construction Payment Contract

Construction Payment Contract Template for Nigeria

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Construction Payment Contract

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Construction Payment Contract

"I need a Construction Payment Contract for a 15-story commercial building project in Lagos, Nigeria, with a contract value of 2.5 billion Naira and milestone-based payments, including a 15% advance payment provision and 5% retention."

Celebrated by
Collaborations with
Investors
Document background
The Construction Payment Contract is a crucial document used in Nigerian construction projects to establish clear and enforceable payment arrangements between parties. This document is essential when undertaking any construction project in Nigeria where structured payment terms are required, typically involving significant financial commitments and multiple payment milestones. It ensures compliance with Nigerian contract law, construction regulations, and financial requirements while providing security for all parties involved. The contract addresses key aspects such as payment schedules, valuation methods, certification procedures, and dispute resolution mechanisms, making it suitable for various scales of construction projects from commercial buildings to infrastructure development. It's particularly important given Nigeria's specific legal requirements and construction industry practices.
Suggested Sections

1. Parties: Identifies and provides full details of the contracting parties - the payer (typically the employer/client) and the payee (typically the contractor)

2. Background: Contextual information about the construction project and the purpose of the payment contract

3. Definitions: Defines key terms used throughout the contract, including payment-related terminology

4. Contract Sum: Specifies the total contract value and payment currency

5. Payment Terms: Details of payment schedule, mechanisms, and conditions for payment

6. Payment Milestones: Specific construction milestones tied to payment releases

7. Valuation of Works: Process for valuing completed works and variations

8. Payment Certificates: Procedures for interim and final payment certificates

9. Retention: Details of retention money, release conditions and timing

10. Default and Remedies: Consequences of payment defaults and available remedies

11. Dispute Resolution: Procedures for resolving payment-related disputes

12. Governing Law: Specifies Nigerian law as the governing law and relevant jurisdiction

Optional Sections

1. Performance Security: Required when additional payment security is needed through bonds or guarantees

2. Advance Payment: Include when advance payments are part of the agreement

3. Price Adjustment: Required for long-term projects subject to price fluctuations

4. Tax Provisions: Detailed tax clauses needed for complex projects or international contractors

5. Force Majeure: Include for projects in volatile regions or with significant external risks

6. Payment for Materials: Include when separate payments for materials off-site are required

7. Project Bank Account: Include when using a dedicated project bank account structure

8. Multi-currency Payments: Required when payments are made in multiple currencies

Suggested Schedules

1. Schedule of Payment Milestones: Detailed breakdown of payment milestones and corresponding amounts

2. Schedule of Rates: Breakdown of rates and prices for different elements of work

3. Payment Procedure Flow Chart: Visual representation of the payment certification and release process

4. Form of Payment Certificate: Template for interim and final payment certificates

5. Schedule of Required Documents: List of documents required for payment processing

6. Bank Account Details: Banking information for all parties

7. Form of Advance Payment Guarantee: Template for advance payment guarantee if applicable

8. Tax Compliance Documents: Required tax registration and compliance certificates

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
















































Clauses









































Relevant Industries

Construction

Real Estate Development

Infrastructure

Oil and Gas

Mining

Commercial Property

Residential Development

Industrial Development

Public Works

Energy

Healthcare Infrastructure

Educational Infrastructure

Transportation

Telecommunications Infrastructure

Relevant Teams

Legal

Finance

Construction

Project Management

Commercial

Procurement

Risk Management

Contract Administration

Quality Assurance

Operations

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Quantity Surveyor

Finance Director

Commercial Director

Legal Counsel

Construction Director

Chief Financial Officer

Project Finance Manager

Construction Site Manager

Procurement Manager

Risk Manager

Cost Controller

Project Accountant

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

Find the exact document you need

Contract Between Builder And Homeowner

A Nigerian law-governed agreement between a builder and homeowner establishing terms for residential construction or renovation work.

find out more

Contract Between Builder And Client

A Nigerian law-governed agreement between a builder and client establishing terms, obligations, and conditions for construction project execution.

find out more

Building Construction Contract Agreement

A Nigerian law-governed agreement establishing terms and conditions between property owners and contractors for construction projects, ensuring compliance with local building regulations and standards.

find out more

Agreement Between Land Owner And Builder

A Nigerian law-governed agreement between land owner and builder establishing terms, responsibilities, and requirements for construction projects.

find out more

Commercial Construction Agreement

A Nigerian law-governed agreement establishing terms and conditions for commercial construction projects, including scope, payments, and compliance requirements.

find out more

Residential Construction Contract

A Nigerian law-governed agreement setting out terms and conditions for residential construction projects, including work specifications, payments, and obligations of property owners and contractors.

find out more

Construction Payment Contract

A Nigerian law-governed contract establishing payment terms and conditions for construction projects, including payment schedules, milestones, and certification processes.

find out more

New Construction Home Contract

A Nigerian law-governed contract for new residential construction projects, establishing terms between builders and property owners.

find out more

Contract For Building A House

A Nigerian law-governed contract establishing terms and conditions for residential house construction between property owner and building contractor.

find out more

Construction Equipment Lease Agreement

Nigerian law-governed agreement for construction equipment leasing, establishing terms between lessor and lessee including equipment specifications, payments, and operational conditions.

find out more

Construction Service Agreement

A Nigerian law-governed agreement establishing terms and conditions between property owner and contractor for construction services, including scope, payments, and regulatory compliance.

find out more

Construction Project Agreement

A Nigerian law-governed agreement establishing terms and conditions for construction project execution, including scope, payments, timelines, and regulatory compliance.

find out more

Construction Equipment Rental Agreement

A Nigerian law-governed agreement for construction equipment rental, detailing terms, conditions, and compliance requirements between lessor and lessee.

find out more

New Construction Agreement

A Nigerian law-governed agreement establishing terms and conditions for new construction projects between contractors and project owners.

find out more

Buyer Builder Agreement

A Nigerian law-governed agreement between a property owner and builder defining terms, specifications, and obligations for construction projects.

find out more

Construction Subcontract

Nigerian law-governed agreement between main contractor and subcontractor defining construction works delegation, terms, and obligations.

find out more

Construction Management Agreement

A Nigerian law-governed agreement between a project owner and construction manager outlining services, responsibilities, and terms for professional construction project management.

find out more

General Contractor Agreement With Owner

Nigerian-law governed agreement between property owner and general contractor establishing terms and conditions for construction project execution.

find out more

Pre Construction Agreement

Nigerian-law governed agreement for pre-construction services, outlining scope, responsibilities, and deliverables for the planning phase of construction projects.

find out more

Construction Management Contract

Nigerian-law governed Construction Management Contract establishing terms between Client and Construction Manager for project delivery and management.

find out more

Cost Plus Construction Agreement

A Nigerian law-governed agreement for construction projects based on cost reimbursement plus contractor's fee, with comprehensive cost control and project management provisions.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.

Read our Privacy Policy.