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A Contract of Repayment is essential in Nigerian business and financial transactions where an existing debt needs to be formally documented and structured for repayment. This document type is commonly used when parties want to convert an informal lending arrangement into a formal agreement, restructure an existing debt, or document repayment terms following a settlement. The contract must comply with Nigerian contract law, the Money Lenders Act, and relevant financial regulations. It typically includes detailed repayment schedules, interest calculations, and default provisions. The document is particularly important in Nigeria's business environment where formal documentation of financial obligations is crucial for legal enforcement and dispute resolution.

1. Parties: Identification of the creditor and debtor with full legal names and addresses

2. Background: Recitals explaining the original debt, its nature, and the parties' intention to formalize the repayment arrangement

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

4. Acknowledgment of Debt: Formal acknowledgment of the debt amount and its validity

5. Repayment Terms: Detailed terms including total amount, installment amounts, payment dates, and payment method

6. Interest: Interest rate applicable, calculation method, and payment schedule

7. Default Provisions: Consequences of missing payments and definition of events of default

8. Remedies: Rights and remedies available to the creditor in case of default

9. Representations and Warranties: Basic declarations by the debtor regarding their ability to repay and the validity of the debt

10. Notices: How and where formal communications between parties should be made

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

12. Execution: Signature blocks and execution requirements