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The General Terms Agreement is a fundamental commercial document used to establish and govern ongoing business relationships between parties operating under Nigerian law. It is particularly suitable for situations where parties anticipate multiple transactions or a continuing business relationship, providing a standardized framework that reduces the need for repeated negotiation of basic terms. The document typically includes comprehensive provisions covering ordering processes, payment terms, delivery conditions, warranties, liability allocation, and dispute resolution mechanisms. It is designed to comply with Nigerian commercial law requirements while incorporating international best practices. This type of agreement is especially valuable for businesses seeking to streamline their commercial operations while maintaining legal certainty and risk management.

1. Parties: Identification and details of the contracting parties, including registration numbers and addresses

2. Background: Context of the agreement and brief description of the parties' intention to enter into a business relationship

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpreting the agreement

4. Scope of Agreement: Overview of the business relationship and general nature of transactions to be conducted

5. Term and Termination: Duration of the agreement, renewal provisions, and circumstances for termination

6. Ordering Process: Procedures for placing and accepting orders under the agreement

7. Prices and Payment: General pricing principles, payment terms, and invoicing requirements

8. Delivery and Performance: General obligations regarding delivery of goods or performance of services

9. Quality Standards: Minimum quality requirements and standards to be maintained

10. Warranties and Representations: Standard warranties given by each party regarding their capacity and authority

11. Liability and Indemnification: Allocation of risks and responsibilities between the parties

12. Confidentiality: Protection of confidential information exchanged between the parties

13. Intellectual Property: Ownership and usage rights of intellectual property

14. Force Majeure: Provisions for handling events beyond parties' reasonable control

15. Dispute Resolution: Procedures for resolving disputes, including jurisdiction and governing law

16. General Provisions: Standard boilerplate clauses including notices, assignment, and entire agreement