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Partial Payment Agreement

Partial Payment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Partial Payment Agreement

"I need a Partial Payment Agreement under Nigerian law for a manufacturing company that owes my business NGN 5,000,000, to be paid in monthly installments over 18 months starting March 2025, with a 5% interest rate and collateral security."

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Document background
The Partial Payment Agreement is a crucial legal instrument used in Nigerian business and financial transactions when a debtor requires flexibility in settling an outstanding obligation. This document is particularly relevant when full immediate payment is not feasible, and parties agree to a structured payment plan. The agreement serves multiple purposes: it acknowledges the original debt, establishes a clear payment schedule, defines consequences of default, and provides legal protection for both creditor and debtor. Under Nigerian law, this agreement must comply with local contract law principles, financial regulations, and the Stamps Duty Act. It's commonly used in various scenarios, from business-to-business transactions to individual debt settlements, and can include provisions for security, guarantees, and acceleration clauses as needed.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and registration details if companies

2. Background: Context of the original debt, circumstances leading to the partial payment arrangement, and acknowledgment of the outstanding amount

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

4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount and its origin

5. Payment Terms: Detailed structure of the partial payment arrangement, including payment amounts, frequency, and method of payment

6. Payment Schedule: Specific dates or intervals when payments are due

7. Default Provisions: Consequences of missing payments or breaching the agreement terms

8. Interest and Penalties: Any applicable interest rates and late payment penalties

9. Representations and Warranties: Standard declarations by both parties about their capacity and authority to enter into the agreement

10. Governing Law: Specification that Nigerian law governs the agreement

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Provisions: Include when the partial payment is secured by collateral or guarantees

2. Acceleration Clause: Include when early payment of the full amount should be triggered by specific events

3. Insurance Requirements: Include when insurance is required to secure the payment obligation

4. Dispute Resolution: Include when specific dispute resolution mechanisms (mediation/arbitration) are preferred over court litigation

5. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events

6. Assignment: Include when transfer of rights under the agreement needs to be addressed

7. Confidentiality: Include when the payment terms or underlying debt details should remain confidential

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

2. Original Debt Documentation: Copies or details of the original debt agreements or invoices

3. Security Details: Details of any collateral or security provided for the debt

4. Bank Account Details: Payment account information and accepted payment methods

5. Guarantor Information: Details of any guarantors and their obligations, if applicable

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

Banking & Financial Services

Retail

Manufacturing

Construction

Real Estate

Professional Services

Healthcare

Education

Telecommunications

Energy

Agriculture

Transportation & Logistics

Technology

Small and Medium Enterprises

Relevant Teams

Finance

Legal

Accounts Receivable

Credit Control

Treasury

Risk Management

Operations

Commercial

Compliance

Debt Recovery

Relevant Roles

Chief Financial Officer

Finance Director

Credit Controller

Accounts Receivable Manager

Collections Manager

Financial Manager

Treasury Manager

Risk Manager

Legal Counsel

Contracts Manager

Business Development Manager

Chief Operating Officer

Account Manager

Debt Recovery Officer

Company Secretary

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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