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Partial Payment Agreement Form

Partial Payment Agreement Form Template for Nigeria

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Key Requirements PROMPT example:

Partial Payment Agreement Form

"I need a Partial Payment Agreement Form 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 an acceleration clause if they miss two consecutive payments."

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Document background
The Partial Payment Agreement Form is a critical document used in Nigerian business and financial transactions when a debtor cannot immediately settle their full outstanding debt. This document provides a structured framework for debt resolution, commonly used in situations ranging from commercial lending to business-to-business transactions. It sets out detailed terms for installment payments, including specific dates, amounts, and methods of payment, while ensuring compliance with Nigerian contract law and financial regulations. The agreement protects both creditor and debtor interests by clearly documenting the revised payment terms, any concessions made, and the consequences of default. It's particularly relevant in the current economic climate where businesses and individuals may need flexible payment arrangements to manage their financial obligations.
Suggested Sections

1. Parties: Identification and details of the creditor and debtor, including full legal names, addresses, and registration numbers if applicable

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

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Original Debt Amount: Statement of the total original debt amount and reference to how it was incurred

5. Agreed Settlement Amount: The new agreed amount to be paid under this arrangement, including any concessions or discounts

6. Payment Terms: Detailed payment schedule including installment amounts, payment dates, and payment methods

7. Default Provisions: Consequences of missing payments and circumstances under which the full original debt becomes due

8. Representations and Warranties: Statements by both parties confirming their authority and capacity to enter into the agreement

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

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Details of any collateral or security provided to guarantee the payments - include when there is specific asset securitization

2. Interest Charges: Terms regarding any interest applicable to the outstanding balance - include when interest will continue to accrue

3. Early Payment Provisions: Terms for early settlement and any applicable discounts - include when early payment options are offered

4. Third-Party Guarantor: Details and obligations of any guarantor - include when a guarantor is part of the arrangement

5. Dispute Resolution: Specific procedures for resolving disputes - include when parties prefer alternative dispute resolution to court proceedings

6. Confidentiality: Terms regarding the confidentiality of the agreement - include when dealing with sensitive commercial arrangements

7. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - include when longer payment terms are involved

Suggested Schedules

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

2. Original Debt Documentation: Copies or references to documents evidencing the original debt

3. Collateral Documentation: Details of any assets provided as security, including valuations if applicable

4. Communication Protocol: Specified methods and contacts for payment notifications and default notices

5. Bank Account Details: Designated account information for making payments

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

Real Estate

Retail

Manufacturing

Construction

Professional Services

Healthcare

Education

Telecommunications

Energy

Small and Medium Enterprises

Consumer Goods

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Treasury

Debt Recovery

Risk Management

Commercial Operations

Contract Administration

Relevant Roles

Credit Controller

Financial Manager

Accounts Receivable Manager

Collections Officer

Legal Counsel

Finance Director

Credit Risk Manager

Treasury Manager

Debt Recovery Officer

Commercial Manager

Contract Administrator

Chief Financial Officer

Business Development Manager

Account 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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