Document background
The Business Bill of Sale is a crucial legal document used in Nigeria when transferring ownership of a business from one party to another. It serves as the primary instrument for documenting the sale of a business, whether it's a small enterprise or a larger corporation, and must comply with Nigerian commercial law requirements. This document becomes necessary whenever a business owner wishes to sell their entire business or a substantial part thereof, and needs to legally document the transfer of ownership, assets, and associated rights and obligations. The Business Bill of Sale typically includes detailed information about the assets being transferred, purchase price, payment terms, warranties, and various representations made by both parties. It must adhere to Nigerian legal requirements, including those set forth in the Sale of Goods Act and the Companies and Allied Matters Act (CAMA), and may need to be registered with relevant authorities depending on the nature and scale of the business being transferred.
