All Countries
Real Estate
Installment Purchase Contract

Installment Purchase Contract Template for Nigeria

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Installment Purchase Contract

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Installment Purchase Contract

"I need an Installment Purchase Contract for the sale of industrial machinery worth NGN 25 million to a manufacturing company, with monthly payments spread over 24 months starting March 2025, including provisions for maintenance requirements and equipment training."

Celebrated by
Collaborations with
Investors
Document background
The Installment Purchase Contract is a vital commercial document used in Nigeria when goods are sold with payment spread over time through regular installments. This arrangement is particularly common in high-value purchases where immediate full payment is impractical. The document is structured to comply with Nigerian law, particularly the Hire Purchase Act of 1968 and related commercial legislation. It includes essential provisions for payment schedules, title retention until full payment, delivery terms, warranties, and default remedies. The contract is designed to protect both seller and purchaser interests while ensuring legal enforceability. It's commonly used in both business-to-business and business-to-consumer contexts, particularly for vehicle sales, industrial equipment, and consumer durables.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser

2. Background: Context of the transaction and purpose of the agreement

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

4. Sale and Purchase: Description of goods being sold and basic terms of sale

5. Purchase Price: Total purchase price and breakdown of costs

6. Payment Terms: Installment schedule, payment amounts, and payment methods

7. Delivery and Acceptance: Terms for delivery of goods and acceptance procedures

8. Title and Risk: Provisions regarding transfer of title and risk in the goods

9. Seller's Warranties: Warranties regarding the goods' condition, quality, and fitness for purpose

10. Default and Remedies: Consequences of default and available remedies

11. Insurance: Requirements for insurance of goods during the installment period

12. Termination: Circumstances and procedures for agreement termination

13. Notices: Process for giving formal notices under the agreement

14. Governing Law: Specification of Nigerian law as governing law

15. Dispute Resolution: Procedures for resolving disputes between parties

Optional Sections

1. Security Interest: Additional security arrangements if required for high-value transactions

2. Maintenance and Repairs: Include for goods requiring regular maintenance or specific handling

3. Assignment: Rights and restrictions regarding assignment of the contract

4. Force Majeure: Protection against unforeseen events, particularly relevant for long-term contracts

5. Early Payment Options: Terms for early payment or early contract completion

6. Third Party Rights: Relevant if third parties have rights under the contract

7. Guarantees: Include when additional guarantee is required from a third party

8. Return/Exchange Policy: Include for retail consumer contracts or specific goods

Suggested Schedules

1. Schedule 1 - Description of Goods: Detailed specification of goods including model numbers, serial numbers, and features

2. Schedule 2 - Payment Schedule: Detailed breakdown of installment payments including dates and amounts

3. Schedule 3 - Delivery Details: Specific delivery instructions, locations, and timelines

4. Schedule 4 - Warranty Terms: Detailed warranty terms and conditions

5. Schedule 5 - Insurance Requirements: Specific insurance requirements and minimum coverage

6. Appendix A - Acceptance Certificate: Form for formal acceptance of goods by purchaser

7. Appendix B - Maintenance Requirements: Detailed maintenance specifications if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Acceptance Certificate
Business Day
Commencement Date
Completion Date
Default Event
Default Interest Rate
Delivery Location
Deposit
Due Date
Effective Date
Force Majeure Event
Goods
Installment Payment
Installment Period
Insurance Requirements
Interest Rate
Law
Maintenance Requirements
Material Adverse Change
Outstanding Balance
Payment Schedule
Purchase Price
Purchaser
Related Documents
Security Interest
Seller
Specifications
Term
Title
Total Amount Payable
Transfer Date
Warranties
Working Hours
Relevant Industries

Retail

Automotive

Manufacturing

Electronics

Industrial Equipment

Consumer Goods

Machinery

Construction

Agriculture

Home Appliances

Relevant Teams

Legal

Sales

Finance

Commercial

Procurement

Operations

Risk & Compliance

Credit Control

Business Development

Relevant Roles

Commercial Director

Sales Manager

Legal Counsel

Contract Manager

Finance Manager

Credit Controller

Business Development Manager

Procurement Manager

Retail Manager

Operations Manager

Risk Manager

Compliance Officer

Industries
Hire Purchase Act of 1968: Primary legislation governing hire purchase agreements and installment sales in Nigeria, setting out requirements for form and content of agreements, rights and obligations of parties
Sales of Goods Act: Regulates the sale of goods including conditions and warranties implied in contracts for sale of goods, which applies to installment purchase arrangements
Contract Law of Nigeria: General principles of contract law including offer, acceptance, consideration, and capacity to contract, which form the foundation of any installment purchase agreement
Consumer Protection Council Act: Provides for consumer protection, including provisions against unfair terms and practices in consumer contracts
Money Lenders Act: Regulates money lending transactions and interest rates, which may be relevant for installment purchase arrangements involving finance charges
Evidence Act: Governs the admissibility of evidence in Nigerian courts, important for enforcement and dispute resolution provisions
Central Bank of Nigeria Act: Relevant for regulations concerning payment terms, interest rates, and financial aspects of installment purchases
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

Find the exact document you need

Agreement To Sell And Contract Of Sale

A Nigerian law-governed document combining an agreement to sell and contract of sale, establishing terms for both future commitment and immediate transfer of property or goods.

find out more

Mobile Home Sales Agreement

A Nigerian law-governed agreement for the sale and purchase of mobile homes, detailing terms, conditions, and ownership transfer requirements.

find out more

Realty Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of real property, outlining terms, conditions, and regulatory requirements for property transfer.

find out more

Boat Sale Agreement Form

A legally binding agreement under Nigerian law for the sale and transfer of ownership of a boat or vessel, ensuring compliance with maritime regulations and protecting both buyer and seller interests.

find out more

Condominium Sale And Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of condominium units, detailing property transfer terms, rights, and obligations.

find out more

Sell Agreement

A Nigerian law-governed agreement that documents the terms and conditions for the sale and purchase of goods between parties, ensuring legal compliance and protecting both parties' interests.

find out more

Vessel Purchase And Sale Agreement

A Nigerian law-governed agreement for the sale and purchase of vessels, compliant with NIMASA regulations and maritime standards.

find out more

Restaurant Purchase Contract

A Nigerian law-governed agreement for the sale and purchase of a restaurant business, including assets, licenses, and operational rights.

find out more

Sales Agreement For A Car

A Nigerian law-governed agreement documenting the sale and purchase of a motor vehicle, including terms, conditions, and ownership transfer requirements.

find out more

Confidentiality Agreement For Sale Of Business

Nigerian law-governed confidentiality agreement for protecting sensitive information during business sale processes.

find out more

Real Property Sales Agreement

A Nigerian law-governed agreement for the sale and transfer of real property, detailing terms of sale and ensuring compliance with the Land Use Act.

find out more

Contract For The Sale Of Used Car

A legally compliant contract template for used car sales in Nigeria, covering ownership transfer, warranties, and payment terms under Nigerian law.

find out more

Unit Sale Agreement

A Nigerian law-governed agreement for the sale and purchase of individual property units, detailing terms, conditions, and obligations of all parties involved.

find out more

Purchase Agreement For Camper

A Nigerian law-governed agreement for the sale and purchase of a camper vehicle, including terms, conditions, and regulatory compliance requirements.

find out more

Purchase Agreement Mobile Home Bill Of Sale

A Nigerian law-compliant document that formalizes the sale and transfer of ownership of a mobile home, including specifications, price, and terms.

find out more

Mortgage Sales Agreement

A Nigerian law-governed agreement combining property sale and mortgage financing arrangements, establishing terms for property purchase and associated mortgage security.

find out more

Receivables Sale Agreement

A Nigerian law-governed agreement for the sale and transfer of accounts receivable, detailing terms, conditions, and regulatory compliance requirements.

find out more

Real Estate Buy And Sell Agreement

A Nigerian law-governed agreement for the sale and purchase of real estate property, outlining terms, conditions, and requirements for property transfer.

find out more

Contract To Sell Form

A Nigerian law-compliant agreement establishing terms and conditions for the sale of goods, property, or assets between parties.

find out more

Purchase Agreement Personal Property

A Nigerian law-governed agreement for the sale and purchase of personal property, ensuring legal compliance and protection for both buyer and seller.

find out more

Domain Sale Agreement

A Nigerian law-governed agreement for the sale and transfer of domain name ownership, specifying terms, conditions, and transfer procedures.

find out more

Bulk Sales Agreement

A Nigerian law-governed agreement for bulk sales transactions, setting out terms for large-quantity commercial purchases including pricing, delivery, and quality requirements.

find out more

Motorcycle Selling Agreement

A Nigerian law-governed agreement for the sale and purchase of motorcycles, covering specifications, price, ownership transfer, and regulatory compliance.

find out more

Oil And Gas Purchase And Sale Agreement

Nigerian law-governed agreement for oil and gas purchase and sale transactions, compliant with the Petroleum Industry Act 2021.

find out more

International Purchase Contract

Nigerian law-governed International Purchase Contract template for cross-border commercial transactions, incorporating local legal requirements and international trade practices.

find out more

Form For Real Estate Purchase Agreement

A standardized agreement under Nigerian law for the purchase and sale of real estate property, ensuring legal compliance and protecting both parties' interests.

find out more

Owner Financed Sales Contract

A Nigerian law-governed contract combining property sale and seller financing arrangements, establishing terms for property transfer and payment schedules.

find out more

Installment Purchase Contract

Nigerian law-compliant Installment Purchase Contract template for structured payment purchases with title retention and security provisions.

find out more

Contract Of Purchase And Sale Addendum

A Nigerian law-compliant document that modifies an existing Purchase and Sale Agreement, detailing specific changes while maintaining the original contract's validity.

find out more

Purchase Agreement For Machinery

Nigerian law-governed agreement for machinery purchase, covering commercial terms, technical specifications, and regulatory compliance.

find out more

Asset Sale Contract

A Nigerian law-governed contract facilitating the transfer of asset ownership from seller to buyer, detailing sale terms, conditions, and regulatory compliance requirements.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.