Pay Off Agreement Template for Nigeria

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Key Requirements PROMPT example:

Pay Off Agreement

"I need a Pay Off Agreement for a manufacturing company that owes NGN 25 million to a Nigerian bank, to be paid in monthly installments starting January 2025, with the debt secured against company equipment."

Document background

The Pay Off Agreement is a crucial document used in Nigerian business and financial transactions when parties need to formalize debt settlement arrangements. It is particularly relevant when an existing debt needs to be restructured or when parties agree to settle a debt through scheduled payments. The document addresses key aspects required under Nigerian law, including debt acknowledgment, payment terms, interest calculations, and enforcement mechanisms. It's commonly used by financial institutions, businesses, and individuals, and must comply with Nigerian financial regulations, including the Central Bank of Nigeria's guidelines and the Recovery of Debts Act. The agreement provides legal protection for both creditor and debtor while establishing clear terms for debt settlement.

Suggested Sections

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

2. Background: Details of the original debt, including date incurred, original amount, and current outstanding balance

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

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

5. Payment Terms: Detailed payment schedule, including amount, frequency, and method of payments

6. Interest and Fees: Specification of any interest rates or additional fees applicable to the payment plan

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

8. Representations and Warranties: Statements of fact and promises made by both parties

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

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Arrangements: Include when the debt is secured by specific assets or collateral

2. Guarantor Provisions: Required when a third party is guaranteeing the debt payments

3. Insurance Requirements: Include when insurance must be maintained on collateral or the debtor's life

4. Early Payment Provisions: Terms for early repayment or settlement discounts, if applicable

5. Dispute Resolution: Alternative dispute resolution procedures, if agreed upon

6. Assignment and Transfer: Include if either party may need to transfer their rights or obligations

7. Force Majeure: Include when protection against unforeseen circumstances is required

Suggested Schedules

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

2. Original Debt Documentation: Copies of original loan agreements or debt instruments

3. Collateral Schedule: Description and valuation of any security or collateral (if applicable)

4. Bank Account Details: Payment account information for both parties

5. Contact Information: Detailed contact information for notices and communications

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Finance

Real Estate

Manufacturing

Retail

Construction

Technology

Agriculture

Oil & Gas

Telecommunications

Healthcare

Education

Small & Medium Enterprises

Professional Services

Relevant Teams

Legal

Finance

Credit Control

Collections

Accounts Receivable

Risk Management

Treasury

Compliance

Commercial

Business Development

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Collections Manager

Accounts Receivable Manager

Legal Counsel

Debt Recovery Officer

Risk Manager

Financial Analyst

Treasury Manager

Compliance Officer

Contract Administrator

Business Development Manager

Account Manager

Find the exact document you need

Affidavit Of Payment Agreement

A sworn payment agreement document under Nigerian law that formally establishes debt acknowledgment and payment terms, executed before a Commissioner for Oaths.

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Let's create your Pay Off Agreement

Authors

Alex Denne

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