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Agreement For Supply Of Goods On Credit for Nigeria

Agreement For Supply Of Goods On Credit Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes the terms and conditions for the supply of goods on credit between a supplier and buyer. The document outlines credit limits, payment terms, ordering procedures, delivery requirements, and risk allocation while ensuring compliance with Nigerian commercial law, including the Sale of Goods Act and relevant financial regulations. It includes provisions for security, default remedies, and dispute resolution, tailored to the Nigerian business environment and legal framework.

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What is a Agreement For Supply Of Goods On Credit?

The Agreement For Supply Of Goods On Credit is essential for businesses operating in Nigeria that wish to establish a formal credit-based supply relationship. This document becomes necessary when a supplier agrees to provide goods to a buyer with deferred payment terms, rather than requiring immediate payment upon delivery. It's particularly relevant in the Nigerian market where trade credit is a common business practice. The agreement addresses key aspects including credit limits, payment timeframes, ordering processes, delivery terms, and risk allocation, while ensuring compliance with Nigerian commercial law, including the Sale of Goods Act, Contract Law, and relevant Central Bank regulations. The document provides security for both parties by clearly defining their rights and obligations, credit terms, and consequences of default, while incorporating necessary protections specific to the Nigerian business environment.

What sections should be included in a Agreement For Supply Of Goods On Credit?

1. Parties: Identification and details of the supplier and buyer, including registration numbers and addresses

2. Background: Context of the agreement and relationship between the parties

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

4. Supply Obligations: Details of the goods to be supplied, including quality standards and specifications

5. Ordering Process: Procedures for placing and accepting orders

6. Delivery Terms: Delivery timeframes, locations, and responsibilities

7. Credit Terms: Credit limit, payment terms, and credit period details

8. Price and Payment: Pricing structure, invoicing, and payment mechanisms

9. Title and Risk: Transfer of ownership and risk in the goods

10. Quality Assurance: Quality standards, inspection rights, and rejection procedures

11. Warranties: Warranties regarding the goods and service delivery

12. Default and Remedies: Consequences of payment default and available remedies

13. Term and Termination: Duration of agreement and termination provisions

14. Confidentiality: Protection of confidential information

15. General Provisions: Standard boilerplate clauses including notices, governing law, etc.

What sections are optional to include in a Agreement For Supply Of Goods On Credit?

1. Security Arrangements: Include when additional security for credit is required, such as personal guarantees or charges

2. Insurance: Include when specific insurance requirements are needed for high-value goods

3. Force Majeure: Include for long-term supply arrangements or when dealing with imported goods

4. Interest on Late Payment: Include when charging interest on overdue amounts

5. Dispute Resolution: Include when specific dispute resolution mechanisms are preferred

6. Intellectual Property: Include when supplied goods involve trademarks or patents

7. Export/Import Compliance: Include when goods are imported or exported

8. Anti-Corruption: Include for high-value contracts or government-related supplies

What schedules should be included in a Agreement For Supply Of Goods On Credit?

1. Schedule 1 - Goods Specification: Detailed specifications of goods to be supplied

2. Schedule 2 - Pricing Schedule: Detailed pricing structure and any volume discounts

3. Schedule 3 - Credit Limit and Payment Terms: Specific credit limits, payment deadlines, and credit assessment criteria

4. Schedule 4 - Delivery Locations: List of approved delivery locations and specific delivery requirements

5. Schedule 5 - Key Contacts: Contact details for key personnel on both sides

6. Appendix A - Order Form Template: Standard form for placing orders

7. Appendix B - Quality Standards: Detailed quality specifications and standards

8. Appendix C - Return Procedures: Procedures for handling returns and rejections

Authors

Alex Denne

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

Jurisdiction

Nigeria

Document Type

Service Agreement

Cost

Free to use
Relevant legal definitions


































Clauses






































Relevant Industries

Manufacturing

Retail

Wholesale Trade

Construction

Agriculture

Fast-Moving Consumer Goods (FMCG)

Automotive

Industrial Supply

Electronics

Pharmaceuticals

Food and Beverage

Textiles

Building Materials

Chemical Industry

Mining

Relevant Teams

Legal

Finance

Procurement

Sales

Credit Control

Supply Chain

Operations

Risk Management

Commercial

Treasury

Accounts Receivable

Contract Administration

Relevant Roles

Procurement Manager

Commercial Director

Credit Controller

Supply Chain Manager

Finance Director

Legal Counsel

Chief Financial Officer

Sales Director

Contract Manager

Business Development Manager

Operations Manager

Credit Risk Manager

Account Manager

Purchasing Officer

Treasury 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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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