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Buy Sell Agreement Form for Nigeria

Buy Sell Agreement Form Template for Nigeria

A Buy-Sell Agreement Form under Nigerian law is a legally binding document that outlines the terms and conditions for the sale and purchase of assets, shares, or property between parties. This comprehensive agreement, governed by Nigerian commercial law, includes essential provisions regarding purchase price, payment terms, warranties, representations, and completion requirements. The document ensures compliance with Nigerian legislative requirements, including the Contract Law Act and Sale of Goods Act, while providing clear mechanisms for transfer of ownership and risk allocation between parties.

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Buy Sell Agreement Form

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What is a Buy Sell Agreement Form?

The Buy-Sell Agreement Form is a crucial legal document used in Nigerian commercial transactions to formalize the sale and purchase of assets, shares, or property. This document is essential when parties need to establish clear terms for ownership transfer, ensuring compliance with Nigerian legal requirements and protecting both buyers' and sellers' interests. The agreement typically includes detailed provisions on purchase price, payment mechanisms, warranties, representations, and completion obligations. It's particularly important in business transactions where significant assets are being transferred and where parties need comprehensive documentation of their rights and obligations. The document must comply with Nigerian contract law principles and may require stamp duty payment to be legally enforceable.

What sections should be included in a Buy Sell Agreement Form?

1. Parties: Identifies and provides full details of all parties to the agreement, including registration numbers for companies

2. Background: Sets out the context and purpose of the agreement, including brief description of the transaction

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Sale and Purchase: Core terms of the transaction including the asset/property being sold and purchased

5. Purchase Price: Specifies the agreed price and payment terms, including any deposits or installments

6. Completion: Details of when and how the transaction will be completed, including closing requirements

7. Seller's Warranties: Warranties and representations made by the seller regarding the asset/property

8. Buyer's Warranties: Warranties and representations made by the buyer, including capacity to purchase

9. Pre-Completion Obligations: Actions required from either party before completion

10. Post-Completion Obligations: Actions required from either party after completion

11. Confidentiality: Obligations regarding confidential information

12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes

13. Execution: Signature blocks and execution formalities

What sections are optional to include in a Buy Sell Agreement Form?

1. Third Party Rights: Include when there are specific third party interests or rights that need to be addressed

2. Tax Provisions: Include detailed tax provisions when the transaction has significant tax implications

3. Environmental Matters: Include for sales involving land or industrial property

4. Employee Matters: Include when the sale involves transfer of employees or employment obligations

5. Intellectual Property: Include when the sale involves transfer of IP rights

6. Competition/Anti-trust: Include when the transaction size requires competition law considerations

7. Force Majeure: Include when specific events beyond parties' control need to be addressed

8. Break Fee: Include when parties agree on compensation for transaction failure

What schedules should be included in a Buy Sell Agreement Form?

1. Asset Schedule: Detailed description of assets being sold

2. Purchase Price Calculation: Detailed breakdown of how the purchase price was calculated

3. Completion Requirements: Checklist of documents and actions required for completion

4. Form of Transfer Documents: Templates of transfer documents to be used

5. Disclosed Matters: List of matters disclosed against the warranties

6. Property Details: Detailed description of any real property included in the sale

7. Encumbrances: List of any existing encumbrances on the assets

8. Required Consents: List of third-party consents required for the transaction

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

Purchase Agreement

Cost

Free to use
Relevant legal definitions
































Clauses






























Relevant Industries

Real Estate

Manufacturing

Retail

Agriculture

Technology

Energy

Mining

Financial Services

Transportation

Healthcare

Construction

Telecommunications

Professional Services

Hospitality

Education

Relevant Teams

Legal

Finance

Commercial

Compliance

Operations

Corporate Secretariat

Risk Management

Business Development

Investment

Property Management

Asset Management

Relevant Roles

Legal Counsel

Commercial Director

Chief Executive Officer

Chief Financial Officer

Business Development Manager

Corporate Secretary

Risk Manager

Compliance Officer

Operations Director

Contract Manager

Property Manager

Asset Manager

Investment Manager

Managing Director

Finance Director

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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