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Commitment Letter For Payment

Commitment Letter For Payment Template for Nigeria

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Commitment Letter For Payment

"I need a Commitment Letter for Payment for my construction company to pay NGN 5,000,000 to our supplier in monthly installments of NGN 500,000 starting March 2025, with a guarantor clause and default interest rate of 10% per annum."

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Document background
The Commitment Letter For Payment is a crucial document in Nigerian business and financial transactions, used when there's a need to formally document a payment obligation between parties. It serves multiple purposes: acknowledging an existing debt, establishing a clear payment schedule, and providing legally enforceable evidence of the payment commitment. This document is particularly important in Nigeria's business environment where formal documentation of financial obligations is essential for legal enforcement. The letter should comply with Nigerian contract law requirements and may need to be properly stamped under the Stamp Duties Act to be admissible as evidence in legal proceedings. It's commonly used in situations involving debt restructuring, business transactions, loan repayments, or settlement of commercial disputes, providing both parties with clear documentation of their rights and obligations regarding the payment commitment.
Suggested Sections

1. Letter Header: Date, recipient's name and address, and reference number if applicable

2. Subject Line: Clear indication that this is a Commitment Letter for Payment

3. Opening Salutation: Formal greeting to the recipient

4. Debt Acknowledgment: Clear statement acknowledging the existing debt or payment obligation, including the total amount

5. Payment Commitment: Specific commitment to pay, including payment amount, currency, and timing

6. Payment Terms: Detailed payment schedule, method of payment, and bank account details

7. Default Consequences: Statement of consequences for failing to meet the payment commitment

8. Declaration of Authority: Confirmation that the signatory has authority to make this commitment

9. Closing: Formal closing, signature block, and company stamp if applicable

Optional Sections

1. Security Details: Include when the payment commitment is secured by specific assets or collateral

2. Guarantor Information: Include when a third party is guaranteeing the payment obligation

3. Force Majeure: Include when specific circumstances might affect payment ability

4. Dispute Resolution: Include when specific dispute resolution mechanisms need to be established

5. Interest Terms: Include when interest will be charged on late payments

6. Previous Agreements Reference: Include when this commitment letter relates to or supersedes previous payment agreements

Suggested Schedules

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

2. Referenced Documents: List of relevant documents that form the basis of the payment obligation

3. Security Details Schedule: Detailed description of any assets or collateral securing the payment

4. Previous Correspondence: Chronological list of relevant previous correspondence regarding the payment obligation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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 and Financial Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Technology

Telecommunications

Energy

Agriculture

Import/Export

General Commerce

Relevant Teams

Finance

Legal

Accounts Receivable

Treasury

Credit Control

Risk Management

Operations

Commercial

Compliance

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Collections Manager

Financial Controller

Treasury Manager

Business Owner

Managing Director

Legal Counsel

Company Secretary

Debt Recovery Officer

Risk Manager

Commercial Manager

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

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