The Debt Payment Plan Agreement is a crucial document used in Nigerian business and financial transactions when parties need to formalize arrangements for the systematic repayment of outstanding debts. This agreement is particularly relevant in situations where a debtor requires a structured approach to clearing their obligations, or when a creditor wishes to ensure a clear, legally enforceable framework for receiving payments. The document must comply with Nigerian contract law, debt recovery regulations, and financial legislation, including the Recovery of Debts (Special Provisions) Act and the Money Lenders Act. It typically includes comprehensive details about payment schedules, interest calculations, default provisions, and any security arrangements, making it suitable for both commercial and individual debt situations.
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1. Parties: Identification of the creditor and debtor with full legal names and addresses
2. Background: Context of the debt, including its origin and current status
3. Definitions: Definitions of key terms used throughout the agreement
4. Debt Acknowledgment: Formal acknowledgment of the debt amount and its validity
5. Payment Terms: Detailed payment structure including amounts, frequency, and payment methods
6. Interest Rate: Specification of any applicable interest rates and calculation method
7. Duration of Agreement: Timeline of the payment plan and completion date
8. Default Provisions: Consequences and procedures in case of payment default
9. Representations and Warranties: Basic statements of fact and promises by both parties
10. Governing Law: Specification of Nigerian law as governing law
11. Execution: Signature blocks and execution requirements
1. Security: Details of any collateral or security provided for the debt - include when debt is secured
2. Guarantor Provisions: Terms relating to any guarantors of the debt - include when there are guarantors
3. Early Payment Provisions: Terms for early repayment or settlement - include when early payment is allowed
4. Insurance Requirements: Any required insurance on collateral - include for secured debts
5. Dispute Resolution: Specific procedures for resolving disputes - include for larger debts or complex arrangements
6. Force Majeure: Provisions for unforeseen circumstances - include for longer-term payment plans
7. Assignment: Rights to assign the debt or agreement - include when debt may be sold or transferred
1. Schedule A - Debt Details: Detailed breakdown of the original debt, including any accrued interest
2. Schedule B - Payment Schedule: Detailed calendar of payment dates and amounts
3. Schedule C - Payment Methods: Accepted payment methods and account details
4. Schedule D - Security Details: Description and documentation of any security or collateral
5. Schedule E - Previous Payment History: Record of any payments made prior to this agreement
6. Appendix 1 - Required Notices: Forms and formats for required notices under the agreement
7. Appendix 2 - Default Notice Template: Standard form for notification of default
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