The Del Credere Agent Agreement is essential for businesses operating in Nigeria that wish to expand their market reach while minimizing credit risk. This document is particularly valuable when a principal company wants to delegate both sales responsibilities and credit risk management to a trusted agent. The agreement, governed by Nigerian law, establishes a specialized agency relationship where the agent, known as a del credere agent, not only facilitates sales but also guarantees the creditworthiness of customers they bring to the principal. This arrangement is commonly used in international trade, distribution, and wholesale sectors where the principal may have limited knowledge of local customers' creditworthiness. The agreement includes comprehensive provisions for commission structures, guarantee obligations, credit assessment procedures, and reporting requirements, ensuring compliance with Nigerian commercial and banking regulations.
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1. Parties: Identification of the Principal and the Del Credere Agent
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement
4. Appointment and Scope: Formal appointment of the agent and definition of territory/products covered
5. Del Credere Guarantee: Terms of the agent's guarantee of customer payments and credit risks
6. Authority and Limitations: Scope of agent's authority to act on principal's behalf
7. Commission Structure: Details of commission rates, calculation methods, and payment terms
8. Payment Terms and Credit Risk: Management of customer payments and credit risk procedures
9. Duties and Obligations: Specific responsibilities of both the agent and principal
10. Reporting Requirements: Required reports, frequency, and content of agent's reporting to principal
11. Confidentiality: Protection of confidential information and trade secrets
12. Duration and Termination: Term of agreement and termination provisions
13. Post-Termination Obligations: Obligations and rights of parties after agreement ends
14. Governing Law and Jurisdiction: Application of Nigerian law and jurisdiction
1. Non-Compete Clause: Restrictions on agent's ability to compete, used when agent has access to sensitive market information
2. Insurance Requirements: Specific insurance obligations, included when dealing with high-value transactions
3. Intellectual Property Rights: IP protection clauses, needed when agent will handle branded products or proprietary information
4. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in international trade
5. Training and Support: Details of principal's support obligations, included for complex products or services
6. Minimum Performance Requirements: Sales targets or other performance metrics, used in more structured commercial relationships
7. Bank Guarantee: Additional financial security requirements, used for high-value transactions
8. Dispute Resolution: Alternative dispute resolution procedures, recommended for international agreements
1. Schedule 1 - Products and Services: Detailed list of products/services covered by the agreement
2. Schedule 2 - Territory: Detailed description of geographical territory or market segment
3. Schedule 3 - Commission Rates: Detailed commission structure and calculation methods
4. Schedule 4 - Reporting Format: Templates and requirements for regular reporting
5. Schedule 5 - Credit Approval Process: Procedures for credit assessment and approval
6. Appendix A - Operating Procedures: Detailed operational guidelines and procedures
7. Appendix B - Customer Credit Application Form: Standard form for customer credit applications
8. Appendix C - Performance Metrics: Detailed performance indicators and evaluation criteria
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