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For Sale As Is Contract for Nigeria

For Sale As Is Contract Template for Nigeria

This document is a comprehensive "For Sale As Is" contract template designed for use under Nigerian law. It provides a framework for transactions where goods or property are sold in their current condition without warranties or guarantees. The contract incorporates key provisions of Nigerian commercial law, including the Sales of Goods Act and Contract Law Act, while explicitly documenting the "as is" nature of the sale. It includes detailed sections covering property description, condition acknowledgment, liability limitations, and transfer of ownership, all specifically tailored to comply with Nigerian legal requirements and business practices.

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For Sale As Is Contract

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What is a For Sale As Is Contract?

The For Sale As Is Contract is a specialized agreement used in Nigerian business transactions where the seller wishes to transfer ownership of property or goods in their current condition, without providing warranties or guarantees beyond those mandated by law. This document is particularly useful in situations involving used equipment, property sales, or transactions where the buyer has fully inspected and accepted the condition of the item being sold. The contract includes comprehensive provisions for describing the item's condition, known defects, and explicit acknowledgments from the buyer regarding the "as is" nature of the purchase. It's designed to comply with Nigerian commercial law while providing clear protection for both parties in the transaction. This template is commonly used in both business-to-business and business-to-consumer transactions across various industries in Nigeria.

What sections should be included in a For Sale As Is Contract?

1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and any relevant registration numbers for businesses

2. Background: Brief context of the sale and the parties' intention to enter into an 'as is' transaction

3. Definitions: Defines key terms used throughout the agreement, including 'as is' condition and other relevant terminology

4. Subject Matter of Sale: Detailed description of the property or goods being sold in their current condition

5. Purchase Price and Payment: Specifies the agreed purchase price and payment terms, including method and timing of payment

6. 'As Is' Condition and Disclaimer: Explicit statement that the item is being sold 'as is' with all faults and without warranties

7. Buyer's Acknowledgment: Buyer's confirmation of inspection and acceptance of the item's current condition

8. Transfer of Title and Risk: Specifies when and how ownership and risk transfer from seller to buyer

9. Completion and Delivery: Details of when and how the sale will be completed and item delivered/transferred

10. Governing Law: Specifies that Nigerian law governs the agreement

11. Entire Agreement: Confirms that this document represents the complete agreement between parties

12. Execution: Signature blocks and execution details

What sections are optional to include in a For Sale As Is Contract?

1. Known Defects Disclosure: Optional section listing any known defects or issues, used when seller wishes to explicitly document these

2. Inspection Period: Used when allowing buyer a specific period to inspect the item before finalizing the sale

3. Third Party Claims: Added when there's need to address potential third-party claims or interests

4. Tax Implications: Include when there are specific tax considerations that need to be addressed

5. Insurance: Used when temporary insurance arrangements are needed during transition of ownership

6. Dispute Resolution: Optional detailed dispute resolution procedures, including mediation or arbitration clauses

7. Force Majeure: Added when parties want to address potential extraordinary circumstances affecting completion

8. Severability: Include when parties want to ensure partial invalidity doesn't void entire agreement

What schedules should be included in a For Sale As Is Contract?

1. Schedule 1 - Property/Goods Description: Detailed technical specifications, photographs, or description of the item being sold

2. Schedule 2 - Known Defects List: Comprehensive list of known defects or issues with the item

3. Schedule 3 - Inspection Report: Any existing inspection reports or condition assessments

4. Schedule 4 - Title Documents: Copies of relevant title documents or proof of ownership

5. Appendix A - Photographs: Visual documentation of the item's current condition

6. Appendix B - Maintenance Records: Historical maintenance or repair records if available

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

Sale Agreement

Cost

Free to use
Relevant legal definitions




































Clauses



































Relevant Industries

Real Estate

Automotive

Manufacturing

Industrial Equipment

Construction

Agriculture

Retail

Technology

Maritime

Aviation

Mining

Oil and Gas

Relevant Teams

Legal

Procurement

Sales

Operations

Commercial

Risk Management

Compliance

Finance

Business Development

Asset Management

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Sales Manager

Business Development Manager

Operations Manager

Asset Manager

Property Manager

Commercial Director

Risk Manager

Compliance Officer

General Manager

Chief Financial Officer

Chief Legal Officer

Managing 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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