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This document serves as a formal agreement under Nigerian law between retailers and customers who wish to purchase items through structured installment payments. A Layaway Agreement is particularly useful for businesses selling higher-value items where customers prefer spreading payments over time without incurring debt or interest charges. The document outlines payment schedules, merchandise details, storage arrangements, and conditions for final delivery, while ensuring compliance with Nigerian consumer protection regulations, the Sale of Goods Act, and relevant financial laws. It's commonly used in retail sectors such as electronics, furniture, and jewelry, providing a secure transaction method that protects both the seller's and buyer's interests throughout the payment period.

1. Parties: Identification of the seller/retailer and the customer, including full legal names, addresses, and contact information

2. Background: Brief context explaining the nature of layaway purchase and the general intention of the parties

3. Definitions: Key terms used in the agreement including 'Merchandise', 'Layaway Period', 'Deposit', 'Payment Schedule', 'Final Payment'

4. Description of Merchandise: Detailed description of the item(s) being purchased including model numbers, specifications, and condition

5. Payment Terms: Details of the total purchase price, deposit amount, and subsequent payment installments

6. Payment Schedule: Specific dates or intervals for payments and the amount of each installment

7. Storage and Risk: Terms regarding the storage of merchandise during the layaway period and allocation of risk of loss or damage

8. Cancellation and Refund Policy: Conditions under which either party may cancel the agreement and the consequences, including any refund policies

9. Default Provisions: Consequences of missed payments or breach of agreement terms

10. Title Transfer: Specification that title remains with seller until final payment and conditions for transfer of title

11. Collection and Delivery: Terms for collection or delivery of merchandise after final payment

12. Governing Law: Specification that Nigerian law governs the agreement

13. Signature Block: Space for dated signatures of both parties