The Money Agreement Between Two Parties is a crucial legal instrument used in Nigeria when one party agrees to lend money to another under specified terms and conditions. This document is essential for both individual and business lending transactions, providing a legally binding framework that protects all parties involved. It should be used whenever a formal loan arrangement is being established, whether for business expansion, personal needs, or project financing. The agreement must comply with Nigerian financial regulations, including the Money Lenders Act and Central Bank of Nigeria guidelines. It typically includes detailed terms about loan amount, interest calculation, repayment schedule, security arrangements, and default remedies. While commonly used in business settings, it's equally applicable to personal lending situations, provided all regulatory requirements are met.
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1. Parties: Identifies and provides full details of the lender and borrower, including names, addresses, and contact information
2. Background: Outlines the context of the agreement and the parties' intention to enter into a money lending arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the exact amount being lent and the stated purpose of the loan
5. Interest Rate: Details the applicable interest rate, calculation method, and compliance with Nigerian usury laws
6. Repayment Terms: Specifies the repayment schedule, installment amounts, and payment methods
7. Security and Collateral: Details any assets or guarantees provided as security for the loan
8. Default and Remedies: Defines events of default and the lender's rights and remedies in such cases
9. Representations and Warranties: States the parties' assertions about their capacity and authority to enter into the agreement
10. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and establishes jurisdiction for dispute resolution
11. Notices: Specifies how formal communications between parties should be made and delivered
12. Execution: Space for signatures, dates, and witness details as required under Nigerian law
1. Early Repayment: Include when allowing early loan repayment, specifying any applicable penalties or benefits
2. Late Payment Penalties: Include when specific penalties for late payments are to be imposed
3. Insurance Requirements: Include when the borrower must maintain specific insurance coverage
4. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
5. Force Majeure: Include when parties want to address circumstances beyond their control that might affect performance
6. Confidentiality: Include when parties need to keep the loan terms or related information private
7. Third-Party Guarantor: Include when a guarantor is providing additional security for the loan
1. Schedule A - Repayment Schedule: Detailed breakdown of payment dates, installment amounts, and amortization schedule
2. Schedule B - Security Details: Detailed description of any collateral or security provided, including valuations
3. Schedule C - Conditions Precedent: List of conditions that must be satisfied before the loan is disbursed
4. Appendix 1 - Form of Notice: Template for formal notices between parties
5. Appendix 2 - KYC Documents: List of required identity verification documents from both parties
6. Appendix 3 - Payment Instructions: Detailed banking and payment transfer instructions
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