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The Promissory Note For Business Purchase is a crucial document in Nigerian business transactions where the full purchase price isn't paid immediately. This instrument, governed by Nigerian law, particularly the Bills of Exchange Act and Companies and Allied Matters Act 2020, provides a structured payment commitment from the buyer to the seller. It's commonly used in business acquisitions ranging from small enterprises to larger corporate transactions, offering security to sellers while facilitating business purchases for buyers who prefer or require staged payments. The document must comply with Nigerian stamp duty requirements and typically includes specific details about the business being purchased, payment schedules, interest rates, and any security arrangements. It's particularly relevant in the current Nigerian business environment where seller financing is becoming increasingly common in business sales transactions.

1. Parties: Identification of the Maker (Promisor) and Payee (Promisee) with full legal names, addresses, and registration details if companies

2. Background: Brief context of the business purchase transaction giving rise to the promissory note

3. Definitions: Key terms used in the document including 'Business', 'Purchase Price', 'Payment Date(s)', etc.

4. Promise to Pay: Unconditional promise to pay a specific sum, including the total amount in both figures and words

5. Payment Terms: Details of payment schedule, installment amounts if applicable, and payment method

6. Interest Rate: Specification of any applicable interest rate and calculation method

7. Security: Details of any security or collateral provided against the note

8. Default Provisions: Consequences of default and acceleration clause

9. Governing Law: Specification of Nigerian law as governing law

10. Execution: Signature blocks with attestation requirements