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Short Form Asset Purchase Agreement Template for Nigeria

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Key Requirements PROMPT example:

Short Form Asset Purchase Agreement

"I need a Short Form Asset Purchase Agreement under Nigerian law for the sale of manufacturing equipment and associated IP rights from my Lagos-based company to a multinational buyer, with completion scheduled for March 2025 and including specific provisions for technical training and handover."

Document background
The Short Form Asset Purchase Agreement is designed for use in Nigeria when parties need a straightforward mechanism for transferring assets without the complexity of a full-scale purchase agreement. This document is particularly suitable for transactions involving clearly identifiable assets, straightforward payment terms, and minimal contingencies. It complies with Nigerian commercial law requirements while maintaining simplicity and efficiency. The agreement is commonly used for small to medium-sized transactions where the assets are unencumbered and the risk profile is relatively low. It includes essential provisions for asset transfer, basic warranties, and completion mechanisms, while excluding complex earn-out provisions or extensive representations typically found in longer form agreements.
Suggested Sections

1. Parties: Identifies and defines the Seller and Buyer with their complete legal details

2. Background: Brief context of the transaction and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase: Core transaction terms including purchase price and basic payment terms

5. Completion: Details of when and how the transfer will be completed

6. Seller's Warranties: Basic warranties regarding ownership, authority to sell, and asset condition

7. Buyer's Warranties: Basic warranties regarding authority to purchase and ability to pay

8. Confidentiality: Basic confidentiality obligations of both parties

9. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Third Party Consents: Include when transfer of assets requires consent from other parties

2. Environmental Matters: Include when assets involve environmental considerations or risks

3. Employee Matters: Include when the asset purchase affects employees or includes transfer of employees

4. Tax Provisions: Include detailed tax provisions when complex tax implications exist

5. Intellectual Property: Include when assets include IP rights or licenses

6. Foreign Investment Provisions: Include when buyer is a foreign entity requiring NIPC consideration

7. Post-Completion Obligations: Include when specific actions are required after completion

Suggested Schedules

1. Schedule 1 - Asset List: Detailed inventory and description of all assets being transferred

2. Schedule 2 - Purchase Price Allocation: Breakdown of purchase price across different asset categories

3. Schedule 3 - Excluded Assets: List of specific assets excluded from the transaction

4. Schedule 4 - Required Consents: List of third-party consents required for the transfer

5. Schedule 5 - Completion Documents: List of documents to be delivered at completion

6. Appendix A - Form of Transfer Documents: Standard forms for asset transfer documentation

7. Appendix B - Deed of Assignment: Form of deed for transferring title to assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses






















Relevant Industries

Manufacturing

Real Estate

Retail

Technology

Agriculture

Energy

Mining

Transportation

Healthcare

Hospitality

Construction

Financial Services

Relevant Teams

Legal

Finance

Corporate Development

Mergers & Acquisitions

Operations

Procurement

Risk & Compliance

Business Development

Asset Management

Corporate Secretariat

Relevant Roles

Chief Executive Officer

Chief Financial Officer

General Counsel

Legal Director

Commercial Director

Business Development Manager

Asset Manager

Corporate Secretary

Finance Manager

Operations Director

Procurement Manager

Risk Manager

Compliance Officer

Investment Manager

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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