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Full And Final Payment Agreement
"I need a Full and Final Payment Agreement for settling a commercial debt of 25 million Naira with my supplier, where we've agreed to a 15% discount if paid as a lump sum by March 15, 2025."
1. Parties: Identifies and defines all parties to the agreement, including full legal names, addresses, and any registration numbers for companies
2. Background: Recitals explaining the context of the original debt, any previous agreements, and the current intention to settle
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: States the original debt amount and confirms its validity
5. Settlement Amount: Specifies the agreed settlement sum and whether it represents a discount from the original debt
6. Payment Terms: Details of how and when the settlement amount will be paid, including payment method and deadline
7. Release and Discharge: Confirms that payment of the settlement amount will constitute full and final settlement of all claims
8. Confidentiality: Obligations to keep the terms of the settlement confidential
9. No Admission of Liability: Statement that the settlement does not constitute admission of liability by either party
10. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and establishes jurisdiction for disputes
11. Entire Agreement: Confirms this document represents the entire agreement between parties and supersedes previous agreements
12. Execution: Signature blocks and execution requirements
1. Installment Payment Structure: Required if the settlement amount is to be paid in installments rather than as a lump sum
2. Default Provisions: Include when payment is in installments to specify consequences of missing payments
3. Third Party Rights: Needed if any third parties have rights or obligations under the agreement
4. Tax Provisions: Include when there are specific tax implications that need to be addressed
5. Guarantees: Required if a third party is guaranteeing the settlement payment
6. Return of Documents: Include when original debt documents need to be returned or destroyed
7. Non-Disparagement: Optional clause preventing parties from making negative statements about each other
8. Future Cooperation: Include when parties need to cooperate on related matters after settlement
1. Schedule 1 - Original Debt Documentation: Copies or details of the original debt agreements or invoices
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment dates and amounts if paying in installments
3. Schedule 3 - Bank Details: Banking information for settlement payment
4. Schedule 4 - Related Claims: List of all claims being settled by this agreement
5. Appendix A - Form of Release: Template for the formal release document to be issued upon final payment
6. Appendix B - Calculation of Settlement Amount: Detailed breakdown of how the settlement figure was calculated
Authors
Financial Services
Banking
Legal Services
Commercial Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Insurance
Telecommunications
Energy and Utilities
Legal
Finance
Accounts Receivable
Treasury
Credit Control
Risk Management
Compliance
Commercial Operations
Debt Recovery
Corporate Affairs
Chief Financial Officer
Finance Manager
Credit Controller
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Officer
Collections Manager
Financial Controller
Treasury Manager
Risk Manager
Company Secretary
Compliance Officer
Business Development Manager
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