Ƶ

Full And Final Payment Agreement Template for Nigeria

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Full And Final Payment Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

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."

What is a Full And Final Payment Agreement?

The Full and Final Payment Agreement is a critical document used in Nigerian business and financial transactions when parties wish to conclusively settle outstanding debts or financial obligations. It is particularly relevant in situations where a creditor agrees to accept a reduced sum or structured payment plan in full satisfaction of a larger debt, or where parties wish to document the complete settlement of any outstanding amounts. The agreement, compliant with Nigerian contract law and financial regulations, serves to prevent future disputes by clearly documenting the settlement terms, payment arrangements, and providing mutual releases once payment is completed. This document is essential for debt resolution, business restructuring, and financial closure in various commercial contexts.

What sections should be included in a Full And Final Payment Agreement?

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

What sections are optional to include in a Full And Final Payment Agreement?

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

What schedules should be included in a Full And Final Payment Agreement?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 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

Financial Services

Banking

Legal Services

Commercial Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Insurance

Telecommunications

Energy and Utilities

Relevant Teams

Legal

Finance

Accounts Receivable

Treasury

Credit Control

Risk Management

Compliance

Commercial Operations

Debt Recovery

Corporate Affairs

Relevant Roles

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

Commercial Director

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

Find the exact document you need

Past Due Rent Payment Agreement

A Nigerian law-compliant agreement establishing a structured payment plan for outstanding rent between landlord and tenant, including debt acknowledgment and repayment terms.

find out more

Partial Payment Agreement

A Nigerian law-governed agreement that structures the settlement of outstanding debt through agreed installment payments between creditor and debtor.

find out more

Payment Agreement Letter

A legally binding document under Nigerian law that establishes payment terms and conditions between parties, outlining payment obligations and schedules.

find out more

Rent Payment Plan Letter

A formal Nigerian legal document establishing a structured rent payment arrangement between tenant and landlord, outlining modified payment terms while maintaining original lease validity.

find out more

Debt Payment Plan Agreement

A Nigerian law-governed agreement establishing structured terms for debt repayment, including payment schedule, interest rates, and default provisions.

find out more

Installment Agreement Letter

A Nigerian law-governed document establishing terms for installment payments, including payment schedule, amounts, and default provisions.

find out more

Individual Payment Agreement

A Nigerian law-governed agreement that establishes payment terms and obligations between parties, including payment amounts, schedules, and enforcement mechanisms.

find out more

Online Payment Agreement

Nigerian law-governed agreement for online payment processing services, establishing terms between payment providers and merchants while ensuring regulatory compliance.

find out more

Agreement To Pay Debt In Installments

A Nigerian law-governed agreement that structures debt repayment into fixed installments, detailing payment terms and obligations between creditor and debtor.

find out more

Payment Installment Form

A Nigerian law-compliant document establishing terms and schedule for installment payments between parties, including payment terms, conditions, and enforcement mechanisms.

find out more

Down Payment Agreement Form

A Nigerian-compliant legal document that formalizes the terms and conditions of a down payment transaction, including payment terms, refund conditions, and parties' obligations.

find out more

Partial Payment Agreement Form

A Nigerian law-governed agreement establishing terms for structured partial payments to settle an outstanding debt, including payment schedule and enforcement provisions.

find out more

Late Payment Agreement

A Nigerian law-governed agreement that formalizes arrangements for settling overdue payments, including payment schedules, interest rates, and enforcement terms.

find out more

Debt Payment Agreement Form

A Nigerian law-governed agreement that formalizes debt repayment terms, schedules, and obligations between creditor and debtor.

find out more

Full And Final Payment Agreement

A Nigerian law-governed agreement that finalizes debt settlement between parties, establishing complete payment terms and mutual releases.

find out more

Partial Payment Installment Agreement

A Nigerian law-governed agreement establishing terms for debt repayment through scheduled installments, including payment terms, interest, and default provisions.

find out more

Payment Plan Settlement Agreement

A Nigerian law-governed agreement that establishes structured payment terms between creditor and debtor for settling outstanding debt obligations.

find out more

Patient Payment Agreement Form

A Nigerian-compliant agreement establishing payment terms between healthcare providers and patients for medical services.

find out more

Installment Agreement Form

A Nigerian law-governed agreement for purchase of goods or services through structured periodic payments, establishing payment terms and enforcement mechanisms.

find out more

Full Payment Agreement

A Nigerian law-governed agreement establishing terms and conditions for complete payment of a specified amount between parties, including payment obligations, methods, and enforcement provisions.

find out more

Payment Terms Agreement

A Nigerian law-governed agreement establishing payment terms, schedules, and obligations between parties, compliant with CBN regulations.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

ұԾ’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ұԾ’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.