The Prepaid Power Purchase Agreement is a specialized contract used in the Nigerian power sector when parties wish to establish a power supply arrangement based on advance payments. It is particularly relevant in scenarios where consumers seek reliable power supply while providers require payment security. The document incorporates requirements from the Nigerian Electricity Regulatory Commission (NERC), the Electric Power Sector Reform Act, and other relevant regulations. It typically includes detailed provisions for metering systems, payment mechanisms, power specifications, and operational procedures. This agreement type is commonly used for industrial and commercial consumers, independent power projects, and in situations where traditional post-paid arrangements may not be suitable due to credit risk or operational preferences. The prepaid structure helps manage payment risks while ensuring consistent power supply, making it particularly valuable in the Nigerian market where payment security is often a key consideration.
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1. Parties: Identification of the power producer/seller and the purchaser/consumer
2. Background: Context of the agreement, including facility details and purpose of the arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Scope of Agreement: Overview of services, including power supply specifications and delivery points
5. Term and Effectiveness: Duration of the agreement, conditions precedent, and effective date
6. Prepayment System: Details of the prepayment mechanism, including minimum payments and top-up procedures
7. Metering and Billing: Specifications for metering equipment, reading procedures, and billing mechanisms
8. Tariffs and Charges: Pricing structure, including base tariffs, adjustments, and additional charges
9. Operating Procedures: Day-to-day operational requirements and protocols
10. Maintenance and Repairs: Responsibilities for system maintenance and repair procedures
11. Force Majeure: Events constituting force majeure and consequent rights and obligations
12. Default and Termination: Events of default, remedies, and termination procedures
13. Dispute Resolution: Procedures for resolving disputes between parties
14. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional matters
1. Equipment Installation: Required if the agreement includes installation of new metering or power equipment
2. System Testing: Include if regular testing procedures need to be specified
3. Environmental Compliance: Required if power generation involves environmental considerations
4. Insurance: Include if specific insurance requirements need to be detailed
5. Security Arrangements: Required if additional payment security or performance guarantees are needed
6. Change in Law: Include if regulatory changes could significantly impact the agreement
7. Assignment and Novation: Include if transfer rights need to be specifically addressed
8. Confidentiality: Required if sensitive commercial or technical information is involved
1. Technical Specifications: Detailed technical parameters of power supply and quality standards
2. Metering Specifications: Technical details of metering equipment and systems
3. Tariff Schedule: Detailed breakdown of tariffs, charges, and adjustment mechanisms
4. Operating Procedures Manual: Detailed procedures for day-to-day operations
5. Form of Payment Security: Template for any required payment security documents
6. Communication Protocols: Procedures for notices and communications between parties
7. Performance Standards: Specific performance metrics and standards
8. Site Description: Details of delivery points and relevant facility locations
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