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International Promissory Note for Nigeria

International Promissory Note Template for Nigeria

A legally binding financial instrument governed by Nigerian law that contains an unconditional written promise by one party (the maker) to pay a specific sum of money to another party (the payee) at a specified future date or on demand. This document is structured to comply with Nigerian Bills of Exchange Act and Central Bank of Nigeria regulations while accommodating international trade requirements. It includes essential elements such as payment terms, interest provisions, and governing law clauses, making it suitable for cross-border transactions while ensuring enforceability under Nigerian jurisdiction.

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International Promissory Note

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What is a International Promissory Note?

The International Promissory Note is a vital financial instrument used in cross-border transactions where one party formally promises to pay a specified sum to another party. This document is particularly useful in international trade, corporate lending, and business transactions requiring deferred payment arrangements. When drafting under Nigerian law, the document must comply with the Bills of Exchange Act and Central Bank of Nigeria regulations governing international financial transactions. The International Promissory Note typically includes comprehensive details about payment terms, interest rates, currencies, and enforcement mechanisms, making it suitable for various commercial purposes while ensuring legal validity and enforceability in both Nigerian and international contexts.

What sections should be included in a International Promissory Note?

1. Promissory Note Details: Date, place of issuance, and unique identification number of the note

2. Maker Information: Full legal name, address, and contact details of the party making the promise to pay

3. Payee Information: Full legal name, address, and contact details of the party to whom payment is promised

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

5. Payment Terms: Due date, place of payment, and whether payable on demand or at a fixed/determinable future time

6. Interest Rate: Applicable interest rate, calculation method, and payment frequency if interest is chargeable

7. Governing Law: Specification of Nigerian law as the governing law and jurisdiction clause

What sections are optional to include in a International Promissory Note?

1. Security Arrangements: Details of any collateral or security provided to guarantee the payment

2. Acceleration Clause: Conditions under which the full amount becomes immediately due and payable

3. Default Interest: Additional interest rate applicable in case of default

4. Transfer Rights: Specific conditions or restrictions regarding the transfer or assignment of the note

5. Force Majeure: Provisions for unforeseen circumstances affecting payment obligations

6. Tax Provisions: Provisions regarding responsibility for any applicable taxes or withholdings

What schedules should be included in a International Promissory Note?

1. Payment Schedule: Detailed schedule of installment payments if not a single payment

2. Currency Exchange Provisions: Specific terms regarding exchange rates and currency conversion if payment is in foreign currency

3. Security Details: Detailed description of any security or collateral provided

4. Authorized Signatories: List of authorized signatories and their specimen signatures if multiple parties are involved

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

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions




























Clauses




















Relevant Industries

Banking and Financial Services

International Trade

Import/Export

Manufacturing

Oil and Gas

Agriculture

Real Estate

Construction

Telecommunications

Mining

Retail and Distribution

Professional Services

Relevant Teams

Legal

Finance

Treasury

International Trade

Compliance

Risk Management

Corporate Finance

Credit Control

Commercial Operations

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

International Trade Manager

Financial Controller

Legal Counsel

Compliance Officer

Credit Manager

Risk Manager

Corporate Finance Manager

Trade Finance Manager

Business Development Director

Commercial Director

Company Secretary

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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