The 90 Day Promissory Note is a vital financial instrument in Nigerian business operations, commonly used for short-term financing, trade credit, and business transactions. It provides a formal, legally binding commitment for payment within a specified 90-day timeframe, offering businesses and individuals a structured way to document short-term debt obligations. The document must comply with Nigerian legislation, particularly the Bills of Exchange Act and Stamp Duties Act, and can be used in various commercial contexts. It typically includes specific payment terms, interest rates if applicable, and may be secured or unsecured. This type of promissory note is particularly useful in situations requiring documented short-term credit arrangements, such as inventory financing, working capital needs, or trade transactions.
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1. Date and Place of Execution: Clearly states when and where the promissory note is executed, which is crucial for determining maturity date and jurisdiction
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the exact amount in both numbers and words
3. Maker Details: Full legal name, address, and contact information of the person/entity making the promise to pay
4. Payee Details: Full legal name, address, and contact information of the person/entity to whom payment is to be made
5. Payment Terms: Specifies the 90-day maturity date, method of payment, and place of payment
6. Interest Rate: States the applicable interest rate (if any) and how it is calculated
7. Signature Block: Space for maker's signature, witness signatures, and any required notarization
1. Acceleration Clause: Include when wanting to specify conditions under which the full amount becomes immediately due and payable
2. Security/Collateral Details: Include when the note is secured by specific assets or collateral
3. Late Payment Terms: Include when wanting to specify penalties or additional charges for late payment
4. Transfer Rights: Include when specifying whether the note is transferable/negotiable and under what conditions
5. Prepayment Terms: Include when allowing early payment and specifying any associated conditions or penalties
1. Payment Schedule: If the payment includes multiple installments within the 90-day period, detail the payment dates and amounts
2. Collateral Description: If the note is secured, detailed description of the collateral including any registration numbers or identifying features
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Trade and Commerce
Manufacturing
Real Estate
Agriculture
Oil and Gas
Construction
Import/Export
Retail
Professional Services
Small and Medium Enterprises
Relevant Teams
Finance
Legal
Treasury
Credit Control
Compliance
Risk Management
Commercial Operations
Accounts Receivable
Corporate Secretariat
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Credit Controller
Financial Controller
Business Development Manager
Legal Counsel
Compliance Officer
Risk Manager
Company Secretary
Accounts Receivable Manager
Commercial Director
Managing Director
Financial Analyst
Credit Risk Officer
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