51Ƶ

Asset Sale Agreement Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that documents the terms and conditions for the sale and purchase of specific assets between parties. The agreement details the assets being transferred, purchase price, payment terms, warranties, representations, and conditions precedent to completion. It incorporates relevant provisions of Nigerian commercial law, including the Contract Act, Companies and Allied Matters Act (CAMA), and specific regulatory requirements depending on the nature of assets. The document includes necessary provisions for tax implications, transfer procedures, and compliance with local registration requirements.

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

Your data doesn't train Genie's AI

You keep IP ownership of your docs

4.6 / 5
4.6 / 5
4.8 / 5

What is a Asset Sale Agreement?

The Asset Sale Agreement is a crucial document used in Nigerian business transactions when one party wishes to sell and another wishes to purchase specific assets, rather than shares or an entire business. This agreement is essential for documenting the terms and conditions of asset transfers in compliance with Nigerian law, including the Contract Act, CAMA 2020, and relevant sector-specific regulations. It's particularly important for maintaining clear records for tax purposes, establishing liability limitations, and ensuring proper transfer of title. The document must account for various Nigerian regulatory requirements, including necessary governmental approvals, tax implications, and registration procedures. It's commonly used in corporate restructuring, business downsizing, or strategic asset disposals, and can cover various types of assets from physical property to intellectual property rights.

What sections should be included in a Asset Sale Agreement?

1. Parties: Identification of seller and purchaser with full legal names and addresses

2. Background: Context of the transaction and brief description of the assets being sold

3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation

4. Sale and Purchase: Core provisions regarding the sale and purchase of the assets

5. Purchase Price: Amount, payment terms, and mechanics of payment

6. Conditions Precedent: Any conditions that must be satisfied before completion

7. Pre-Completion Obligations: Obligations of both parties between signing and completion

8. Completion: Details of when, where and how completion will take place

9. Seller's Warranties: Warranties given by the seller regarding the assets and their title

10. Purchaser's Warranties: Basic warranties from the purchaser regarding capacity and authority

11. Limitations on Liability: Limitations on the seller's liability under the warranties

12. Tax Matters: Provisions dealing with tax implications and responsibilities

13. Confidentiality: Obligations regarding confidential information

14. Announcements: Restrictions on public announcements about the transaction

15. Further Assurance: Obligations to take further actions necessary to give effect to the agreement

16. Notices: Process for giving formal notices under the agreement

17. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes

18. Boilerplate: Standard provisions including entire agreement, variations, severability, etc.

What sections are optional to include in a Asset Sale Agreement?

1. Anti-corruption Provisions: Required when dealing with public sector assets or high-value transactions

2. Regulatory Compliance: Needed when assets are in regulated sectors (e.g., banking, insurance, telecommunications)

3. Environmental Matters: Required when assets include land or industrial property with potential environmental issues

4. Employee Matters: Needed when the assets sale might impact employees or include transfer of employees

5. Intellectual Property: Required when assets include significant IP rights

6. Post-Completion Covenants: Added when there are specific obligations that continue after completion

7. Non-Competition: Include when seller needs to be restricted from competing

8. Break Fee: Optional provision for payment if the deal fails under specific circumstances

9. Force Majeure: May be included for transactions with delayed completion

What schedules should be included in a Asset Sale Agreement?

1. Asset Schedule: Detailed description and listing of all assets being sold

2. Purchase Price Calculation: Detailed breakdown of purchase price and any adjustments

3. Completion Obligations: List of actions and documents required at completion

4. Form of Transfer Documents: Templates of necessary transfer documents

5. Warranties: Detailed warranties given by the seller

6. Property Schedule: Details of any real property included in the sale

7. Intellectual Property Schedule: List and details of any IP rights included in the sale

8. Encumbrances: List of any existing encumbrances on the assets

9. Required Consents: List of third-party or regulatory consents required

10. Existing Contracts: Details of any contracts being transferred with the assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Sale Agreement

Cost

Free to use

Find the exact document you need

Bike Selling Agreement Letter

A legal document governed by Nigerian law that formalizes the sale and transfer of ownership of a motorcycle between parties, including key transaction details and compliance requirements.

Download

Asset Sale And Purchase Agreement

A Nigerian law-governed agreement detailing terms and conditions for the sale and purchase of assets, including purchase price, warranties, and completion mechanics.

Download

Simple Car Purchase Agreement

A Nigerian law-governed agreement for the sale and purchase of vehicles, detailing essential terms, conditions, and ownership transfer requirements.

Download

Residential Lease For Single Family Home

Nigerian residential lease agreement for single-family homes, compliant with federal and state tenancy laws.

Download

Sale Agreement Of Bike

A Nigerian law-governed agreement for the sale and purchase of a bike, detailing terms, conditions, and ownership transfer requirements.

Download

Car Purchase Contract

A Nigerian law-governed agreement for the sale and purchase of a motor vehicle, detailing transaction terms and ownership transfer requirements.

Download

Real Estate Listing Contract

A Nigerian-law governed agreement between property owner and real estate agent establishing terms for property listing, marketing, and sale/lease arrangements.

Download

Deed Of Sale Of Motorcycle

A Nigerian law-compliant deed that formalizes the sale and transfer of ownership of a motorcycle between parties, including all necessary legal and regulatory requirements.

Download

Real Estate Purchase Offer

A formal offer document for real estate purchase in Nigeria, outlining proposed terms and conditions in compliance with Nigerian property law.

Download

Sales Commission Letter

A Nigerian-law governed document establishing commission-based sales arrangements between a company and sales representatives, outlining payment terms and performance expectations.

Download

Sale Of Bike Agreement

A Nigerian law-governed agreement for the sale and purchase of a motorcycle or bike, outlining terms, conditions, and ownership transfer requirements.

Download

Auto Purchase And Sale Agreement

A Nigerian law-governed agreement documenting the terms and conditions for the sale and purchase of a motor vehicle, including specifications, price, and ownership transfer details.

Download

Agreement For Sale Of Flat

A Nigerian law-governed agreement for the sale and purchase of a flat, including terms, conditions, and requirements for property transfer.

Download

Wholesale Contract

Nigerian wholesale contract template governing bulk sale arrangements between distributors and business customers, compliant with Nigerian commercial law.

Download

Sale Agreement Online

A comprehensive online sale agreement template compliant with Nigerian e-commerce laws and regulations, suitable for both digital and physical goods transactions.

Download

For Sale As Is Contract

A Nigerian law-compliant "For Sale As Is" contract template for transactions where goods or property are sold in their current condition without warranties.

Download

Flat Buying Agreement

A legally binding agreement under Nigerian law for the purchase and sale of residential flats, detailing terms, conditions, and obligations of all parties involved.

Download

Contract For Vehicle Sale With Payments

A Nigerian law-governed agreement for vehicle sale with structured payment terms, ensuring legal compliance and protecting both parties' interests.

Download

Basic Sales Agreement

A standard Nigerian law-governed agreement outlining terms and conditions for the sale and purchase of goods between parties.

Download

Tripartite Agreement For Sale Of Property

A Nigerian law-governed agreement between three parties for property sale, typically involving a seller, buyer, and financial institution or facilitator.

Download

Sale Agreement For Bike

A Nigerian law-governed agreement detailing terms and conditions for the sale and purchase of a bike, ensuring legal compliance and protecting both parties' interests.

Download

Oil Purchase And Sale Agreement

Nigerian law-governed agreement for oil purchase and sale transactions, incorporating local regulatory requirements and industry standards.

Download

Contract For Sale Of House And Land

A Nigerian law-governed agreement for the sale and transfer of house and land property, incorporating Land Use Act requirements and detailing sale terms and conditions.

Download

Resale Agreement Draft

Nigerian-law governed Resale Agreement template establishing supplier-reseller relationship with key commercial terms and regulatory compliance.

Download

Scrap Vehicle Sale Agreement

A Nigerian law-governed agreement for the sale and transfer of vehicles intended for scrapping, ensuring compliance with local environmental and vehicle disposal regulations.

Download

Sale And Construction Agreement

A Nigerian law-governed agreement combining property sale terms with construction obligations, detailing project specifications, timelines, and payment terms.

Download

Real Estate Buyers Agreement Form

A standardized agreement form for real estate purchases in Nigeria, ensuring compliance with local property laws while protecting both buyer and seller interests.

Download

Property Sell Agreement

A Nigerian law-governed agreement for the transfer of property ownership from seller to buyer, incorporating Land Use Act requirements and Governor's Consent provisions.

Download

New Car Purchase Agreement

A Nigerian law-governed agreement for the purchase of a new vehicle, defining terms between seller and buyer while ensuring regulatory compliance.

Download

Export Sales Contract

Nigerian law-governed contract for international sale and export of goods, incorporating local export regulations and international trade practices.

Download

Hotel Purchase Agreement

A Nigerian law-governed agreement for the purchase and sale of a hotel property, including both real estate and business operational assets.

Download

Residential Real Estate Purchase Agreement

A legally binding agreement under Nigerian law for the purchase and sale of residential real estate property, ensuring compliance with the Land Use Act and relevant property regulations.

Download

Unconditional Sale And Purchase Agreement

A Nigerian law-governed agreement for the unconditional sale and purchase of assets or property, facilitating immediate transfer from seller to buyer.

Download

Purchase Contract For Home

A Nigerian law-governed contract for the sale and purchase of residential property, establishing terms and conditions for property transfer and ownership rights.

Download

Vehicle Installment Sale Agreement

A Nigerian law-governed agreement for the sale of vehicles through installment payments, detailing payment terms, ownership conditions, and party obligations.

Download

Commercial Property Sale Contract

A legally binding agreement for the sale and purchase of commercial property in Nigeria, compliant with Nigerian property law and regulations.

Download

Sales And Service Contract

A Nigerian law-governed contract combining product sales and service provision terms, ensuring compliance with local commercial regulations while facilitating business relationships.

Download

Residential Contract Of Sale

A Nigerian law-governed contract for the sale and purchase of residential property, detailing terms, conditions, and requirements for property transfer.

Download

Assignment Of Real Estate Purchase And Sale Agreement

A Nigerian law-governed agreement transferring rights and obligations under an existing real estate purchase agreement from the original purchaser to a new purchaser.

Download

Owner Finance Car Sale Contract

A Nigerian law-governed agreement for the sale of a vehicle with financing provided directly by the seller to the buyer.

Download
See more related templates

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

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

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