The Construction Payment Contract is a crucial document used in Nigerian construction projects to establish clear and enforceable payment arrangements between parties. This document is essential when undertaking any construction project in Nigeria where structured payment terms are required, typically involving significant financial commitments and multiple payment milestones. It ensures compliance with Nigerian contract law, construction regulations, and financial requirements while providing security for all parties involved. The contract addresses key aspects such as payment schedules, valuation methods, certification procedures, and dispute resolution mechanisms, making it suitable for various scales of construction projects from commercial buildings to infrastructure development. It's particularly important given Nigeria's specific legal requirements and construction industry practices.
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1. Parties: Identifies and provides full details of the contracting parties - the payer (typically the employer/client) and the payee (typically the contractor)
2. Background: Contextual information about the construction project and the purpose of the payment contract
3. Definitions: Defines key terms used throughout the contract, including payment-related terminology
4. Contract Sum: Specifies the total contract value and payment currency
5. Payment Terms: Details of payment schedule, mechanisms, and conditions for payment
6. Payment Milestones: Specific construction milestones tied to payment releases
7. Valuation of Works: Process for valuing completed works and variations
8. Payment Certificates: Procedures for interim and final payment certificates
9. Retention: Details of retention money, release conditions and timing
10. Default and Remedies: Consequences of payment defaults and available remedies
11. Dispute Resolution: Procedures for resolving payment-related disputes
12. Governing Law: Specifies Nigerian law as the governing law and relevant jurisdiction
1. Performance Security: Required when additional payment security is needed through bonds or guarantees
2. Advance Payment: Include when advance payments are part of the agreement
3. Price Adjustment: Required for long-term projects subject to price fluctuations
4. Tax Provisions: Detailed tax clauses needed for complex projects or international contractors
5. Force Majeure: Include for projects in volatile regions or with significant external risks
6. Payment for Materials: Include when separate payments for materials off-site are required
7. Project Bank Account: Include when using a dedicated project bank account structure
8. Multi-currency Payments: Required when payments are made in multiple currencies
1. Schedule of Payment Milestones: Detailed breakdown of payment milestones and corresponding amounts
2. Schedule of Rates: Breakdown of rates and prices for different elements of work
3. Payment Procedure Flow Chart: Visual representation of the payment certification and release process
4. Form of Payment Certificate: Template for interim and final payment certificates
5. Schedule of Required Documents: List of documents required for payment processing
6. Bank Account Details: Banking information for all parties
7. Form of Advance Payment Guarantee: Template for advance payment guarantee if applicable
8. Tax Compliance Documents: Required tax registration and compliance certificates
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