The Promissory Deed is a crucial legal instrument in Nigerian business and financial transactions, providing a robust framework for documenting payment obligations. It is commonly used when parties require stronger security than a simple contract or promissory note, as its deed status provides enhanced enforceability and a longer limitation period. The document is particularly valuable in situations involving substantial sums, long-term payment arrangements, or where parties seek additional certainty in their transaction. A Promissory Deed typically includes detailed payment terms, interest provisions, enforcement mechanisms, and may incorporate security arrangements. It must comply with Nigerian deed execution requirements, including proper witnessing and stamping to ensure validity and admissibility in Nigerian courts.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Full identification of the Promisor and Promisee, including their full legal names, addresses, and any registration details for corporate entities
2. Background: Context of the promise, including any existing relationship between parties and circumstances leading to the promise
3. Definitions: Definitions of key terms used throughout the deed
4. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the exact amount
5. Payment Terms: Detailed terms of payment including amount, currency, due date(s), and method of payment
6. Interest: Specification of any applicable interest rates and calculation methods
7. Events of Default: Definition of circumstances constituting default and consequences thereof
8. Representations and Warranties: Statements of fact and promises made by the Promisor regarding their capacity and ability to pay
9. Enforcement: Provisions regarding enforcement rights and remedies available to the Promisee
10. Governing Law: Explicit statement that the deed is governed by Nigerian law
11. Execution: Formal execution block meeting Nigerian deed requirements including witness details
1. Security: Details of any security or collateral provided to support the promise, used when the promise is secured
2. Guarantees: Terms of any guarantees provided by third parties, included when there are guarantors
3. Assignment: Provisions regarding the ability to assign rights under the deed, included when assignment rights are relevant
4. Force Majeure: Provisions for unforeseen circumstances affecting performance, included for longer-term payment obligations
5. Notice Provisions: Detailed procedures for giving notices, included when complex communication requirements exist
6. Acceleration: Conditions under which the full amount becomes immediately payable, included for installment payments
7. Costs and Expenses: Allocation of costs related to preparation and enforcement, included when significant costs are anticipated
1. Payment Schedule: Detailed breakdown of payment installments and due dates, if applicable
2. Security Details: Detailed description of any security or collateral provided
3. Interest Calculation: Detailed methodology for interest calculation if complex
4. Related Agreements: List and details of any related agreements referenced in the deed
5. Property Description: Detailed description of any property involved in the security arrangement
Find the exact document you need
Supplemental Trust Deed For Appointment Of Trustee
A Nigerian law-governed document that formally appoints a new trustee and transfers trust responsibilities from an existing trustee, ensuring legal compliance and continuity of the trust arrangement.
Download
Pension Scheme Trust Deed
A Nigerian law-compliant trust deed establishing and governing an occupational pension scheme under the Pension Reform Act 2014.
Download
Bare Trust Deed
A Nigerian law-governed trust deed establishing a bare trust arrangement where trustees hold property with absolute beneficial ownership vesting in the beneficiaries.
Download
Protected Trust Deed
A Nigerian law-governed trust deed that establishes a protected trust arrangement, defining asset transfer, trustee powers, and beneficiary rights.
Download
Promissory Deed
A formal deed under Nigerian law containing an unconditional promise to pay a specified sum of money, offering enhanced enforceability and a 12-year limitation period.
Download
Short Deed Of Trust
A concise legal document used in Nigeria to establish trust arrangements and transfer assets to trustees for specified beneficiaries, governed by Nigerian trust law.
Download
Deed Of Variation Trust Deed
A Nigerian legal document that modifies an existing trust deed's terms under Nigerian trust law, enabling changes to trust arrangements while maintaining the original trust's validity.
Download
Deed Of Termination Of Trust
A Nigerian law-governed deed that formally terminates a trust arrangement, distributes remaining assets, and discharges trustees from their duties.
Download
Supplemental Deed Of Trust
A Nigerian legal document that modifies an existing trust deed to update terms, parties, or administration procedures under Nigerian law.
Download
Irrevocable Inter Vivos Deed Of Gift
A Nigerian law-governed deed that enables the immediate and irrevocable transfer of property from donor to donee during the donor's lifetime.
Download
Living Trust Deed
A Nigerian legal document establishing a living trust arrangement, transferring assets from settlor to trustees for specified beneficiaries under Nigerian trust law.
Download
Inter Vivos Deed
A Nigerian legal document for transferring property rights between living persons, following requirements under Nigerian property law and the Land Use Act.
Download
Declaration Of Trust Agreement
A Nigerian law-governed document establishing a trust relationship, detailing asset transfer from settlor to trustees for designated beneficiaries' benefit.
Download
Revocable Deed Of Trust
A Nigerian law-governed trust deed establishing a revocable trust arrangement for asset management and distribution, with provisions for modification or termination by the settlor.
Download
Life Trust Deed
A Nigerian legal document establishing a lifetime trust arrangement, transferring assets to trustees for beneficiary management under Nigerian trust law.
Download
Second Trust Deed
A Nigerian legal instrument creating a secondary security interest in real property, subordinate to an existing first trust deed, used for securing additional financing.
Download
Irrevocable Deed
A legally binding Nigerian document creating an unconditional and irrevocable transfer of rights, interests, or property, compliant with Nigerian property and contract law.
Download
Master Trust Deed
A Nigerian law-governed foundational document that establishes and regulates trust arrangements under SEC oversight.
Download
Irrevocable Deed Of Gift
A Nigerian law-governed deed that enables the permanent and irrevocable transfer of property from a donor to a donee without monetary consideration.
Download
Security Trust Deed
A Nigerian law-governed deed establishing a trust structure for holding and managing security interests on behalf of multiple beneficiaries.
Download
Family Trust Deed
A Nigerian law-governed deed establishing a family trust, detailing asset transfer, management rules, and beneficiary rights.
Download
Deed Of Debt
A formal legal document under Nigerian law that creates or acknowledges a debt obligation, including repayment terms and enforcement provisions.
Download
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
.png)