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Debt Repayment Agreement

This document is a promise to pay agreement between Anjoh Abei (the Debtor) and Daraire Olowokere and Abayomi Shobowale (the Beneficiaries). The Debtor owes the Beneficiaries a total of ₦4,590,000 and agrees to pay this amount within 26 days, with an initial payment of ₦2,000,000 within 12 days and the remaining ₦2,590,000 within the next 14 days. The agreement specifies terms for late payments, default, and that Nigerian law will govern the agreement.

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Daraire Olowokere
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302 views3 pages

Debt Repayment Agreement

This document is a promise to pay agreement between Anjoh Abei (the Debtor) and Daraire Olowokere and Abayomi Shobowale (the Beneficiaries). The Debtor owes the Beneficiaries a total of ₦4,590,000 and agrees to pay this amount within 26 days, with an initial payment of ₦2,000,000 within 12 days and the remaining ₦2,590,000 within the next 14 days. The agreement specifies terms for late payments, default, and that Nigerian law will govern the agreement.

Uploaded by

Daraire Olowokere
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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[Promise to Pay Agreement

This Promise to Pay Agreement (the "Agreement") is made and entered into on this day 24th July 2923,
by and between:

Daraire Olowokere, Abayomi Shobowale, collectively referred to as the "Beneficiaries,"

and

Anjoh Abei, referred to as the "Debtor."

WHEREAS, the Debtor owes a total sum of ₦4,800,000.00 (Four Million Eight Hundred Thousand Naira)
to the Beneficiaries;

AND WHEREAS, the Debtor has made a partial payment of ₦210,000.00 (Two Hundred and Ten
Thousand Naira), leaving an outstanding balance of ₦4,590,000.00 (Four Million Five Hundred and
Ninety Thousand Naira);

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the
Beneficiaries and the Debtor agree as follows:

1. Promise to Pay:

The Debtor promises to pay the total outstanding balance of ₦4,590,000.00 (Four Million Five Hundred
and Ninety Thousand Naira) to the Beneficiaries within the next 26 days from the Effective Date of this
Agreement.

2. Payment Schedule:

a. The Debtor shall make an initial payment of ₦2,000,000.00 (Two Million Naira) within the first 12 days
from the Effective Date.
b. The remaining balance of ₦2,590,000.00 (Two Million Five Hundred and Ninety Thousand Naira) shall
be paid by the Debtor within the subsequent 14 days following the initial payment.

3. Payment Method:

All payments shall be made in Nigerian Naira (₦) and should be made through bank transfer or any other
method agreed upon by both parties in writing.

4. Late Payment:

In the event that the Debtor fails to make any of the agreed-upon payments on or before the specified
dates, a late payment penalty of 5% of the overdue amount will be charged for each day the payment is
delayed.

5. Default:

In the event of default by the Debtor in making the payments as stipulated in this Agreement, the
Beneficiaries reserve the right to take legal action to recover the outstanding amount, and the Debtor
shall be responsible for all legal and collection costs incurred.

6. Entire Agreement:

This Agreement constitutes the entire understanding and agreement between the parties concerning the
subject matter hereof and supersedes all prior and contemporaneous agreements, whether oral or
written.

7. Governing Law:

This Agreement shall be governed by and construed in accordance with the laws of Nigeria.

IN WITNESS WHEREOF, the parties hereto have executed this Promise to Pay Agreement as of the date
first above written.
_________________________ _________________________

[Debtor's Name – Anjoh Abei]

[Beneficiary's Name - Daraire Olowokere]

_________________________ _________________________

[Beneficiary's Name - Abayomi Shobowale]

.Witness Name

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