The Employee Exit Agreement is a crucial document used in Nigerian business practice when formalizing the separation between an employer and employee. It serves as a comprehensive record of the terms agreed upon for the termination of employment, whether through resignation, mutual agreement, or other circumstances. The document must comply with Nigerian labor laws, including the Labour Act and relevant employment regulations. It typically includes provisions for final payments, benefit settlements, confidentiality obligations, and mutual releases. This agreement is particularly important for protecting both parties' interests and preventing future disputes by clearly documenting all aspects of the separation, including any ongoing obligations or restrictions. The document should be customized based on the employee's position, length of service, and specific circumstances of the departure while ensuring compliance with local legal requirements.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief context of the employment relationship and reason for termination
3. Definitions: Key terms used throughout the agreement
4. Effective Date of Separation: Clear statement of the last day of employment
5. Final Payment and Benefits: Details of salary, allowances, and benefits due up to the separation date
6. Company Property: Requirements for returning company assets and equipment
7. Confidentiality Obligations: Ongoing duties regarding confidential information
8. Non-Disparagement: Mutual agreements not to make negative statements about each other
9. Release of Claims: Mutual release of legal claims between parties
10. Tax Matters: Clarification of tax responsibilities for final payments
11. Governing Law: Specification of Nigerian law as governing law
12. Entire Agreement: Statement that this document represents the complete agreement between parties
1. Garden Leave: Terms of paid leave during notice period, if applicable
2. Non-Compete Clause: Restrictions on future employment, if part of original employment terms
3. Continuation of Benefits: Extended benefits coverage, if offered
4. Training Cost Recovery: Terms for recovering training investments, if applicable
5. Reference Provision: Agreement on how future employment references will be handled
6. Outplacement Support: Details of any career transition assistance offered
7. Stock Options/Share Rights: Treatment of any equity-based compensation
8. Dispute Resolution: Specific procedures for resolving disagreements about the agreement
1. Schedule 1 - Final Payment Calculation: Detailed breakdown of all final payments including salary, leave, and other entitlements
2. Schedule 2 - Company Property List: Itemized list of company assets to be returned
3. Schedule 3 - Benefits Summary: Details of benefit termination dates and any continuation terms
4. Appendix A - Confidential Information Definition: Detailed description of what constitutes confidential information
5. Appendix B - Release Terms: Detailed terms of mutual release and waiver of claims
6. Appendix C - Certificate of Return: Form to document return of company property
Relevant legal definitions
Clauses
Relevant Industries
Banking and Finance
Technology
Manufacturing
Oil and Gas
Telecommunications
Professional Services
Healthcare
Education
Retail
Construction
Mining
Agriculture
Transportation and Logistics
Media and Entertainment
Real Estate
Relevant Teams
Human Resources
Legal
Finance
Operations
Information Technology
Sales
Marketing
Administration
Research and Development
Production
Quality Assurance
Business Development
Customer Service
Compliance
Risk Management
Relevant Roles
Chief Executive Officer
Managing Director
Department Head
Senior Manager
Project Manager
Human Resources Director
Financial Controller
Sales Manager
Technical Lead
Operations Manager
Software Engineer
Account Manager
Marketing Executive
Administrative Officer
Research Analyst
Production Supervisor
Legal Counsel
Business Development Manager
Customer Service Representative
Quality Assurance Manager
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