The Full and Final Agreement is a crucial legal instrument in Nigerian business and legal practice, used to conclusively resolve disputes and prevent future litigation. This document is typically employed when parties wish to settle existing or potential claims, whether arising from commercial transactions, employment relationships, corporate disputes, or other legal matters. It incorporates all essential elements required under Nigerian law, including clear payment terms, comprehensive releases, tax provisions, and necessary formalities such as stamp duty compliance. The agreement is particularly valuable in situations where parties seek certainty and finality in their dispute resolution, as it bars future claims related to the settled matters. The document must comply with Nigerian contract law principles and relevant statutes, making it essential to include specific provisions that ensure enforceability within the Nigerian legal system.
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1. Parties: Identification and details of all parties to the agreement, including their legal capacity
2. Background: Context of the dispute or circumstances leading to the settlement
3. Definitions: Definitions of key terms used throughout the agreement
4. Settlement Sum: Details of the settlement amount and payment terms
5. Release and Waiver: Comprehensive release of claims and waiver of rights
6. Tax Provisions: Allocation of responsibility for taxes and related obligations
7. Confidentiality: Obligations regarding confidentiality of the settlement terms
8. Non-Admission: Statement that the settlement does not constitute admission of liability
9. Entire Agreement: Confirmation that this document represents the complete agreement between parties
10. Governing Law: Specification of Nigerian law as governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Non-Disparagement: Mutual obligations not to make negative statements about other parties, often used in high-profile or employment-related settlements
2. Return of Property: Provisions for return of documents or property, relevant when parties have exchanged materials
3. Future Cooperation: Requirements for future cooperation between parties, useful in complex disputes
4. Reference Provision: Terms regarding future references, typically included in employment-related settlements
5. Binding on Successors: Extension of agreement terms to successors and assigns, important for corporate parties
6. Severability: Provision for survival of agreement if parts are found invalid, useful in complex agreements
7. Amendment Procedure: Process for making future amendments to the agreement, recommended for long-term settlements
1. Payment Schedule: Detailed breakdown of payment amounts and dates if payment is in installments
2. List of Claims: Comprehensive list of all claims being settled
3. Related Proceedings: List of all legal proceedings to be discontinued
4. Required Formalities: Checklist of formal requirements under Nigerian law
5. Tax Calculations: Breakdown of tax implications and calculations
6. Form of Release: Template for any additional release documents required
7. Property Schedule: List of any property to be returned or transferred between parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Finance
Insurance
Manufacturing
Oil and Gas
Construction
Real Estate
Technology
Telecommunications
Healthcare
Education
Retail
Transportation
Agriculture
Mining
Professional Services
Public Sector
Relevant Teams
Legal
Human Resources
Finance
Risk Management
Compliance
Corporate Affairs
Operations
Executive Leadership
Claims Management
Corporate Governance
Treasury
Dispute Resolution
Relevant Roles
Legal Counsel
Chief Legal Officer
Human Resources Director
Chief Financial Officer
Risk Manager
Compliance Officer
Company Secretary
Managing Director
Settlement Officer
Claims Manager
Corporate Affairs Manager
Finance Director
Operations Manager
Business Unit Head
General Counsel
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