The Termination of Collaboration Agreement is essential when parties wish to formally end their business collaboration in Nigeria. This document is typically used when joint ventures, strategic partnerships, or other collaborative business arrangements need to be concluded, whether by mutual agreement or as stipulated in the original collaboration terms. The agreement ensures compliance with Nigerian corporate law, particularly the Companies and Allied Matters Act (CAMA) 2020 and relevant commercial regulations. It covers critical aspects such as financial settlements, asset distribution, confidentiality maintenance, and ongoing obligations post-termination. The document is particularly important in the Nigerian business context, where clear documentation of business relationship conclusions is crucial for legal certainty and future reference.
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1. Parties: Identification of all parties to the termination agreement, including their full legal names, registration numbers, and registered addresses
2. Background: Reference to the original collaboration agreement, its date, and brief description of why the parties are entering into this termination agreement
3. Definitions: Key terms used in the agreement, including terms carried over from the original collaboration agreement that remain relevant
4. Termination: Clear statement of termination, specifying the effective date and acknowledgment by all parties
5. Settlement of Accounts: Provisions for the settlement of any outstanding financial obligations between the parties
6. Return of Property: Requirements for the return or destruction of confidential information, materials, and other property
7. Mutual Release: Release of claims and obligations between the parties, except as specifically preserved in the termination agreement
8. Surviving Obligations: Identification of provisions from the original agreement that will survive termination
9. Confidentiality: Ongoing obligations regarding confidentiality and non-disclosure
10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and choice of jurisdiction for disputes
11. Entire Agreement: Confirmation that this document represents the entire agreement regarding the termination
1. Non-Compete Obligations: Post-termination competitive restrictions, if applicable to the original agreement and intended to survive
2. Intellectual Property Rights: Specific provisions regarding ownership and use of IP following termination, if relevant
3. Employee Non-Solicitation: Restrictions on hiring each other's employees, if relevant to the business relationship
4. Tax Provisions: Specific tax-related obligations and allocations, if significant tax implications exist
5. Transition Assistance: Provisions for transitional support or handover of operations, if required
6. Public Announcements: Requirements for coordinating public communications about the termination, if parties are public entities or if public disclosure is necessary
7. Force Majeure Resolution: If termination is due to force majeure, specific provisions addressing the circumstances
1. Schedule 1 - Settlement Statement: Detailed breakdown of all financial settlements, including any outstanding payments or adjustments
2. Schedule 2 - Property Inventory: List of all physical and intellectual property to be returned or transferred between parties
3. Schedule 3 - Surviving Provisions: Detailed list of specific clauses from the original agreement that will survive termination
4. Schedule 4 - Completion Checklist: List of actions to be completed by each party as part of the termination process
5. Appendix A - Original Agreement: Copy of the original collaboration agreement being terminated
6. Appendix B - Release Forms: Standard forms for mutual release of obligations and claims
Authors
Relevant legal definitions
Clauses
Relevant Industries
Oil and Gas
Manufacturing
Technology and Communications
Financial Services
Agriculture and Food Processing
Construction and Real Estate
Healthcare and Pharmaceuticals
Retail and Consumer Goods
Mining and Natural Resources
Professional Services
Education and Training
Logistics and Transportation
Relevant Teams
Legal
Finance
Corporate Affairs
Operations
Compliance
Risk Management
Business Development
Project Management
Corporate Secretariat
Executive Leadership
Relevant Roles
Chief Executive Officer
Managing Director
Chief Legal Officer
Legal Counsel
Chief Financial Officer
Finance Director
Business Development Director
Operations Manager
Project Manager
Compliance Officer
Contract Manager
Partnership Manager
Joint Venture Coordinator
Corporate Secretary
Risk Manager
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