The Termination of Contract by Agreement is a crucial document used when parties mutually decide to end their contractual relationship under Nigerian law. It is particularly relevant when both parties wish to formally document their agreement to terminate their obligations while ensuring all outstanding matters are properly addressed. This document is essential in various business contexts, from simple service agreements to complex commercial relationships, and should be used whenever a clear record of the termination terms is needed. The agreement typically includes provisions for final settlements, mutual releases, and any continuing obligations, ensuring compliance with Nigerian contract law and protecting all parties' interests. It's especially important in the Nigerian business environment where formal documentation of contractual changes 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 and addresses
2. Background: Recitals detailing the original contract, its date, and key terms, and the parties' wish to terminate by mutual agreement
3. Definitions: Definitions of key terms used in the termination agreement
4. Termination Date: Clear specification of when the original contract will terminate
5. Mutual Release: Provisions releasing both parties from their obligations under the original contract
6. Settlement of Accounts: Details of any final payments or financial settlements between the parties
7. Return of Property: Requirements for returning any property, documents, or materials belonging to either party
8. Confidentiality: Continuation of any confidentiality obligations post-termination
9. Governing Law: Confirmation that Nigerian law governs the termination agreement
10. Execution: Signature blocks and execution requirements
1. Survival Clauses: Identifies which provisions from the original contract survive termination - include if any obligations need to continue
2. Transition Arrangements: Details of how ongoing matters will be handled - include if there are incomplete transactions or processes
3. Non-Compete/Non-Solicitation: Provisions restricting future competitive activities - include if relevant to business protection
4. Tax Provisions: Handling of tax matters - include if there are significant tax implications
5. Dispute Resolution: Specific procedures for resolving disputes - include if standard governing law provisions are insufficient
6. Public Announcements: Controls on public statements about the termination - include for high-profile or sensitive terminations
1. Original Contract: Copy of the contract being terminated
2. Payment Schedule: Detailed breakdown of any final payments or settlements
3. Asset Register: List of assets to be returned or transferred between parties
4. Outstanding Obligations: List of any obligations that survive termination
5. Transition Plan: Detailed timeline and responsibilities for transition activities
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Oil and Gas
Technology
Financial Services
Construction
Retail
Healthcare
Telecommunications
Agriculture
Education
Professional Services
Real Estate
Mining
Transportation
Energy
Relevant Teams
Legal
Procurement
Operations
Finance
Compliance
Risk Management
Commercial
Business Development
Contract Administration
Corporate Secretariat
Supply Chain
Project Management
Relevant Roles
Chief Executive Officer
Managing Director
Legal Counsel
Contract Manager
Procurement Manager
Business Development Manager
Operations Director
Chief Financial Officer
Project Manager
Commercial Director
Risk Manager
Compliance Officer
General Counsel
Company Secretary
Business Unit Head
Supply Chain Manager
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