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The Termination Of Contract By Mutual Consent Letter is a crucial document used when parties to a contract in Nigeria mutually agree to end their contractual relationship before its natural conclusion. This document is particularly valuable when both parties wish to maintain good business relations while formally concluding their obligations. It serves as official documentation of the agreement to terminate, protecting all parties' interests under Nigerian law. The letter should include essential elements such as reference to the original contract, effective termination date, settlement terms, and any surviving obligations. It's commonly used in various business contexts, from employment contracts to service agreements, and must comply with Nigerian Contract Law and relevant statutes. This document type is especially important as it helps prevent future disputes by clearly documenting the terms of separation and mutual release.

1. Letter Header: Date, recipient's name, address, and reference number of the original contract

2. Subject Line: Clear indication that this is a mutual termination of contract

3. Opening Statement: Reference to the original contract including date and parties involved

4. Termination Statement: Clear statement of mutual agreement to terminate and effective date

5. Settlement of Accounts: Statement regarding the settlement of any outstanding payments or obligations

6. Mutual Release: Statement releasing both parties from future obligations under the contract

7. Return of Property: Arrangements for returning any company property, documents, or materials

8. Acknowledgment: Confirmation that both parties understand and agree to the terms

9. Signatures: Space for both parties to sign and date the letter