The Termination of Management Agreement is a crucial document used when parties wish to formally end their existing management services relationship in Nigeria. It is particularly relevant when companies restructure their operations, change service providers, or bring management functions in-house. This document ensures compliance with Nigerian corporate law, including the Companies and Allied Matters Act (CAMA) 2020, and addresses essential elements such as outstanding payments, transitional arrangements, and ongoing obligations. The agreement protects both parties' interests by clearly defining the termination terms, release of liabilities, and post-termination obligations. It is commonly used across various industries where external management services are prevalent and requires careful consideration of corporate governance requirements, regulatory obligations, and potential tax implications under Nigerian law.
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1. Parties: Identification of all parties to the termination agreement, including full legal names, registration numbers, and registered addresses
2. Background: Brief recital of the original management agreement, its date, and key terms, and the circumstances leading to termination
3. Definitions: Definitions of key terms used in the agreement, including references to defined terms from the original agreement that remain relevant
4. Termination: Clear statement of termination, effective date, and mutual agreement of the parties
5. Outstanding Obligations: Statement of any remaining obligations, payments, or duties to be fulfilled by either party
6. Return of Property: Requirements for the return of company property, documents, data, and other materials
7. Confidentiality: Ongoing obligations regarding confidential information and trade secrets
8. Release and Waiver: Mutual release from future claims related to the management agreement
9. Governing Law: Confirmation that Nigerian law governs the termination agreement
10. Execution: Signature blocks and execution requirements
1. Transition Arrangements: Details of handover process and transition period, if applicable
2. Non-Compete and Non-Solicitation: Restrictions on future competitive activities and employee solicitation, if agreed
3. Surviving Provisions: Identification of provisions from original agreement that survive termination
4. Tax Provisions: Specific arrangements regarding tax liabilities and obligations
5. Dispute Resolution: Specific procedures for resolving disputes, if different from original agreement
6. Public Announcements: Requirements for public communications about the termination, particularly relevant for listed companies
7. Employee Matters: Provisions dealing with affected employees, if management included staff supervision
8. Intellectual Property Rights: Specific provisions regarding IP rights and licenses post-termination
1. Schedule 1 - Original Management Agreement: Copy or summary of the original management agreement being terminated
2. Schedule 2 - Outstanding Payments: Detailed list of any outstanding payments, fees, or financial obligations
3. Schedule 3 - Company Property Inventory: List of all company property, documents, and materials to be returned
4. Schedule 4 - Transition Plan: Detailed timeline and responsibilities for transition of management duties
5. Schedule 5 - Surviving Obligations: Comprehensive list of obligations that survive termination
6. Appendix A - Required Regulatory Filings: List of any necessary regulatory notifications or filings required under Nigerian law
7. Appendix B - Board Resolutions: Copies of relevant board resolutions authorizing the termination
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Real Estate
Hospitality
Manufacturing
Energy and Natural Resources
Technology
Healthcare
Infrastructure
Retail
Agriculture
Telecommunications
Relevant Teams
Legal
Finance
Operations
Human Resources
Compliance
Risk Management
Corporate Secretariat
Facilities Management
Project Management
Executive Leadership
Board of Directors
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
Chief Operating Officer
Legal Counsel
Corporate Secretary
Operations Director
Facility Manager
Contract Manager
Human Resources Director
Risk Manager
Compliance Officer
Board Member
General Manager
Project Manager
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