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The Deed of Settlement and Release is a crucial legal instrument in Nigerian business and legal practice, used to formalize the resolution of disputes and provide legally binding closure to claims between parties. It is particularly valuable when parties wish to achieve a final and conclusive settlement of their differences, whether arising from commercial transactions, employment relationships, property disputes, or other contentious matters. This document type must comply with Nigerian deed execution requirements and includes essential elements such as consideration, release provisions, and settlement terms. It's commonly used in situations where parties want to avoid or terminate litigation, resolve complex commercial disputes, or settle employment-related claims. The deed must be properly stamped and may require registration under Nigerian law depending on the nature of the settlement.

1. Parties: Detailed identification of all parties to the deed, including full legal names, addresses, and registration details for corporate entities

2. Background/Recitals: Sets out the context of the dispute or claim being settled, including relevant history and existing relationships between the parties

3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes interpretation rules

4. Settlement Sum: Details of any monetary settlement, payment terms, and payment method

5. Settlement Terms: The core terms of the settlement including actions to be taken by each party

6. Release and Discharge: Comprehensive release provisions detailing what claims are being released and the scope of the release

7. Confidentiality: Obligations regarding confidentiality of the settlement terms and dispute

8. Non-Admission of Liability: Statement that the settlement does not constitute admission of liability by any party

9. Warranties and Representations: Confirmations and promises made by each party regarding their capacity and authority to enter into the deed

10. Entire Agreement: Confirmation that the deed represents the entire agreement between the parties

11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and establishes jurisdiction for disputes

12. Execution: Formal execution provisions including attestation requirements