Document background
The Release Indemnification And Hold Harmless Agreement is a crucial risk management tool used in Nigerian business and legal practice when parties need to establish clear boundaries of liability and responsibility. This document is typically employed following dispute settlements, in business transactions, or when establishing new business relationships where risk allocation is essential. It combines three key elements: release of existing or potential claims, indemnification against specific risks, and protection against third-party claims. The agreement must comply with Nigerian contract law and consider local enforcement requirements. It's particularly valuable in situations involving potential liability exposure, such as construction projects, corporate transactions, or service agreements. The document should be customized based on specific circumstances while maintaining its core purpose of risk allocation and liability management.
