Release Of Indemnity

Release Of Indemnity Template for Nigeria

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Key Requirements PROMPT example:

"I need a Release of Indemnity agreement for my construction company in Lagos, releasing all claims against our subcontractor following the successful completion of a major building project in March 2025, including protection against any future claims related to the construction work."

Document background

The Release of Indemnity is a crucial legal instrument in Nigerian business and personal transactions, used when one party wishes to release another from legal obligations, liabilities, or potential claims. This document is particularly relevant in scenarios involving settlement of disputes, completion of projects, or termination of business relationships. The agreement must conform to Nigerian legal requirements, including proper execution, consideration, and compliance with both federal and state laws. It serves as a protective mechanism for businesses and individuals, offering clarity and finality in various transactions. The document typically includes specific details about the released claims, any consideration provided, and the scope of the release, making it an essential tool for risk management and dispute resolution in the Nigerian legal context.

Suggested Sections

1. Parties: Identifies and defines the Releasor (party providing the release) and Releasee (party being released), including full legal names and addresses

2. Background: Explains the context and circumstances leading to the release of indemnity, including reference to any preceding events, claims, or agreements

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Release and Discharge: Core section stating the specific claims, rights, or obligations being released and the scope of the release

5. Consideration: States the consideration being provided in exchange for the release, making the agreement legally binding

6. Representations and Warranties: Statements by the Releasor confirming their authority to grant the release and understanding of its implications

7. Governing Law: Specifies that Nigerian law governs the agreement and identifies relevant jurisdiction

8. Execution: Formal signing section including date and witness provisions as required under Nigerian law

Optional Sections

1. Future Claims: Optional clause explicitly addressing whether future or unknown claims are included in the release

2. Confidentiality: Added when parties wish to keep the terms and existence of the release confidential

3. Non-Admission of Liability: Used when the Releasee wishes to explicitly state that the release does not constitute an admission of liability

4. Severability: Included to ensure that if any provision is found invalid, the rest of the agreement remains enforceable

5. Assignment: Added when there's a need to address whether rights under the release can be assigned to other parties

6. Third Party Rights: Included when the release needs to extend to or affect rights of parties beyond the primary Releasor and Releasee

Suggested Schedules

1. Schedule A - Released Claims: Detailed list of specific claims, rights, or obligations being released

2. Schedule B - Related Agreements: List of any related agreements or documents referenced in the release

3. Schedule C - Payment Details: If monetary consideration is involved, details of payment terms and arrangements

4. Appendix 1 - Supporting Documents: Copies of relevant supporting documentation referenced in the release

5. Appendix 2 - Corporate Authorizations: If parties are corporate entities, relevant board resolutions or authorizations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Construction

Manufacturing

Oil and Gas

Banking and Finance

Insurance

Real Estate

Healthcare

Transportation and Logistics

Mining

Technology

Professional Services

Energy

Relevant Teams

Legal

Risk Management

Compliance

Finance

Operations

Corporate Affairs

Insurance

Claims

Project Management

Business Development

Executive Leadership

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Contract Administrator

Chief Legal Officer

Project Manager

Operations Director

Chief Financial Officer

Insurance Manager

Claims Manager

Business Development Manager

Corporate Secretary

Managing Director

Chief Executive Officer

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