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Standard Indemnification Agreement Template for Nigeria

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Key Requirements PROMPT example:

Standard Indemnification Agreement

"I need a Standard Indemnification Agreement for my tech company based in Lagos, which will be providing software services to a major telecommunications company, with coverage specifically for intellectual property claims and data breaches."

Document background
The Standard Indemnification Agreement is a crucial legal document used in Nigerian business transactions to allocate risk and provide protection against potential losses or liabilities. This agreement is commonly employed when parties enter into business relationships where one party needs to be protected from potential claims, losses, or damages arising from specific activities or circumstances. The document, governed by Nigerian law, outlines the scope of indemnification, claim procedures, and enforcement mechanisms. It is particularly relevant in corporate transactions, service agreements, and business partnerships where risk allocation is essential. The Standard Indemnification Agreement includes provisions compliant with Nigerian legislation, including the Companies and Allied Matters Act 2020 and relevant contract laws, making it suitable for both domestic and international business arrangements within the Nigerian jurisdiction.
Suggested Sections

1. Parties: Identification and details of the Indemnitor and Indemnitee

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement including 'Indemnified Losses', 'Claims', 'Indemnification Period'

4. Scope of Indemnification: Detailed description of what losses, damages, or claims are covered by the indemnification

5. Indemnification Procedure: Process for making claims, notice requirements, and handling of claims

6. Duration: Term of the indemnification obligations and survival periods

7. Limitations on Liability: Caps, exclusions, and limitations on the indemnification obligations

8. Notice Requirements: Procedures and timeframes for providing notice of claims

9. Defense of Claims: Rights and obligations regarding the defense of third-party claims

10. Payment and Reimbursement: Terms for payment of indemnified amounts and reimbursement procedures

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Insurance Requirements: Required when specific insurance coverage is necessary to support indemnification obligations

2. Security for Indemnification: Used when collateral or security is required to secure the indemnification obligations

3. Third Party Rights: Required when indemnification extends to affiliated parties or other third parties

4. Subrogation Rights: Include when specifying rights of the indemnitor to pursue claims against third parties

5. Alternative Dispute Resolution: Optional section for specifying mediation or arbitration procedures

6. Force Majeure: Include when certain events should excuse or modify indemnification obligations

7. Confidentiality: Required when the agreement involves sensitive information or trade secrets

Suggested Schedules

1. Schedule A - Specific Indemnified Events: Detailed list of specific events, activities, or circumstances covered by the indemnification

2. Schedule B - Excluded Claims: List of specific exclusions from the indemnification coverage

3. Schedule C - Claim Notice Form: Template for submitting indemnification claims

4. Schedule D - Calculation of Losses: Methodology for calculating indemnifiable losses

5. Appendix 1 - Corporate Authorizations: Copies of relevant corporate authorizations for entering into the agreement

6. Appendix 2 - Insurance Certificates: Copies of required insurance certificates when applicable

Authors

Alex Denne

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

Relevant legal definitions






























Clauses

























Relevant Industries

Financial Services

Manufacturing

Oil and Gas

Technology

Construction

Healthcare

Real Estate

Professional Services

Retail

Transportation and Logistics

Energy

Telecommunications

Agriculture

Mining

Relevant Teams

Legal

Risk Management

Compliance

Finance

Corporate Secretariat

Operations

Business Development

Commercial

Executive Leadership

Project Management

Relevant Roles

Legal Counsel

Chief Legal Officer

Risk Manager

Compliance Officer

Contract Manager

Chief Financial Officer

Business Development Manager

Corporate Secretary

Managing Director

Chief Executive Officer

Operations Director

Project Manager

Commercial Director

General Counsel

Finance Director

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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