Document background
The Termination of Agency Agreement and Release is a critical document used when parties wish to formally end their agency relationship in Nigeria. It's particularly important when there's a need to clearly document the cessation of the agency relationship, settle all outstanding matters, and ensure both parties are protected from future claims. This document type is commonly used in situations where business relationships need to be concluded amicably, whether due to strategic changes, performance issues, or mutual agreement to end the relationship. The agreement must comply with Nigerian contract law and commercial agency regulations, addressing key aspects such as final commission payments, customer transitions, confidentiality obligations, and the return of business assets. It typically includes comprehensive release clauses to prevent future disputes and clearly defined post-termination obligations.
