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The Time Waiver agreement is a crucial legal instrument used in Nigerian business and legal practice when parties need to preserve legal rights beyond statutory limitation periods. It is particularly valuable in complex disputes, corporate transactions, or situations where parties are engaged in ongoing negotiations and need additional time to resolve matters without the pressure of imminent limitation deadlines. The document specifies which limitation periods are being modified, the duration of the extension, and includes necessary legal safeguards to ensure validity under Nigerian law. This type of agreement is commonly used in conjunction with settlement negotiations, due diligence processes, or when investigating potential claims where the standard limitation period might expire before the matter can be fully resolved.

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, including reference to any underlying disputes, claims, or circumstances necessitating the time waiver

3. Definitions: Key terms used in the agreement, including specific definition of the claims or rights affected and relevant time periods

4. Scope of Waiver: Detailed description of which limitation periods are being waived or extended, and for which specific claims or rights

5. Duration: The specific time period for which the waiver extends, including start and end dates

6. Acknowledgments: Parties' acknowledgments of their understanding of their rights and the effect of the waiver

7. Preservation of Rights: Confirmation that all other rights and defenses remain unaffected by the waiver

8. Governing Law: Confirmation that Nigerian law governs the agreement

9. Entire Agreement: Statement that this document represents the entire agreement regarding the time waiver

10. Execution: Signature blocks and execution requirements