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Unconditional Final Release Template for Nigeria

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Key Requirements PROMPT example:

Unconditional Final Release

"I need an Unconditional Final Release for my construction company (Lagos Builder Ltd) to settle all outstanding claims with our subcontractor (Express Works Nigeria) relating to the Victoria Island Development Project, with a settlement amount of ₦50 million to be paid by March 15, 2025."

Document background
The Unconditional Final Release is a crucial legal instrument used in Nigerian business and legal practice to conclusively settle disputes and waive all claims between parties. It serves as a definitive end to actual or potential legal disputes, providing certainty and closure for all parties involved. This document is commonly used following settlement negotiations, at the conclusion of projects, or as part of broader transaction closings. The unconditional nature of the release means that once executed, it cannot be revoked or challenged except in very limited circumstances under Nigerian law. The document must comply with Nigerian contract law requirements, including proper consideration, capacity to contract, and formal execution requirements. It's particularly important in commercial transactions where parties seek to achieve a clean break and prevent future litigation.
Suggested Sections

1. Parties: Identification of the releasing party (releasor) and the party being released (releasee), including full legal names and addresses

2. Background: Brief context of the relationship between parties and circumstances leading to the release

3. Definitions: Key terms used in the release, including 'Claims', 'Effective Date', and any specific terms relevant to the release

4. Consideration: Statement of the consideration being provided in exchange for the release

5. Release: Core provision detailing the unconditional and final release of all claims

6. No Admission of Liability: Statement that the release does not constitute an admission of liability by any party

7. Binding Effect: Clause establishing the binding nature of the release on parties' heirs, successors, and assigns

8. Governing Law: Specification that Nigerian law governs the release

9. Execution: Formal execution block including signature lines, witness provisions, and date

Optional Sections

1. Confidentiality: Optional clause when parties wish to keep the terms of the release confidential

2. Specific Exclusions: Used when certain claims or rights need to be specifically excluded from the scope of the release

3. Return of Property: Include when there is physical or intellectual property to be returned between parties

4. Non-Disparagement: Optional clause preventing parties from making negative statements about each other

5. Severability: Include when document complexity warrants protection of remaining provisions if some are found invalid

6. Future Cooperation: Used when parties need to specify any ongoing obligations or cooperation requirements

Suggested Schedules

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

2. Schedule B - Payment Details: If consideration involves payment, details of payment terms and methods

3. Schedule C - Related Parties: List of affiliated entities or individuals covered by the release

4. Appendix 1 - Supporting Documents: References to any relevant agreements, court cases, or other documents pertinent to the release

Authors

Alex Denne

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

Relevant legal definitions




























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Relevant Industries

Construction

Oil and Gas

Manufacturing

Financial Services

Insurance

Real Estate

Healthcare

Mining

Transportation

Technology

Telecommunications

Professional Services

Agriculture

Maritime

Relevant Teams

Legal

Finance

Risk Management

Compliance

Operations

Project Management

Corporate Secretariat

Business Development

Executive Leadership

Dispute Resolution

Relevant Roles

Chief Executive Officer

Managing Director

Legal Counsel

Contract Manager

Risk Manager

Chief Financial Officer

Project Manager

Claims Manager

Compliance Officer

Settlement Officer

Business Development Manager

Operations Director

Company Secretary

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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