Document background
The Cancellation Offer Letter is a crucial document used in Nigerian business practice when one party wishes to formally propose the termination of an existing contract. This document is particularly relevant in situations where a mutually agreed termination is sought, rather than a unilateral termination or breach scenario. The letter should comply with Nigerian contract law principles and include essential elements such as clear identification of the original contract, proposed termination terms, financial settlements, and mutual releases. It's commonly used in various commercial contexts, from service agreements to supply contracts, and can be adapted to address specific industry requirements while maintaining its core legal function. The document serves as the initial step in negotiating a contract's end, potentially leading to a formal termination agreement if the offer is accepted.
