Document background
The Memorandum Agreement Between Two Parties is a crucial legal instrument in Nigerian business practice, typically used when two entities wish to formalize their business relationship or collaboration. This document type is particularly relevant when parties need to establish clear terms of engagement while maintaining flexibility in their arrangement. It combines elements of both formal contracts and memoranda of understanding, making it suitable for various business contexts from simple commercial arrangements to complex partnership structures. The agreement must comply with Nigerian contract law principles, including the Contract Law Act and Stamp Duties Act, and should be properly executed to ensure enforceability. It's commonly used for business partnerships, joint ventures, service agreements, and other commercial arrangements where parties need to document their mutual understanding and obligations.
