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Release And Indemnity Agreement

Release And Indemnity Agreement Template for Nigeria

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Key Requirements PROMPT example:

Release And Indemnity Agreement

"I need a Release and Indemnity Agreement for a construction project completion in Lagos, Nigeria, where our company (as the main contractor) will be released from future claims by the property developer, with specific provisions for latent defects discovered after March 2025."

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Document background
The Release And Indemnity Agreement is a crucial legal instrument in Nigerian business and civil matters, typically used when parties seek to resolve existing disputes, manage potential risks, or conclude transactions. This document is essential in situations where one party wishes to be released from liability for specific claims or incidents, while also providing indemnification protection against future claims or losses. The agreement must comply with Nigerian contract law principles and includes specific provisions required by Nigerian legislation, such as the Evidence Act 2011 and Stamp Duties Act. It's commonly used in corporate transactions, settlement of disputes, employment terminations, and risk management scenarios where parties need to clearly define their rights, obligations, and liabilities.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including the releasor(s) and releasee(s)

2. Background: Provides context for the agreement, including relevant events, relationships, or circumstances leading to the release and indemnity

3. Definitions: Defines key terms used throughout the agreement

4. Release: Details the specific claims, rights, and causes of action being released

5. Indemnification: Specifies the scope and terms of indemnification, including obligations and procedures

6. Consideration: States the consideration being provided in exchange for the release and indemnity

7. Representations and Warranties: Sets forth the parties' representations regarding their authority, understanding, and capacity to enter into the agreement

8. No Admission of Liability: Clarifies that the agreement does not constitute an admission of liability by any party

9. Governing Law: Specifies Nigerian law as the governing law and jurisdiction for disputes

10. Entire Agreement: Confirms that the document represents the complete agreement between the parties

11. Execution: Provides for signature blocks and execution requirements

Optional Sections

1. Confidentiality: Include when the parties wish to keep the terms of the agreement and underlying dispute confidential

2. Corporate Authority: Include when one or more parties are corporate entities, confirming their authority to enter into the agreement

3. Future Claims: Include when the release should explicitly address potential future claims

4. Insurance: Include when indemnification obligations should be supported by insurance coverage

5. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before litigation

6. Severability: Include when parties want to ensure partial enforcement if some provisions are found invalid

7. Language Confirmation: Include when any party is not fluent in English, confirming understanding of terms

8. Third Party Rights: Include when the release or indemnity extends to or affects third parties

Suggested Schedules

1. Schedule of Released Claims: Detailed list of specific claims, causes of action, or rights being released

2. Schedule of Related Parties: List of affiliated parties covered by the release and indemnity

3. Schedule of Excluded Claims: List of specific claims or rights explicitly excluded from the release

4. Schedule of Indemnified Matters: Detailed description of matters covered by the indemnification

5. Schedule of Insurance Requirements: Specific insurance requirements to support indemnification obligations

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Construction

Oil and Gas

Manufacturing

Financial Services

Real Estate

Healthcare

Technology

Transportation and Logistics

Mining

Professional Services

Retail

Education

Relevant Teams

Legal

Risk Management

Compliance

Human Resources

Finance

Operations

Corporate Affairs

Insurance

Claims Management

Project Management

Relevant Roles

Legal Counsel

Risk Manager

Compliance Officer

Contract Manager

Chief Legal Officer

Chief Financial Officer

Human Resources Director

Operations Manager

Project Manager

Business Development Manager

Corporate Secretary

Claims Manager

Insurance Manager

Settlement Officer

Industries
Nigerian Contract Act: Establishes the basic requirements for valid contracts including offer, acceptance, consideration, capacity to contract, and free consent
Law of Torts (Common Law as applicable in Nigeria): Governs civil wrongs and establishes principles of liability that may be subject to release or indemnification
Limitation Law: Sets time limits within which legal actions must be commenced and affects the enforceability of release and indemnity provisions
Evidence Act 2011: Governs the admissibility of evidence in Nigerian courts, including written agreements and electronic documents
Illiterate Protection Act: Requires special provisions when one of the parties is illiterate to ensure they understand the terms of the agreement
Companies and Allied Matters Act (CAMA) 2020: If any party is a company, this act governs their capacity to enter into contracts and provide indemnities
Stamp Duties Act: Requires certain documents to be stamped to be admissible in evidence and enforceable in Nigerian courts
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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