Document background
The Settlement Agreement And General Release is a critical legal document used in Nigerian business and legal practice to formally resolve disputes and prevent future litigation. It is typically employed when parties have reached an agreement to settle their differences, whether arising from commercial transactions, employment relationships, contractual disputes, or other conflicts. The document must comply with Nigerian contract law principles and include specific provisions required under Nigerian jurisdiction, such as proper stamping under the Stamp Duties Act. This agreement comprehensively documents the settlement terms, including any monetary payments, releases of claims, confidentiality obligations, and non-disparagement provisions. It serves as a binding contract that prevents parties from pursuing further legal action regarding the settled matters and provides clarity on the rights and obligations of all involved parties.
