Unconditional Waiver And Release On Final Payment Template for Nigeria

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Key Requirements PROMPT example:

Unconditional Waiver And Release On Final Payment

"I need an Unconditional Waiver and Release on Final Payment for a construction project in Lagos, Nigeria, where my company (ABC Construction Ltd) is receiving final payment of 25 million Naira from XYZ Developers for the completion of their office complex, with the final payment expected by March 15, 2025."

Document background

The Unconditional Waiver And Release On Final Payment is a critical document used in Nigerian business transactions, particularly in construction and development projects, when a party has received final payment for their work or services. This document is typically executed when all contracted work has been completed and final payment has been received, serving as conclusive evidence that the releasing party has been fully compensated and waives any future rights to claims or liens. It's essential in Nigerian business practice for achieving clear project closure and protecting paying parties from future claims. The document must comply with Nigerian contract law requirements and includes specific details about the project, payment received, and the scope of the release. Unlike conditional releases, this unconditional version becomes effective immediately upon execution, regardless of any future circumstances.

Suggested Sections

1. Parties: Identification of the parties: the Releasor (typically contractor/subcontractor) and the Releasee (typically the property owner/general contractor)

2. Background: Brief description of the project, original contract, and context for the final payment and release

3. Definitions: Key terms used in the document including 'Final Payment', 'Project', 'Claims', and 'Lien Rights'

4. Payment Acknowledgment: Confirmation of the final payment amount received and date of receipt

5. Scope of Release: Comprehensive description of what claims, rights, and demands are being waived and released

6. Warranties and Representations: Confirmations by the releasing party regarding authority to release, no prior assignments of claims, and completion of work

7. Execution: Signature block with date and witness requirements

Optional Sections

1. Exceptions to Release: Used when specific claims or rights need to be preserved despite the general release, such as retention amounts or disputed claims

2. Indemnification: Added when the releasing party needs to provide indemnity against future claims by subcontractors or suppliers

3. Governing Law and Jurisdiction: Include when parties are from different states within Nigeria or when specific jurisdiction needs to be established

4. Conditional Clauses: Used when the release is contingent on specific conditions being met beyond just receipt of payment

Suggested Schedules

1. Schedule A - Payment Details: Detailed breakdown of the final payment amount, including any adjustments or deductions

2. Schedule B - Project Description: Detailed description of the project scope and completed works being released

3. Appendix 1 - Supporting Documents: Copies of relevant payment receipts, completion certificates, or other supporting documentation

4. Appendix 2 - Prior Releases: Copies of any previous progress payment releases or waivers (if applicable)

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

alex.den.21@genieai.co

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Construction

Real Estate Development

Infrastructure

Oil and Gas

Manufacturing

Engineering Services

Mining

Telecommunications

Commercial Development

Industrial Development

Relevant Teams

Legal

Finance

Procurement

Operations

Project Management

Contract Administration

Risk Management

Commercial

Construction Management

Development

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

Procurement Manager

Operations Director

Site Supervisor

Finance Manager

Commercial Director

Project Coordinator

Risk Manager

Claims Manager

Development Manager

Find the exact document you need

Unconditional Waiver Form

A Nigerian law-governed document facilitating the unconditional waiver of rights or claims between parties, with comprehensive protection mechanisms and compliance with local regulations.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Unconditional Waiver And Release On Final Payment

Authors

Alex Denne

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