The Release Of Contract Letter is a crucial document in Nigerian business operations used when parties mutually agree to terminate their contractual relationships before the natural expiration date or upon completion of obligations. This document is essential in various scenarios, including completion of projects, early termination of services, or cessation of business relationships. Under Nigerian law, it must clearly state the parties' intention to terminate the contract, acknowledge any completed obligations, address outstanding matters, and include mutual releases from future liabilities. The document should comply with Nigerian contract law principles and may need to be properly stamped under the Stamp Duties Act to be admissible in court. It serves as crucial evidence of the proper termination of contractual obligations and helps prevent future disputes by clearly documenting the terms of the release.
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1. Letterhead and Date: Company letterhead (if applicable) and current date of the release letter
2. Recipient Details: Full name and address of the recipient party
3. Subject Line: Clear indication that this is a Release of Contract Letter with reference to the original contract
4. Contract Reference: Specific details of the original contract including date, parties involved, and contract reference number
5. Termination Statement: Clear statement of mutual agreement to terminate the contract and the effective date
6. Release Clause: Mutual release of parties from future obligations and liabilities
7. Acknowledgment of Completion: Statement confirming all deliverables and obligations have been met
8. Signature Block: Space for signatures of authorized representatives from both parties, with names and titles
1. Outstanding Payments: Include when there are final payments or financial settlements to be addressed
2. Surviving Obligations: When certain contract provisions need to survive the termination (e.g., confidentiality, non-compete)
3. Return of Property: When physical or intellectual property needs to be returned or transferred
4. Dispute Resolution: Include if there are specific procedures for handling any future disputes
5. Non-Disparagement: When parties wish to include provisions about maintaining professional conduct and avoiding negative statements
6. Legal Review Statement: Statement acknowledging that parties have had the opportunity to seek legal counsel
1. Financial Settlement Schedule: Detailed breakdown of any final payments, refunds, or financial settlements
2. Property Transfer List: Itemized list of any physical or intellectual property to be returned or transferred
3. Outstanding Obligations Checklist: List of any remaining tasks or obligations to be completed before or after termination
4. Original Contract Reference: Copy or summary of the original contract being terminated
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