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Release Of Contract Letter for Nigeria

Release Of Contract Letter Template for Nigeria

A Release of Contract Letter is a formal document used in Nigerian business practice to mutually terminate an existing contractual relationship between two or more parties. This document, governed by Nigerian contract law and common law principles, serves to officially end contractual obligations while protecting both parties' interests. It includes essential elements such as mutual release clauses, acknowledgment of completed obligations, and provisions for any outstanding matters, ensuring compliance with Nigerian legal requirements for contract termination. The document provides clear documentation of the parties' agreement to end their contractual relationship and can be used as evidence in Nigerian courts if needed.

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What is a Release Of Contract Letter?

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.

What sections should be included in a Release Of Contract Letter?

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

What sections are optional to include in a Release Of Contract Letter?

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

What schedules should be included in a Release Of Contract Letter?

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

Authors

Alex Denne

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

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Release Agreement

Cost

Free to use
Relevant legal definitions
















Clauses

















Relevant Industries

Manufacturing

Technology

Professional Services

Construction

Retail

Healthcare

Financial Services

Education

Real Estate

Energy

Telecommunications

Agriculture

Transportation

Mining

Entertainment

Relevant Teams

Legal

Procurement

Human Resources

Finance

Operations

Administration

Compliance

Contract Management

Business Development

Project Management

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Human Resources Director

Business Development Manager

Project Manager

Chief Executive Officer

Chief Financial Officer

Operations Manager

Commercial Director

Compliance Officer

Administrative Manager

Company Secretary

General Manager

Finance Director

Industries






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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