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Temporary Partnership Agreement for Nigeria

Temporary Partnership Agreement Template for Nigeria

A comprehensive legal document governed by Nigerian law that establishes a temporary business partnership between two or more parties for a specific duration or project. This agreement outlines the terms and conditions of the partnership, including capital contributions, profit-sharing arrangements, management responsibilities, and termination provisions. It complies with Nigerian Partnership Act requirements and CAMA 2020 regulations, providing a structured framework for temporary business collaborations while protecting the interests of all parties involved.

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Temporary Partnership Agreement

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What is a Temporary Partnership Agreement?

The Temporary Partnership Agreement is a crucial legal instrument used in Nigeria when two or more parties wish to establish a time-limited business collaboration. This document is particularly valuable for project-specific ventures, seasonal businesses, or trial partnerships where parties want to assess compatibility before committing to a long-term arrangement. It must comply with Nigerian legislation, particularly the Partnership Act and CAMA 2020, and includes essential provisions for capital contributions, profit sharing, management structure, and partnership dissolution. The agreement is commonly used in situations requiring combined expertise, resources, or market access for a defined period, offering flexibility while maintaining legal protection for all parties involved.

What sections should be included in a Temporary Partnership Agreement?

1. Parties: Identification and details of all partners entering the temporary partnership

2. Background: Context of the partnership formation and purpose of the temporary arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Partnership Duration: Specific timeframe of the partnership and conditions for extension if applicable

5. Purpose and Scope: Detailed description of partnership business activities and limitations

6. Capital Contributions: Details of initial and any subsequent capital contributions by partners

7. Profit and Loss Sharing: Formula and mechanics for distributing profits and losses

8. Management and Decision Making: Partnership management structure and decision-making processes

9. Banking and Financial Matters: Banking arrangements and financial management procedures

10. Partner Duties and Obligations: Specific responsibilities and commitments of each partner

11. Termination and Dissolution: Conditions and procedures for early termination or natural conclusion

12. Accounts and Records: Requirements for maintaining partnership financial records and accounts

13. Governing Law: Specification of Nigerian law as governing law and jurisdiction

14. Dispute Resolution: Procedures for resolving disputes between partners

What sections are optional to include in a Temporary Partnership Agreement?

1. Non-Competition: Restrictions on partners competing with partnership business during and after the term

2. Intellectual Property Rights: Management of IP created during the partnership, used when IP creation is expected

3. Insurance: Insurance requirements and obligations, relevant for high-risk activities

4. Assignment and Transfer: Rules for transferring partnership interests, if permitted

5. Force Majeure: Provisions for unforeseen circumstances affecting partnership operations

6. Confidentiality: Protection of partnership and partner confidential information

7. External Communications: Protocols for public announcements and partner communications

8. Additional Capital Calls: Procedures for requesting additional capital, if anticipated

What schedules should be included in a Temporary Partnership Agreement?

1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial capital contributions

2. Schedule 2: Profit Sharing Ratios: Specific percentages and calculation methods for profit distribution

3. Schedule 3: Partner Contact Details: Complete contact information for all partners and authorized representatives

4. Schedule 4: Business Plan: Outline of partnership business objectives and operational strategy

5. Schedule 5: Assets Register: List of all assets contributed to or owned by the partnership

6. Appendix A: Partnership Procedures: Detailed operational procedures and protocols

7. Appendix B: Required Licenses: Copies or details of necessary business licenses and permits

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

Cost

Free to use
Relevant legal definitions



































Clauses







































Relevant Industries

Construction

Real Estate Development

Information Technology

Professional Services

Manufacturing

Agriculture

Oil and Gas

Renewable Energy

Consulting

Event Management

Project Development

Trading and Distribution

Education and Training

Healthcare Services

Infrastructure Development

Relevant Teams

Legal

Business Development

Commercial

Operations

Finance

Risk and Compliance

Strategic Planning

Corporate Affairs

Project Management

Investment

Relevant Roles

Business Development Manager

Legal Counsel

Contract Manager

Project Manager

Managing Director

Chief Executive Officer

Operations Manager

Partnership Coordinator

Commercial Director

Chief Financial Officer

Risk Manager

Compliance Officer

Business Owner

Investment Manager

Strategic Planning 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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