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The Voluntary Resignation In Lieu Of Termination agreement is utilized in situations where both employer and employee agree to characterize the end of employment as a resignation rather than a termination. This approach is common in Nigerian corporate practice when organizations wish to provide employees with a more dignified exit option that may be more favorable for their future employment prospects. The document is structured to comply with Nigerian employment laws, including the Labour Act and relevant state-level regulations, while protecting both parties' interests. It typically includes comprehensive details about financial settlements, benefits continuation, confidentiality obligations, and mutual releases. This type of agreement is particularly relevant in situations involving senior employees or sensitive departures where maintaining professional relationships and reputation management are priorities.

1. Parties: Identification of the employer and employee, including full legal names and addresses

2. Background: Context of the agreement, including employment history and circumstances leading to the voluntary resignation

3. Definitions: Key terms used throughout the agreement

4. Voluntary Resignation: Clear statement of voluntary resignation, effective date, and acknowledgment that this is in lieu of termination

5. Final Payment Terms: Details of salary, benefits, and any other payments due up to the last day of employment

6. Settlement Payment: Any additional payments or benefits being offered as part of the resignation agreement

7. Company Property: Requirements for return of company property and documents

8. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets

9. Release and Waiver: Mutual release of claims between parties

10. References: Agreement on how future employment references will be handled

11. Tax Implications: Statement on tax treatment of payments and each party's responsibilities

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

13. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties