The Contract Renewal Proposal is a crucial document in Nigerian business practice, typically used when an existing contract is approaching its expiration date and parties wish to continue their business relationship. This document type is essential in maintaining business continuity while allowing for necessary updates to terms and conditions. The proposal should be prepared several months before the current contract's expiration to allow adequate time for negotiation. It must comply with Nigerian contract law requirements and include specific references to the original agreement, proposed modifications, and justifications for any changes. The document serves as a foundation for renewal negotiations and should be drafted with consideration for both parties' interests, market conditions, and any relevant regulatory changes that have occurred since the original contract was executed.
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1. Parties: Full legal names and addresses of all parties involved in the original contract and renewal
2. Background: Reference to the original agreement, its commencement date, and current expiration date
3. Definitions: Key terms used in the proposal, including any new terms not present in the original agreement
4. Proposed Renewal Term: Specific duration of the proposed renewal period
5. Current Performance Summary: Brief overview of the contract's performance to date
6. Proposed Changes: Detailed outline of any proposed modifications to the original agreement
7. Financial Terms: Proposed pricing, payment terms, or financial adjustments
8. Timeline: Proposed timeline for negotiation and execution of the renewal
9. Response Requirements: Instructions for responding to the proposal and deadline for response
1. Market Analysis: Include when justifying price changes or service modifications based on market conditions
2. Performance Improvements: Include when proposing new KPIs or service level improvements
3. Technology Updates: Include when proposing new technical requirements or digital solutions
4. Compliance Updates: Include when new regulatory requirements need to be addressed in the renewal
5. Risk Assessment: Include when significant changes in risk allocation are proposed
6. Sustainability Measures: Include when proposing new environmental or social responsibility provisions
1. Schedule A - Pricing Schedule: Detailed breakdown of current and proposed pricing structures
2. Schedule B - Performance Metrics: Current and proposed performance indicators and targets
3. Schedule C - Service Specifications: Detailed technical or service specifications with proposed updates
4. Appendix 1 - Historical Performance Data: Statistical data showing contract performance history
5. Appendix 2 - Market Comparison: Comparative analysis supporting proposed changes
6. Appendix 3 - Implementation Timeline: Detailed timeline for implementing proposed changes
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