The Hardship Waiver is a crucial document in Nigerian commercial practice, particularly relevant in times of economic uncertainty or when unforeseen circumstances significantly affect contractual performance. It serves as a formal acknowledgment that a party understands and accepts the implications of waiving their rights to claim hardship, despite challenging circumstances that might otherwise justify such claims. This document is essential in various commercial contexts under Nigerian law, from construction projects to supply agreements, where parties need to proceed with contractual obligations despite difficult conditions. The waiver typically includes detailed descriptions of the specific hardship circumstances being waived, acknowledgments of understanding, and any consideration provided in exchange for the waiver.
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1. Parties: Identification of all parties to the waiver, including full legal names, addresses, and registration details for companies
2. Background: Context of the original agreement, circumstances leading to hardship, and reason for the waiver
3. Definitions: Clear definitions of key terms used in the waiver, including 'hardship,' specific circumstances, and any technical or legal terms
4. Scope of Waiver: Precise description of the hardship rights being waived, including specific circumstances and time periods
5. Acknowledgment of Understanding: Statement confirming that the waiving party understands the implications of the waiver
6. Consideration: Details of any consideration or benefit provided in exchange for the waiver
7. Duration: Period for which the waiver remains valid and any conditions for termination
8. Governing Law: Confirmation that Nigerian law governs the waiver and related proceedings
9. Execution: Signature blocks and execution requirements for all parties
1. Partial Waiver Provisions: Used when only specific aspects of hardship rights are being waived while others are retained
2. Conditions Precedent: Include when the waiver is contingent upon certain conditions being met
3. Revival Rights: Used when parties want to specify circumstances under which waived rights can be revived
4. Independent Legal Advice: Confirmation of receiving independent legal advice, particularly important for significant waivers
5. Dispute Resolution: Include when parties wish to specify particular dispute resolution mechanisms
6. Language Declaration: Required when any party is not fully conversant in English, confirming translation has been provided
7. Third Party Rights: Include when the waiver affects or benefits third parties not directly party to the agreement
1. Original Agreement: Copy or reference to the original agreement containing the hardship provisions
2. Evidence of Hardship: Documentation proving the hardship circumstances being waived
3. Corporate Authorizations: Required corporate approvals and resolutions authorizing the waiver
4. Translation Certificate: If applicable, certified translations of the waiver document
5. Independent Legal Advice Certificate: Confirmation from legal advisors that implications of waiver have been explained
6. Specific Circumstances Schedule: Detailed description of the specific hardship circumstances covered by the waiver
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