The Independent Contractor Termination Agreement And Release is essential when parties wish to formally end their contractor relationship under Nigerian law while ensuring all obligations are properly settled and future disputes are prevented. This document is typically used when either party wishes to terminate the relationship, or when the contracted work has been completed and both parties want to document the formal conclusion of their business relationship. It addresses critical elements including final payments, property return, continuing obligations, and mutual releases from future claims. The agreement must comply with Nigerian contract law, labor regulations, and tax requirements, while also considering any state-specific legal requirements where applicable. It's particularly important in high-value contracts or situations where intellectual property, confidential information, or significant financial settlements are involved.
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1. Parties: Identification of the contracting parties, including full legal names, addresses, and business registration details if applicable
2. Background: Recitals outlining the existing contractor relationship, reference to the original agreement, and the parties' desire to terminate the relationship
3. Definitions: Key terms used throughout the agreement, including 'Effective Date', 'Original Agreement', 'Final Payment', and 'Released Claims'
4. Termination: Clear statement of the termination of the original agreement and its effective date
5. Final Payment and Settlement: Details of any final payments, including amounts, payment method, and timing
6. Return of Property: Requirements for the return of any company property, documents, or confidential information
7. Mutual Release: Comprehensive release of claims by both parties, subject to Nigerian law limitations
8. Continuing Obligations: Identification of any obligations that survive termination (e.g., confidentiality, non-compete)
9. Tax Matters: Clarification of tax responsibilities and obligations related to final payments
10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and choice of jurisdiction for disputes
11. Entire Agreement: Integration clause confirming this agreement supersedes all prior agreements regarding termination
12. Execution: Signature blocks and execution requirements under Nigerian law
1. Non-Disparagement: Mutual agreements not to make negative statements about each other, included when reputation protection is a concern
2. Reference and Future Communication: Terms regarding how future employment or contract references will be handled, used when the contractor requests it
3. Cooperation in Transition: Terms requiring the contractor to assist in transitioning work to others, included when there are ongoing projects
4. Intellectual Property Assignment: Specific provisions about ownership and transfer of any intellectual property, included when IP was created during the engagement
5. Dispute Resolution: Detailed arbitration or mediation procedures, included when parties prefer alternative dispute resolution
6. Severance Payment: Additional payment terms beyond final invoice settlement, included when offering additional compensation for release
7. Certificate of Independent Legal Advice: Confirmation that parties received independent legal advice, included in high-value or complex terminations
1. Schedule A - Final Payment Calculation: Detailed breakdown of all final payments, including any outstanding invoices, expenses, or additional compensation
2. Schedule B - Company Property Checklist: List of all company property to be returned by the contractor
3. Schedule C - Surviving Obligations: Detailed list of specific provisions from the original agreement that survive termination
4. Appendix 1 - Original Independent Contractor Agreement: Copy of the original agreement being terminated
5. Appendix 2 - Final Release Form: Separate release form to be signed upon receipt of final payment
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