The Option Cancellation Agreement is a crucial legal document used when parties wish to formally terminate an existing option arrangement in Nigeria. It's commonly utilized in situations where the original option is no longer desired or beneficial to the parties, or where changed circumstances necessitate its termination. The agreement must comply with Nigerian contract law, the Investment and Securities Act 2007, and relevant SEC regulations. This document typically includes details of the original option, terms of cancellation, any consideration paid, mutual releases, and provisions for regulatory compliance. It's particularly important in commercial and financial transactions where clear documentation of the option's termination is essential for legal certainty and regulatory compliance. The Option Cancellation Agreement serves as definitive evidence that the option has been properly terminated and that all parties have been released from their obligations, subject to any surviving terms.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of the parties to the cancellation agreement, including their full legal names and addresses
2. Background: Recitals describing the original option agreement, its key terms, and the parties' desire to cancel it
3. Definitions: Definitions of key terms used in the agreement, including reference to the original option agreement
4. Cancellation: Express agreement to cancel the option agreement and the effective date of cancellation
5. Consideration: Details of any payment or consideration for the cancellation
6. Mutual Release: Release of all claims and obligations under the original option agreement
7. Representations and Warranties: Basic representations about authority to enter into the cancellation and that no rights under the option have been assigned
8. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
9. Execution: Signature blocks and execution formalities compliant with Nigerian law
1. Surviving Provisions: Identifies any provisions from the original option agreement that will survive the cancellation (used when certain obligations need to continue)
2. Regulatory Compliance: Additional provisions regarding compliance with Nigerian securities laws or regulations (needed for regulated options)
3. Confidentiality: Provisions regarding confidentiality of the cancellation terms (used in sensitive commercial contexts)
4. Tax Matters: Addresses tax implications and responsibilities (needed when cancellation has significant tax consequences)
5. Further Assurance: Obligation to execute additional documents if needed (used in complex cancellations)
6. Costs: Allocation of costs related to the cancellation (used when significant costs are involved)
1. Original Option Agreement: Copy or details of the option agreement being cancelled
2. Cancellation Payment Details: Schedule specifying any payment amounts, timing, and method (if applicable)
3. Required Regulatory Filings: List of any regulatory filings required to effect the cancellation
4. Release Documentation: Forms of any additional release documents required by the parties
Find the exact document you need
Property Lease With Option To Buy
Nigerian law-governed agreement combining property lease terms with a future purchase option, subject to Land Use Act requirements.
Download
Option To Renew Tenancy Agreement
A Nigerian law-compliant agreement granting tenants the right to renew their existing lease under specified terms and conditions.
Download
Option To Renew Commercial Lease
A Nigerian law-compliant agreement granting tenants the right to renew their commercial lease under specified terms and conditions.
Download
Option Agreement Contract
A Nigerian law-governed agreement granting one party the right, but not obligation, to enter into a specified transaction under predetermined terms within a set timeframe.
Download
Buy Back Option Contract
A Nigerian law-governed agreement establishing terms for a seller's right to repurchase previously sold assets under specified conditions.
Download
Extend Lease Agreement
A Nigerian law-compliant document that extends an existing lease agreement's duration while updating relevant terms and conditions.
Download
Option Cancellation Agreement
A Nigerian law-governed agreement that formally terminates an existing option agreement between parties, outlining cancellation terms and mutual releases.
Download
Option And Purchase Agreement
A Nigerian law-governed agreement granting exclusive rights to purchase property under specified terms and conditions within a set timeframe.
Download
First Option To Purchase Agreement
A Nigerian law-governed agreement granting exclusive rights to purchase specified property at predetermined terms within a set timeframe.
Download
Restricted Share Agreement
A Nigerian law-governed agreement establishing terms and conditions for restricted share issuance, including transfer restrictions, vesting conditions, and shareholder rights.
Download
Option Sales Contract
A Nigerian-law governed agreement granting the right to purchase specific assets under predetermined terms within a specified period.
Download
Simple Right Of First Refusal Agreement
A Nigerian law-governed agreement granting one party the first right to purchase an asset before it can be offered to others.
Download
Non Exclusive Option Agreement
A Nigerian law-governed agreement granting non-exclusive rights to enter into a future transaction or acquire specific rights/assets during a defined period.
Download
Lease To Own Land Agreement
A Nigerian law-governed agreement combining lease and purchase terms for land acquisition, allowing occupation while making payments toward eventual ownership.
Download
Land Lease Purchase Agreement
A Nigerian law-governed agreement combining land lease terms with a purchase option, structured to comply with the Land Use Act and state regulations.
Download
Land Buying Agreement
A Nigerian law-governed agreement for the purchase and transfer of land, incorporating all necessary elements under the Land Use Act and state requirements.
Download
Contract For Lease To Own
A Nigerian law-compliant agreement establishing terms for leasing property with an option to purchase, including payment structures and ownership transfer provisions.
Download
Company Equity Share Agreement
A Nigerian law-governed agreement for the transfer or issuance of company shares, ensuring compliance with CAMA 2020 and establishing parties' rights and obligations.
Download
Cash Payment Agreement
A Nigerian law-governed agreement establishing terms and conditions for structured cash payment arrangements between parties, ensuring regulatory compliance and transaction security.
Download
Truck Lease To Own Agreement
A Nigerian law-governed agreement enabling the lease of a commercial truck with an option to purchase after completing specified payment terms and conditions.
Download
Short Term Investment Agreement
A Nigerian law-governed agreement for structuring and managing short-term investments, ensuring regulatory compliance and protecting parties' interests.
Download
Seller Financing Purchase Agreement
A Nigerian law-governed agreement combining property sale and seller-provided financing terms, structured to facilitate property transfer while protecting both parties' interests through detailed payment and security provisions.
Download
Rental Agreement With Option To Purchase
A Nigerian law-governed agreement combining property rental terms with an option for the tenant to purchase the property, subject to Land Use Act requirements.
Download
Option To Buy Land Agreement
A Nigerian law-compliant agreement granting the right to purchase specified land within a set timeframe under predetermined terms.
Download
Land Option Contract
A Nigerian law-governed agreement granting exclusive rights to purchase land within a specified timeframe, subject to Land Use Act requirements.
Download
Option Agreement Land
A Nigerian law-governed agreement granting exclusive rights to purchase specified land within a set timeframe and price.
Download
Right Of First Refusal Agreement
A Nigerian law-governed agreement granting one party the first opportunity to enter into a business transaction before the grantor may engage with third parties.
Download
Lease With Option To Buy Contract
A Nigerian law-compliant agreement combining property lease terms with a future purchase option, structured to facilitate potential property acquisition.
Download
Vehicle Lease To Own Agreement
A Nigerian law-governed agreement establishing terms for a vehicle lease-to-own arrangement, including payment terms, maintenance requirements, and ownership transfer conditions.
Download
Lease Option Agreement
A Nigerian law-governed agreement combining a property lease with an option to purchase, providing tenants occupancy rights and a future purchase option at predetermined terms.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)