The Payment Release Form is a critical document in Nigerian business practice, used when one party needs to formally acknowledge receipt of payment and release another party from further payment obligations or related claims. This document is particularly important in construction, business settlements, and contract closures where final payment releases are required. The form should comply with Nigerian contract law, financial regulations, and where applicable, the Money Laundering (Prohibition) Act 2011. It typically includes details of the payment received, the scope of the release, warranties of authority, and proper execution requirements. This document is especially relevant when concluding business transactions, settling disputes, or closing out contracts where parties need clear documentation of payment receipt and release of claims.
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1. Parties: Full legal names and addresses of the party making the payment (Payor) and the party receiving the payment and providing the release (Payee)
2. Background: Brief context of the underlying transaction or obligation that led to the payment
3. Definitions: Key terms used in the document, including 'Payment', 'Claims', 'Released Matters'
4. Payment Acknowledgment: Confirmation of the payment amount received and date of receipt
5. Release Declaration: Clear statement releasing the payor from all claims related to the specified payment or matter
6. Warranty of Authority: Confirmation that the signing party has authority to provide the release
7. Governing Law: Specification that Nigerian law governs the release
8. Execution: Signature blocks with requirements for witnesses as per Nigerian law
1. Partial Release Clause: Used when the release applies to only specific claims or matters while preserving others
2. Confidentiality: Include when parties wish to keep the payment and release terms confidential
3. Tax Indemnity: Include when tax implications need to be addressed between the parties
4. Corporate Authority: Required when either party is a corporate entity, confirming proper authorization
5. Future Assurance: Include when additional documents or actions might be needed to give effect to the release
6. Currency Declaration: Include for international payments or when currency exchange is relevant
1. Payment Details: Schedule listing the exact payment amount(s), payment method, and date(s)
2. Original Obligation: Copy or summary of the original agreement or obligation being settled
3. Corporate Authorization: If applicable, board resolutions or power of attorney authorizing the release
4. Related Claims: If applicable, detailed list of specific claims being released
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate
Banking and Finance
Manufacturing
Oil and Gas
Technology
Professional Services
Retail
Healthcare
Transportation
Agriculture
Mining
Education
Telecommunications
Government Services
Relevant Teams
Legal
Finance
Accounts Receivable
Treasury
Procurement
Compliance
Risk Management
Commercial Operations
Contract Administration
Corporate Secretariat
Relevant Roles
Finance Manager
Project Manager
Contract Administrator
Legal Counsel
Chief Financial Officer
Accounts Receivable Manager
Treasury Manager
Company Secretary
Risk Manager
Commercial Director
Operations Manager
Procurement Manager
Financial Controller
Business Development Manager
Compliance Officer
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