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The Termination of Independent Contractor Agreement is a crucial document used when either party wishes to end an existing contractor relationship in Nigeria. It's particularly important in situations where there needs to be a clear record of the termination terms and conditions, ensuring compliance with Nigerian contract law and business practices. This document becomes necessary when projects conclude, business needs change, or parties mutually agree to end their professional relationship. It typically includes provisions for final payments, property return, confidentiality maintenance, and ongoing obligations. The agreement helps prevent future disputes by clearly documenting the termination terms and protecting both parties' interests under Nigerian jurisdiction. It's essential for businesses operating in Nigeria to use this document to properly close out contractor relationships and maintain good business practices.

1. Parties: Identification of the contracting company and the independent contractor, including full legal names, addresses, and registration details where applicable

2. Background: Brief overview of the original independent contractor agreement, its date, and the context leading to termination

3. Definitions: Key terms used throughout the agreement, including references to the original agreement and any specific termination-related terms

4. Effective Date of Termination: Clear statement of when the termination takes effect and any conditions precedent

5. Outstanding Payments: Details of final payments, including fees for completed work, reimbursable expenses, and payment timeline

6. Return of Property: Requirements and timeline for returning company property, documents, and materials

7. Confidentiality Obligations: Confirmation that confidentiality obligations survive termination and specific ongoing requirements

8. Intellectual Property Rights: Clarification of ownership of work products and intellectual property created during the engagement

9. Mutual Release: Release of claims and liabilities between parties, subject to the terms of the termination agreement

10. Continuing Obligations: Specification of any obligations that survive termination from the original agreement

11. Governing Law and Jurisdiction: Confirmation that Nigerian law governs the agreement and specification of jurisdiction for disputes