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The Business Management Contract serves as a critical legal instrument in Nigerian business operations, typically employed when a company seeks to engage professional management expertise to oversee its operations. This document is essential for businesses looking to professionalize their management structure, expand operations, or bring in specialized expertise. It must comply with Nigerian legal requirements, including the Companies and Allied Matters Act (CAMA) 2020, labor laws, and relevant industry regulations. The contract comprehensively addresses management authority, operational control, performance metrics, compensation, and protection of business interests, making it suitable for various business sizes and sectors within the Nigerian market. It's particularly valuable for companies transitioning from owner-operated to professionally managed structures, or those seeking to implement formal management arrangements with clear accountability and performance measures.

1. Parties: Identification of the business owner/company and the management contractor, including full legal names and registration details

2. Background: Context of the agreement, including brief description of the business and reason for engaging management services

3. Definitions: Definitions of key terms used throughout the agreement, including 'Services', 'Territory', 'Confidential Information', etc.

4. Appointment and Scope: Formal appointment of the management contractor and detailed scope of management services

5. Term and Renewal: Duration of the agreement and conditions for renewal

6. Management Responsibilities: Detailed outline of management duties, authority levels, and decision-making powers

7. Performance Standards: Expected standards of performance and any specific KPIs

8. Fees and Payment Terms: Management fees, payment schedule, expenses, and any performance-based compensation

9. Reporting Requirements: Required reports, frequency of reporting, and content requirements

10. Confidentiality: Obligations regarding confidential information and trade secrets

11. Intellectual Property: Ownership and usage rights of IP created during the management period

12. Non-Competition and Non-Solicitation: Restrictions on competitive activities and employee solicitation

13. Termination: Grounds for termination, notice requirements, and consequences

14. Post-Termination Obligations: Obligations of both parties after contract termination

15. Governing Law and Dispute Resolution: Nigerian law as governing law and dispute resolution mechanisms