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Conditional Waiver

Conditional Waiver Template for Nigeria

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Key Requirements PROMPT example:

Conditional Waiver

"I need a Conditional Waiver under Nigerian law for a construction company waiving its right to claim liquidated damages against a subcontractor, conditional upon the subcontractor completing all pending works by March 15, 2025."

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Document background
The Conditional Waiver is a crucial legal instrument used in Nigerian business and commercial transactions where parties need to formally waive certain rights while ensuring specific conditions are met before the waiver takes effect. This document type is commonly used in situations involving debt restructuring, contract modifications, settlement agreements, or corporate reorganizations. The Conditional Waiver must comply with Nigerian contract law requirements and typically includes detailed provisions about the rights being waived, the specific conditions that trigger the waiver, the verification process for these conditions, and the consequences of the waiver becoming effective. It's essential for managing legal risks and providing clarity in complex transactions where parties need to balance the relinquishment of rights with the achievement of certain objectives.
Suggested Sections

1. Parties: Identifies and defines all parties to the waiver, including their legal status and capacity

2. Background: Explains the context and circumstances leading to the waiver

3. Definitions: Defines key terms used throughout the document

4. Rights Being Waived: Clearly specifies which rights are being waived by the waiving party

5. Conditions: Details the specific conditions that must be met for the waiver to become effective

6. Duration: Specifies the time period for which the waiver remains valid

7. Consideration: States the consideration being provided in exchange for the waiver

8. Representations and Warranties: Statements of fact or promises made by the parties regarding their capacity and authority

9. Governing Law: Specifies that Nigerian law governs the waiver and its interpretation

10. Execution: Formal execution block for signatures and witnessing requirements

Optional Sections

1. Dispute Resolution: Optional clause specifying how disputes will be resolved, including jurisdiction and arbitration provisions

2. Severability: Clause stating that if any provision is found invalid, the remainder of the waiver remains effective

3. Further Assurance: Commitment to take additional steps necessary to give effect to the waiver

4. Notices: Details how formal communications between parties should be made and delivered

5. Assignment: Provisions regarding whether rights under the waiver can be assigned to third parties

6. Force Majeure: Addresses circumstances beyond parties' control that might affect the conditions

Suggested Schedules

1. Schedule 1 - Specific Rights: Detailed listing of specific rights being waived

2. Schedule 2 - Conditions Precedent: Comprehensive list of conditions that must be satisfied

3. Schedule 3 - Required Documents: List of documents required to evidence satisfaction of conditions

4. Appendix A - Form of Notice: Template for formal notices required under the waiver

5. Appendix B - Execution Requirements: Specific requirements for proper execution under Nigerian law

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking & Finance

Oil & Gas

Real Estate

Construction

Manufacturing

Telecommunications

Mining

Infrastructure

Commercial Services

Insurance

Relevant Teams

Legal

Compliance

Risk Management

Finance

Corporate Secretariat

Commercial Operations

Business Development

Project Management

Executive Leadership

Treasury

Relevant Roles

Legal Counsel

Contract Manager

Risk Manager

Compliance Officer

Chief Legal Officer

Business Development Manager

Project Manager

Corporate Secretary

Finance Director

Chief Executive Officer

Chief Financial Officer

Commercial Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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