Document background
The Deed of Termination and Release is a crucial legal instrument in Nigerian business practice, used when parties wish to formally end their contractual relationships while ensuring legal certainty and protection for all involved. This document is particularly important in the Nigerian context where formal documentation of contract termination is essential for regulatory compliance and future dispute prevention. It is commonly used in situations where parties need to terminate existing agreements prematurely, document the completion of contractual obligations, or resolve disputes through mutual agreement. The deed must comply with Nigerian statutory requirements for deeds, including proper execution, witnessing, and stamping. It typically addresses key aspects such as the effective date of termination, mutual releases, outstanding obligations, and survival provisions.
