Document background
An Exit Agreement is a crucial document used when formalizing the termination of employment relationships in Nigeria. It is particularly important for ensuring compliance with Nigerian labor laws and protecting both employer and employee interests during the separation process. The agreement typically comes into play during voluntary resignations, mutual separations, or negotiated departures, providing a clear framework for handling final payments, benefits, company property, and ongoing obligations. This document helps prevent future disputes by clearly documenting all aspects of the separation, including severance packages, confidentiality requirements, and any post-employment restrictions. The Exit Agreement must align with various Nigerian employment regulations, including the Labour Act, Pension Reform Act, and Employee Compensation Act, making it an essential tool for proper employment termination management.
