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Managing Partner Contract Template for Nigeria

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Key Requirements PROMPT example:

Managing Partner Contract

"I need a Managing Partner Contract for a Lagos-based law firm with 15 partners, where the new managing partner will oversee international expansion and handle significant operational changes starting March 2025."

Document background
The Managing Partner Contract is a crucial document used when appointing or promoting a partner to the role of managing partner within a Nigerian partnership structure. This agreement is essential for professional services firms, business partnerships, and other collaborative business ventures operating under Nigerian law. It comprehensively addresses the managing partner's authority, responsibilities, compensation, and accountability while ensuring alignment with the partnership's objectives and compliance with Nigerian legal requirements. The document typically includes detailed provisions for strategic decision-making, financial management, partner relations, and operational oversight, incorporating specific references to relevant Nigerian legislation such as the Partnership Act and CAMA 2020. It serves as both a governance tool and a protective mechanism for all parties involved in the partnership.
Suggested Sections

1. Parties: Identification of the partnership entity and the managing partner

2. Background: Context of the appointment and brief description of the partnership business

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Formal appointment as managing partner and duration of the appointment

5. Duties and Responsibilities: Detailed description of the managing partner's role and obligations

6. Authority and Limitations: Scope of managing partner's decision-making power and restrictions

7. Compensation and Benefits: Partnership profit share, salary, and other benefits

8. Capital Contribution: Details of required capital contribution and terms

9. Working Hours and Commitment: Expected time commitment and exclusivity requirements

10. Decision Making Process: Procedures for major decisions and voting rights

11. Reporting Obligations: Required reports and accountability measures

12. Intellectual Property: Ownership and protection of partnership IP

13. Confidentiality: Protection of partnership's confidential information

14. Non-Competition and Non-Solicitation: Restrictions during and after partnership

15. Termination: Grounds and procedures for ending the agreement

16. Post-Termination Obligations: Ongoing duties after agreement ends

17. Dispute Resolution: Procedures for resolving conflicts

18. Governing Law: Applicable Nigerian law and jurisdiction

Optional Sections

1. Insurance: Professional indemnity and other required insurance coverage - include if partnership operates in high-risk sectors

2. International Operations: Provisions for international business activities - include if partnership operates across borders

3. Training and Development: Professional development requirements - include for regulated professions

4. Succession Planning: Procedures for identifying and training future managing partners - include for larger partnerships

5. Emergency Provisions: Procedures in case of managing partner's incapacity - include based on partnership size and risk assessment

6. Technology and Data Protection: Digital responsibilities and data protection obligations - include if handling sensitive data

7. Environmental Compliance: Environmental responsibilities - include for partnerships in environmentally sensitive industries

Suggested Schedules

1. Schedule 1: Compensation Structure: Detailed breakdown of profit sharing, salary, and bonus calculations

2. Schedule 2: Key Performance Indicators: Specific performance metrics and targets

3. Schedule 3: Partnership Assets: List of key partnership assets under managing partner's control

4. Schedule 4: Delegated Authority Limits: Detailed financial and operational authority limits

5. Schedule 5: Required Reports: Format and timing of required management reports

6. Appendix A: Partnership Agreement: Copy of main partnership agreement

7. Appendix B: Partnership Policies: Key operational and compliance policies

8. Appendix C: Code of Conduct: Ethical standards and behavioral expectations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions















































Clauses


















































Relevant Industries

Legal Services

Accounting and Audit

Management Consulting

Healthcare Services

Architecture and Design

Engineering Services

Real Estate

Financial Services

Technology Services

Professional Services

Manufacturing

Construction

Energy and Resources

Agricultural Business

Retail and Distribution

Relevant Teams

Legal

Corporate Governance

Executive Leadership

Finance

Human Resources

Operations

Compliance

Risk Management

Business Development

Administration

Partner Relations

Strategic Planning

Relevant Roles

Managing Partner

Senior Partner

Executive Partner

Partnership Director

Chief Executive Partner

Head of Partnership

Partnership Manager

Managing Director

Chief Operating Officer

Legal Director

Compliance Officer

Finance Director

Human Resources Director

Operations Director

Business Development 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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