The Release Of Liability And Indemnity Agreement is a crucial legal instrument commonly used in Nigerian business and personal transactions where risk management is essential. This document is particularly relevant when parties engage in activities with inherent risks or when one party wishes to be protected from potential future claims. The agreement, governed by Nigerian law, combines two important legal concepts: a release that waives the right to sue for potential damages, and an indemnity that provides protection against third-party claims. It is commonly used in situations such as sporting events, construction projects, equipment rental, professional services, and various business transactions where risk allocation needs to be clearly defined and agreed upon. The document must comply with Nigerian contract law requirements and cannot contradict public policy or statutory provisions regarding liability limitations.
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1. Parties: Identifies and defines all parties to the agreement, including full legal names and addresses
2. Background: Explains the context and purpose of the agreement, including the relationship between the parties and the activities covered
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Release of Liability: Details the specific claims, rights, and causes of action being released, including the scope and extent of the release
5. Indemnification: Specifies the indemnification obligations, including what is covered and any limitations
6. Representations and Warranties: States the parties' assertions regarding their capacity, authority, and understanding of the agreement
7. Term and Survival: Specifies the duration of the agreement and which provisions survive termination
8. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and establishes jurisdiction for disputes
9. Entire Agreement: Confirms that the document represents the complete agreement between the parties
10. Execution: Signature blocks and execution requirements
1. Insurance: Required when specific insurance coverage is relevant to the release or indemnification
2. Consideration: Needed when there is specific payment or value exchange for the release
3. Severability: Recommended when there's concern about the enforceability of specific provisions
4. Assignment: Include when transfer of rights needs to be addressed
5. Notices: Required when formal communication procedures need to be established
6. Force Majeure: Include when ongoing obligations exist that could be affected by extraordinary events
7. Dispute Resolution: Optional section detailing specific dispute resolution procedures like mediation or arbitration
1. Schedule A - Description of Activities: Detailed description of activities or circumstances covered by the release
2. Schedule B - Specific Risks: Enumeration of specific risks being acknowledged and released
3. Schedule C - Insurance Requirements: Detailed insurance requirements if applicable
4. Appendix 1 - Related Parties: List of additional parties covered by the release or indemnification
5. Appendix 2 - Excluded Claims: Specific claims or circumstances excluded from the release
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