A-Z OF CONTRACT REVIEW IN NIGERIA



A Contract is a Story…

A contract is a story that covers the agreement between two or more people.

Standard Definition of a Contract

A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally.

Transaction Documentation

Transaction documentation can encompass contract review, transaction implementation agreements and MOU.

Benefits of Contract Review

Firstly, it forces consideration by the client and, ultimately by the other parties, of the issues involved in a particular transaction.

Contract Review Process

Regardless of who drafted the contract, it must be reviewed.

Policy Considerations

Benefits of using a Precedent

At the very least you can simply change the details and you then have a contract. Voila!

Agreements and Your Rights

An agreement allows a rights holder to make money from his property by entering into a contract for product use or sale. Once you have a handle on your property, you can create your agreement.

What Do I Include in an Agreement?

In business, a written agreement is a must. There is no hard and fast rule to giving someone an agreement for property or other use.

 

Agreement Scope

Revenue from Your Product

Good legal writing

 

Organization

There is generally no requirement for a contract under Nigerian Law to follow a particular format or layout.

 

First things first

 

Avoid repetition

Draft the Agreement in a consistent manner

In essence do your research well.

Be clear

 

Conclusion

Many issues come up when drafting or reviewing an agreement. Laws relating to the subject matter of the contract need to be reviewed so as to avoid any clauses being declared void by the Courts of law. An attorney can provide invaluable help with drafting your agreement and enforcing it.

Olufola Wusu Esq. copyright © 2012

Counsel Megathos Law Practice

Olufola Wusu is a Solicitor & Advocate

He can be reached at <a href="mailto:folawusu@hotmail.com

Legal Disclaimer

by Olufola Wusu Esq

(1) No advice

This note contains general information about [law and legal practice]. The information is not advice, and should not be treated as such.

(2) No warranties

The legal information on this article is provided without any representations or warranties, express or implied. We make no representations or warranties in relation to the legal information on this website.

Without prejudice to the generality of the foregoing paragraph, we do not warrant that:

(a) the legal information on this article will be constantly available, or available at all; or

(b) the legal information on this article is complete, true, accurate, up-to-date, or non-misleading.

(3) Professional assistance

You must not rely on the information on this website as an alternative to legal advice from your lawyer or other professional legal services provider. If you have any specific questions about any legal matter you should consult your lawyer or other professional legal services provider. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action because of information on this website.

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1 Comment

Filed under Contract Review

One response to “A-Z OF CONTRACT REVIEW IN NIGERIA

  1. B v

    I love your useful article. great stuff.

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