The Compromise Agreement is a crucial legal document used in Nigerian employment law contexts when an employer and employee agree to terminate their employment relationship on mutually agreed terms. It is typically used in situations involving redundancy, voluntary separation, dispute resolution, or senior executive departures. The document serves to provide legal certainty and protection for both parties by documenting all agreed terms of separation, including financial settlements, confidentiality obligations, and releases of claims. This agreement must comply with Nigerian employment law requirements and is often reviewed by independent legal advisors to ensure its enforceability. It's particularly important in preventing future employment-related litigation and providing a clear framework for the termination process.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief description of the employment relationship, circumstances leading to the dispute/termination, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Confirmation of the employment termination date and final working arrangements
5. Settlement Payments: Details of all payments to be made, including timing, method, and tax treatment
6. Tax Indemnity: Employee's agreement to be responsible for any tax liability arising from the settlement payments
7. Waiver of Claims: Comprehensive waiver of all claims against the employer, with specific reference to Nigerian employment laws
8. Company Property: Requirements for return of company property and confirmation of data deletion
9. Confidentiality: Obligations regarding confidentiality of the agreement and company information
10. Reference: Terms regarding the provision of employment references
11. Entire Agreement: Confirmation that this agreement represents the entire understanding between parties
12. Governing Law: Specification that the agreement is governed by Nigerian law
1. Post-Termination Restrictions: Restatement or modification of any existing non-compete or non-solicitation obligations, used when such restrictions exist in the original employment contract
2. Legal Advice: Confirmation that the employee has received independent legal advice, recommended for enhanced enforceability
3. Continuing Obligations: Any ongoing obligations that survive termination, used when specific duties need to continue
4. Assistance with Proceedings: Employee's agreement to assist with any legal proceedings, used when relevant to the business
5. Garden Leave: Terms of any garden leave period, used when applicable before final termination
6. Share Options/Benefits: Treatment of outstanding share options or benefits, used when employee has such entitlements
7. Announcement: Agreed form of internal/external announcement, used in sensitive or senior level departures
1. Schedule 1 - Payment Schedule: Detailed breakdown of all payments, including basic settlement sum, holiday pay, bonus payments, etc.
2. Schedule 2 - Claims Being Settled: Comprehensive list of specific claims being settled under Nigerian law
3. Schedule 3 - Reference Template: Agreed form of reference to be provided to future employers
4. Appendix A - Company Property List: List of company property to be returned
5. Appendix B - Ongoing Restrictions: Details of any post-termination restrictions that continue to apply
Relevant legal definitions
Agreement
Board
Business Day
Claim
Company
Confidential Information
Effective Date
Employee
Employer
Employment Contract
Group
Group Company
Independent Adviser
Intellectual Property Rights
Notice Period
Parent Company
Parties
Reference
Restricted Business
Settlement Payment
Subsidiary
Termination Date
Terms and Conditions of Employment
Third Party
Waiver
Works Council
Working Days
Board
Business Day
Claim
Company
Confidential Information
Effective Date
Employee
Employer
Employment Contract
Group
Group Company
Independent Adviser
Intellectual Property Rights
Notice Period
Parent Company
Parties
Reference
Restricted Business
Settlement Payment
Subsidiary
Termination Date
Terms and Conditions of Employment
Third Party
Waiver
Works Council
Working Days
Clauses
Termination
Settlement Payments
Tax Obligations
Waiver of Claims
Confidentiality
Non-Disparagement
Company Property
Reference
Post-Termination Restrictions
Legal Costs
Warranties
Return of Property
Intellectual Property
Data Protection
Entire Agreement
Severability
Third Party Rights
Variation
Assignment
Notices
Governing Law and Jurisdiction
Independent Legal Advice
Announcement
Further Assurance
Counterparts
Settlement Payments
Tax Obligations
Waiver of Claims
Confidentiality
Non-Disparagement
Company Property
Reference
Post-Termination Restrictions
Legal Costs
Warranties
Return of Property
Intellectual Property
Data Protection
Entire Agreement
Severability
Third Party Rights
Variation
Assignment
Notices
Governing Law and Jurisdiction
Independent Legal Advice
Announcement
Further Assurance
Counterparts
Relevant Industries
Banking and Finance
Oil and Gas
Manufacturing
Technology
Telecommunications
Professional Services
Retail
Healthcare
Education
Construction
Mining
Agriculture
Transportation
Hospitality
Media and Entertainment
Relevant Teams
Human Resources
Legal
Finance
Operations
Senior Management
Compliance
Risk Management
Company Secretariat
Internal Audit
Employee Relations
Relevant Roles
Chief Executive Officer
Managing Director
Department Manager
Senior Executive
Financial Controller
Sales Manager
Human Resources Manager
Technical Specialist
Project Manager
Account Manager
Operations Manager
Department Head
Regional Manager
Senior Engineer
Marketing Manager
Administrative Officer
General Counsel
Chief Financial Officer
Branch Manager
Team Leader
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