An Employment Release Agreement is a crucial document used in Nigeria when formally concluding an employment relationship. It serves to protect both employer and employee interests by documenting the terms of separation, including financial settlements, benefit arrangements, and mutual releases of claims. This document is particularly important in the Nigerian legal context, where it must comply with various regulations including the Labour Act, Employees Compensation Act, and Pension Reform Act. It's typically used during voluntary resignations, mutual separations, or redundancy situations, providing a clear framework for the termination process and helping prevent future disputes. The agreement should be carefully drafted to ensure enforceability under Nigerian law and typically includes provisions for severance payments, confidentiality obligations, and post-employment restrictions where applicable.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief history of employment relationship, including start date, position, and reason for termination
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Claims', 'Release', and 'Confidential Information'
4. Termination Date: Clear statement of when employment ends and final working day
5. Payment Terms: Details of severance payment, final salary, and other compensation
6. Release of Claims: Comprehensive release of all claims against employer by employee
7. Company Property: Requirements for return of company property and documents
8. Confidentiality Obligations: Ongoing confidentiality obligations post-employment
9. Non-Disparagement: Mutual obligations regarding non-disparagement
10. Tax Indemnity: Employee's responsibility for personal tax obligations
11. Governing Law: Specification of Nigerian law as governing law
12. Entire Agreement: Integration clause stating this is the complete agreement
13. Execution: Signature blocks and execution requirements
1. Reference Letter: Terms regarding the provision of reference letters, used when agreed as part of the separation
2. Post-Employment Restrictions: Non-compete and non-solicitation clauses, included when required by original employment agreement
3. Pension Arrangements: Special provisions for pension transfers or settlements, needed for long-term employees
4. Medical Benefits Extension: Continuation of medical benefits, if applicable
5. Share Options/Awards: Treatment of outstanding share options or awards, for employees with equity compensation
6. Legal Fees: Provision for payment of legal fees, if employer is covering employee's legal costs
7. Union Acknowledgment: Special provisions required for union members
8. Training Bond Release: Release from training bonds or educational commitments, if applicable
1. Schedule 1 - Payment Calculation: Detailed breakdown of all payments including salary, benefits, and severance
2. Schedule 2 - Company Property Checklist: List of company property to be returned
3. Schedule 3 - Benefits Summary: Summary of benefits and their treatment post-termination
4. Appendix A - Release Claims Detail: Comprehensive list of specific claims being released
5. Appendix B - Confidential Information: Detailed description of confidential information covered by ongoing obligations
Relevant legal definitions
Agreement
Company
Confidential Information
Claims
Effective Date
Employee
Employer
Employment Period
Final Salary
Group
Intellectual Property Rights
Notice Period
Parties
Release
Restricted Information
Severance Payment
Termination Date
Benefits
Company Property
Consideration
Dispute
Outstanding Obligations
Personnel
Related Persons
Representatives
Restrictive Covenants
Settlement Sum
Statutory Claims
Tax Liability
Working Day
Company
Confidential Information
Claims
Effective Date
Employee
Employer
Employment Period
Final Salary
Group
Intellectual Property Rights
Notice Period
Parties
Release
Restricted Information
Severance Payment
Termination Date
Benefits
Company Property
Consideration
Dispute
Outstanding Obligations
Personnel
Related Persons
Representatives
Restrictive Covenants
Settlement Sum
Statutory Claims
Tax Liability
Working Day
Clauses
Parties
Definitions
Interpretation
Termination
Payment Terms
Release of Claims
Confidentiality
Non-Disparagement
Return of Property
Post-Employment Restrictions
Non-Compete
Non-Solicitation
Tax Indemnity
Benefits
Pension Arrangements
Legal Fees
Warranties
Assignment
Severability
Entire Agreement
Third Party Rights
Notices
Amendment
Waiver
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Execution
Definitions
Interpretation
Termination
Payment Terms
Release of Claims
Confidentiality
Non-Disparagement
Return of Property
Post-Employment Restrictions
Non-Compete
Non-Solicitation
Tax Indemnity
Benefits
Pension Arrangements
Legal Fees
Warranties
Assignment
Severability
Entire Agreement
Third Party Rights
Notices
Amendment
Waiver
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Execution
Relevant Industries
Banking and Finance
Oil and Gas
Manufacturing
Technology
Telecommunications
Professional Services
Healthcare
Education
Retail
Construction
Mining
Agriculture
Transportation
Hospitality
Media and Entertainment
Relevant Teams
Human Resources
Legal
Finance
Operations
Executive Leadership
Administration
Compliance
Corporate Secretariat
Employee Relations
Talent Management
Relevant Roles
Chief Executive Officer
Managing Director
General Manager
Department Head
Senior Manager
Project Manager
Technical Lead
Sales Manager
Operations Manager
Finance Manager
HR Director
Legal Counsel
Account Manager
Regional Manager
Branch Manager
Executive Assistant
Senior Engineer
Marketing Director
IT Manager
Research Scientist
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