The Irrevocable Letter of Authority is a crucial legal instrument in Nigerian business practice, particularly utilized when one party needs to grant permanent, unrevocable powers to another party. This document is essential in scenarios requiring strong, legally-binding authorization that cannot be withdrawn, such as in banking transactions, property dealings, or corporate matters. The document must conform to Nigerian legal requirements, including proper execution, witnessing, and compliance with relevant banking and financial regulations. It typically includes detailed specifications of the powers granted, duration, scope of authority, and any applicable conditions. The irrevocable nature of this document makes it particularly important in securing long-term business arrangements and providing certainty in commercial transactions.
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1. Letter Header: Contains the date, reference number, and formal letterhead of the issuing party
2. Recipient Details: Full name and address of the recipient/beneficiary of the authority
3. Subject Line: Clear indication that this is an Irrevocable Letter of Authority
4. Opening Declaration: Formal statement identifying the issuer and their capacity to grant the authority
5. Purpose Statement: Clear explanation of why the authority is being granted
6. Scope of Authority: Detailed description of the specific powers and authority being granted
7. Duration and Irrevocability: Express statement of the irrevocable nature and duration of the authority
8. Execution Block: Signature block with full details of the grantor and space for witness attestation
1. Consideration Statement: Statement of consideration if the authority is granted for value received
2. Restrictions and Limitations: Any specific limitations or conditions on the exercise of the authority
3. Indemnification Clause: Protection for the recipient when acting under the authority
4. Governing Law Statement: Optional statement explicitly stating Nigerian law governs the letter
5. Banking Instructions: Specific banking details and instructions if the authority relates to banking matters
1. Schedule of Specific Powers: Detailed list of specific actions authorized under the letter
2. Schedule of Assets: If applicable, list of specific assets covered by the authority
3. Schedule of Authorized Representatives: List of specific individuals authorized to act on behalf of the recipient
4. Supporting Documents: Copies of relevant identification documents, corporate authorizations, or board resolutions
Relevant legal definitions
Clauses
Grant of Authority
Irrevocability
Scope of Powers
Duration
Representations and Warranties
Indemnification
Governing Law
Compliance
Authorization
Notice
Witness and Attestation
Execution
Banking Instructions
Regulatory Compliance
Third Party Rights
Severability
Force Majeure
Entire Authority
Stamp Duty Compliance
Assignment
Irrevocability
Scope of Powers
Duration
Representations and Warranties
Indemnification
Governing Law
Compliance
Authorization
Notice
Witness and Attestation
Execution
Banking Instructions
Regulatory Compliance
Third Party Rights
Severability
Force Majeure
Entire Authority
Stamp Duty Compliance
Assignment
Relevant Industries
Banking and Finance
Real Estate
Oil and Gas
International Trade
Corporate Services
Investment Management
Manufacturing
Telecommunications
Construction
Professional Services
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Operations
Corporate Secretariat
Administration
Executive Management
Relevant Roles
Legal Counsel
Corporate Secretary
Managing Director
Finance Director
Bank Manager
Compliance Officer
Risk Manager
Treasury Manager
Property Manager
Contract Administrator
Company Director
Chief Financial Officer
Chief Executive Officer
Operations Manager
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