The Partner Separation Agreement is a crucial legal document used when business partners in Nigeria decide to end their professional relationship and divide their business interests. This agreement becomes necessary when partners choose to dissolve their partnership due to retirement, strategic differences, or other business reasons. The document must comply with Nigerian partnership law, including the Partnership Act and CAMA 2020, and should address all aspects of the separation, from asset division to ongoing obligations. It serves as a comprehensive record of the terms agreed upon by all parties and helps prevent future disputes by clearly documenting each partner's rights and responsibilities post-separation. The agreement is particularly important in the Nigerian business context, where clear documentation of business separations is essential for regulatory compliance and protection of all parties' interests.
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1. Parties: Identification and details of all partners involved in the separation
2. Background: History of the partnership, reason for separation, and context of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Effective Date of Separation: Specific date when the separation becomes effective
5. Partnership Assets and Division: Detailed breakdown of partnership assets and agreed division
6. Financial Settlement: Terms of financial settlement between partners
7. Outstanding Liabilities: Allocation of existing partnership debts and liabilities
8. Client and Contract Distribution: Agreement on distribution of existing clients and contracts
9. Intellectual Property Rights: Division and future usage rights of partnership IP
10. Confidentiality Obligations: Ongoing confidentiality requirements post-separation
11. Non-Compete and Non-Solicitation: Restrictions on competitive activities and client/employee solicitation
12. Tax Matters: Handling of tax obligations and liabilities
13. Dispute Resolution: Process for resolving any disputes arising from the agreement
14. Governing Law: Specification of Nigerian law as governing law
15. Execution: Signature blocks and execution requirements
1. Employee Matters: Provisions regarding existing employees if the partnership has staff
2. Real Estate: Division of real estate assets if owned by the partnership
3. Ongoing Projects: Handling of projects in progress at time of separation
4. Insurance Matters: Division of insurance policies and ongoing coverage
5. Partnership Name and Branding: Usage rights for partnership name and brand assets post-separation
6. Third Party Consents: Process for obtaining necessary third-party approvals
7. International Assets: Provisions for overseas assets if partnership operates internationally
8. Transitional Services: Temporary support services between partners post-separation
1. Schedule 1: Asset Inventory: Detailed list of all partnership assets and their agreed values
2. Schedule 2: Client List: Complete list of clients and their allocation between partners
3. Schedule 3: Financial Statements: Recent partnership financial statements and accounts
4. Schedule 4: Outstanding Contracts: List of ongoing contracts and their allocation
5. Schedule 5: Intellectual Property Register: Detailed inventory of all IP owned by the partnership
6. Appendix A: Valuation Reports: Independent valuations of partnership assets
7. Appendix B: Tax Clearance Certificates: Current tax clearance documentation
8. Appendix C: Property Documents: Relevant property documentation if applicable
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