Key Considerations When Starting a Business in Nigeria
The early decisions, structure, shareholding and governance, that shape how smoothly a new Nigerian business runs later on.
Read more →Corporate & Commercial Law
What Businesses Should Know Before Signing a Contract
Sample content. This article is illustrative placeholder content prepared for this website build, not a published position of Lins Chambers. Replace it with the firm's own commentary before publishing.
Many contract disputes trace back to a term that was included, understood loosely, and never actually read closely before signature. Payment terms, termination rights and liability clauses are the three areas most likely to matter once a relationship runs into difficulty.
Payment terms should say clearly when payment is due, what happens if it is late, and whether interest or penalties apply. Ambiguity here is one of the more common sources of dispute between commercial parties.
Termination clauses determine how, and on what notice, either party can exit the agreement. A business should understand what happens to ongoing obligations, part-performed work and confidential information once the contract ends.
Liability and indemnity clauses allocate risk between the parties. These are often the most heavily negotiated terms in a commercial contract, and for good reason: they determine who bears the cost if something goes wrong.
None of this replaces a proper legal review, but understanding what to look for before signing helps a business ask the right questions of its advisers, and of the other side.
Share this article
Read more