The Termination Of Construction Contract By Owner And Contractor is a critical document used when both parties agree to end their contractual relationship before the natural completion of a construction project in Nigeria. This document becomes necessary when circumstances such as project viability changes, funding issues, or mutual agreement to cease works arise. It must comply with Nigerian contract law, the Public Procurement Act (for public projects), and relevant construction industry regulations. The agreement covers essential elements including final account settlements, site handover procedures, asset disposition, and mutual releases from future claims. It's particularly important in protecting both parties' interests while ensuring a clear and documented path to contract termination. The document should be customized based on project size, complexity, and specific circumstances while maintaining compliance with Nigerian legal requirements and construction industry best practices.
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1. Parties: Identification of the Owner and Contractor, including their full legal names, addresses, and registration details
2. Background: Details of the original construction contract, including date, project description, and key amendments
3. Definitions: Definitions of key terms used in the termination agreement
4. Effective Date of Termination: Specifies the exact date when the termination becomes effective
5. Acknowledgment of Termination: Mutual agreement to terminate the construction contract
6. Status of Works: Description of the current state of construction works and percentage of completion
7. Final Account Settlement: Details of final payments, including outstanding amounts, retentions, and adjustments
8. Return of Materials and Equipment: Provisions for handling construction materials, equipment, and temporary facilities
9. Site Handover: Process and timeline for handover of the construction site
10. Mutual Release: Release of claims and obligations between parties
11. Confidentiality: Obligations regarding confidential information post-termination
12. Surviving Obligations: Identification of contract provisions that survive termination
13. Governing Law: Confirmation of Nigerian law as governing law
14. Execution: Signature blocks and execution formalities
1. Warranties: Specific provisions for ongoing warranties on completed works, used when substantial work has been completed
2. Intellectual Property Rights: Provisions for handling design documents and IP rights, needed when design services were part of the contract
3. Insurance: Provisions for maintaining certain insurance coverage post-termination, relevant for projects with ongoing risks
4. Dispute Resolution: Specific dispute resolution procedures, recommended for high-value or complex projects
5. Third Party Rights: Provisions relating to subcontractors and suppliers, necessary when there are significant third-party obligations
6. Environmental Compliance: Environmental obligations and liabilities, required for projects with environmental impacts
7. Labor and Employment: Provisions regarding workforce transition, needed when significant labor force is involved
1. Schedule A - Final Account Statement: Detailed breakdown of final account, including all payments, deductions, and outstanding amounts
2. Schedule B - Inventory of Materials: List of construction materials on site and their disposition
3. Schedule C - Equipment Register: Inventory of equipment and their agreed disposition
4. Schedule D - Outstanding Works: List of incomplete works and their status
5. Schedule E - Defects List: Documentation of any existing defects and agreement on their remedy
6. Schedule F - Handover Documents: List of documents to be handed over, including as-built drawings and warranties
7. Schedule G - Release Certificates: Forms for mutual release of claims
8. Appendix 1 - Site Photographs: Photographic evidence of site condition at termination
9. Appendix 2 - Completion Certificates: Copies of any completion certificates for finished portions
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