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Contingency Agreement Template for Nigeria

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Key Requirements PROMPT example:

Contingency Agreement

"I need a Contingency Agreement for my management consulting firm based in Lagos, Nigeria, where we'll provide business optimization services to a manufacturing company with payment contingent on achieving 15% cost reduction by June 2025."

Document background
The Contingency Agreement is a specialized contract used in Nigerian business and professional services contexts where payment for services is contingent upon achieving specific results or outcomes. This document type is commonly utilized in professional services, debt collection, legal services, and business development scenarios where success-based compensation is appropriate. The agreement must comply with Nigerian contract law and professional regulations, particularly regarding fee structures and professional conduct. It typically includes detailed provisions for defining success criteria, calculating fees, protecting both parties' interests, and establishing clear payment triggers. This document is essential when parties want to align compensation with performance outcomes, sharing both risks and rewards of the engagement.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Scope of Services: Detailed description of services to be provided under the agreement

5. Contingency Terms: Specific conditions that trigger payment obligation and calculation method

6. Payment Terms: Details of payment structure, percentages, and timing

7. Obligations of Service Provider: Responsibilities and commitments of the party providing services

8. Client Obligations: Responsibilities and commitments of the client

9. Term and Termination: Duration of agreement and conditions for termination

10. Confidentiality: Protection of confidential information and trade secrets

11. Governing Law: Specification of Nigerian law as governing law and jurisdiction

12. Dispute Resolution: Process for resolving disputes between parties

13. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment

Optional Sections

1. Performance Metrics: Used when specific performance standards need to be met, defining measurable targets and evaluation criteria

2. Insurance and Indemnity: Include when significant risks are involved or when professional insurance requirements apply

3. Intellectual Property: Required when services involve creation or use of intellectual property

4. Non-Competition: Include when protecting business interests from competition is necessary

5. Force Majeure: Important when external factors could significantly impact service delivery

6. Assignment and Subcontracting: Include when there's possibility of transferring rights or delegating duties

7. Compliance with Laws: Include when specific regulatory compliance requirements apply to the services

Suggested Schedules

1. Schedule 1 - Service Description: Detailed breakdown of services to be provided

2. Schedule 2 - Fee Structure: Detailed calculation methods and examples of contingency fees

3. Schedule 3 - Performance Criteria: Specific metrics and standards for service delivery

4. Schedule 4 - Required Documentation: List of documents needed for contingency fee claims

5. Appendix A - Contact Details: Key contact information for all parties

6. Appendix B - Reporting Templates: Standard forms for progress reporting and fee calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































Clauses



































Relevant Industries

Legal Services

Financial Services

Professional Services

Business Consulting

Debt Collection

Real Estate

Insurance

Investment Banking

Corporate Advisory

Business Development

Management Consulting

Relevant Teams

Legal

Business Development

Finance

Commercial

Risk & Compliance

Sales

Professional Services

Operations

Contract Administration

Relevant Roles

Legal Counsel

Business Development Manager

Debt Collection Officer

Management Consultant

Financial Advisor

Business Consultant

Commercial Director

Contracts Manager

Professional Services Manager

Risk Manager

Compliance Officer

Chief Financial Officer

Business Development Director

Sales Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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