A trade union is an organized association of workers or employers from related fields – trades, profession or industry, who come together for the purpose of protecting its members against exploitation by their employers or supervisory or regulatory bodies, and ensuring the maintenance and improvement of their collective interests. Such collective interests include, but not limited to, their wages, working terms and conditions, their rights, policies relating to health and safety, maternity and work, gender related issues, sexual harassment, forced labour, and minimum wage amongst many others. Trade union is also referred to as labour Union.Continue reading “TRADE UNIONS IN NIGERIA (series)”
Patent is an exclusive right granted to confer legal protection on an invention for a given period, which exclusive right expressly excludes others from making, using, or selling said invention in the country from which it is obtained without permission or consent during the existence of the patent. Patent in Nigeria is regulated by the Patent and Design Act Cap P2 LFN 2004.
For an inventive work to be capable of being registered as a Patent it must:Continue reading “INTELLECTUAL PROPERTY SERIES: PATENTS AND DESIGNS”
A trademark, according to Wikipedia is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are often displayed on company buildings.Continue reading “INTELLECTUAL PROPERTY SERIES: WHAT YOU NEED TO KNOW ABOUT TRADEMARK”
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. It refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Simply put, it is property created by the human intellect.
When a business or an individual has an idea that they want to protect from being used by others without their permission, it is best to seek legal protection of that intellectual property. The most well-known types of Intellectual Property are: Copyrights, Patents and Trademarks.Continue reading “INTELLECTUAL PROPERTY SERIES: WHAT YOU SHOULD KNOW ABOUT COPYRIGHT”
At the beginning of the journey of building your business, purchasing the equipment to compete within your market may not be an option, majorly because of funding. And that is where an equipment lease comes to the table.
Equipment Leasing is an arrangement where a person known as the lessor gives temporary possession of an equipment to another person or body known as the lessee for an agreed period of time and under agreed terms and conditions.
Equipment lease agreement is therefore a contractual agreement between a lessor and lessee to use an equipment for specified period in exchange for periodic lease payments.
The Equipment Leasing Act, 2015 (ELA) is the extant law regulating equipment leasing in Nigeria and it has defined an equipment as any movable or immovable equipment howsoever described. This may include motor vehicle or bike, aircraft, ship, plant and machinery, and office equipment like computer, air-conditioning units, etc.Continue reading “EQUIPMENT LEASES IN NIGERIA: WHAT EVERY BUSINESS OWNER SHOULD KNOW”
An indemnity is a promise by one party to compensate another for the loss suffered as a consequence of a specific event called the ‘trigger event’ – the trigger event can be anything defined by the parties including, a breach of contract, a party’s fault or negligence, or a specific action.
An indemnity clause therefore is a clause within a contract, for example vendor agreements, business contracts or service contracts between two parties doing business together which promises to compensate the party at the receiving end in the event that they suffer a loss due to a defined trigger event.Continue reading “WHAT IS AN INDEMNITY CLAUSE AND HOW IMPORTANT IS IT?”
No one, and definitely no business can exist in isolation. Hence, demand and supply is at the core of every business, whether what it offers is goods or services, and at the very center of this is vendors. Vendors are persons or other businesses hired to provide products and/or services, be it on a one-time or ongoing basis. Vendors are usually contracted by businesses to supply products or services that are very critical to their own smooth operations. Be it for event planning, software programming, consultants, technology services, office supplies, equipment repair and maintenance, internet and phone services, raw materials for your products, or even marketing, the success of your business depends on different vendors fulfilling their promises and expectations.Continue reading “WHY SHOULD YOU EXECUTE VENDOR AGREEMENTS AS A BUSINESS OWNER?”
An employment contract also known as contract of employment is an agreement that covers the working relationship between an employer and an employee. It allows both parties to clearly understand their obligations, responsibilities and the terms of employment. An employment contract must clearly define all terms and conditions of the employment relationship.
Under Section 91 of the Labour Act, 2004, employment contract or contract of employment is defined as “an agreement, whether oral or written, express or implied whereby one person agrees to employ another and that person agrees to serve the employer as a worker”. The elements of a contract employment depends on the right and obligations of the employer and employee.
A written employment contract is a great way to clearly define the role, the responsibilities and the benefits of the employment and to prevent any confusion. An implied employment contract is one that is inferred from comments made during an interview or conversation, etc.Continue reading “WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS”
A Non-Disclosure Agreement (NDA) also known as Confidentiality Agreement (CA), Confidential Disclosure Agreement (CDA), Proprietary Information Agreement (PIA) or Secrecy Agreement (SA) is a legal contract or part of a contract between at least two parties that outlines confidential material, knowledge or information which the parties wish to share with one another for certain purpose, but wish to restrict access to.
NDAs are important legal framework or structure used to protect sensitive and confidential information or other non-public business information from being made available to third parties or the public by the recipient of that information.
It is a contract through which parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties, typically to protect any type of confidential and proprietary (branded/novel/exclusive) information or trade secrets (such as formulas, methods, recipes or manufacturing information).Continue reading “WHAT YOU NEED TO KNOW ABOUT NON-DISCLOSURE AGREEMENTS (NDAs)”
The amended Finance Act was signed into law on 31st December 2020 and came into effect on 1st January 2021. The new law, among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy. The new Law introduces over 80 changes to 14 different laws that will affect all stakeholders – business owners and individuals alike. Few of these changes include:Continue reading “REVIEW OF SOME CHANGES INTRODUCED IN THE NEW FINANCE ACT 2020”