The functions of a lawyer cut across various aspects of the society, varying from social to business to economic and even family Institution. However, the society seems oblivious to this fact. Before delving into the nitty-gritty of this topic, it is important to explain what a Business to Business (B2B) transactions entail. A B2B transactionContinue reading “ROLE OF LAWYERS IN BUSINESS TO BUSINESS (B2B) TRANSACTIONS OR RELATIONSHIPS”
Category Archives: contract
BRIEF BREAKDOWN OF THE NATIONAL HOUSING FUND ACT
National Housing Fund (NHF) established by the NHF Act of 1992 is a Federal Government scheme, which entitles all Nigerians above the age of 21 years in paid employment to a government funded loan with low interest. The National Housing Fund was created by the Federal Government to cater for the housing needs of the Nigerian citizenry.
SHORT ANALYSES OF THE EMPLOYEE COMPENSATION ACT, 2010.
The Employee Compensation Act, 2010 (the Act) is the extant law governing the payment of compensation to all employees both in the public and private sector except members of the armed forces. It mandates all employers to contribute 1% of the total monthly payroll into the compensation fund and entitles all employees to claim compensationContinue reading “SHORT ANALYSES OF THE EMPLOYEE COMPENSATION ACT, 2010.”
TRADE UNIONS IN NIGERIA PART 2 (SERIES)
THE PROPRIETY OR OTHERWISE OF EMPLOYERS PREVENTING THEIR EMPLOYEES FROM FORMING OR JOINING TRADE UNIONS Section 40 of the 1999 Constitution of the Federal Republic of Nigeria made provision for citizens’ freedom to assemble and associate with other persons, and in particular to join and form associations for the protection of their rights. Therefore, itContinue reading “TRADE UNIONS IN NIGERIA PART 2 (SERIES)”
EQUIPMENT LEASES IN NIGERIA: WHAT EVERY BUSINESS OWNER SHOULD KNOW
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 anContinue reading “EQUIPMENT LEASES IN NIGERIA: WHAT EVERY BUSINESS OWNER SHOULD KNOW”
WHAT IS AN INDEMNITY CLAUSE AND HOW IMPORTANT IS IT?
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 thereforeContinue reading “WHAT IS AN INDEMNITY CLAUSE AND HOW IMPORTANT IS IT?”
WHY SHOULD YOU EXECUTE VENDOR AGREEMENTS AS A BUSINESS OWNER?
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-timeContinue reading “WHY SHOULD YOU EXECUTE VENDOR AGREEMENTS AS A BUSINESS OWNER?”
WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS
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 91Continue reading “WHAT YOU NEED TO KNOW ABOUT EMPLOYMENT CONTRACTS”
WHAT YOU NEED TO KNOW ABOUT NON-DISCLOSURE AGREEMENTS (NDAs)
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,Continue reading “WHAT YOU NEED TO KNOW ABOUT NON-DISCLOSURE AGREEMENTS (NDAs)”
DID YOU TAKE A LOAN PRE COVID-19 AS AN SME OR STARTUP? YOU SHOULD RENEGOTIATE YOUR LOAN TERMS NOW!
If you’re reading this and you’ve lost your job, your salary has been slashed or you’ve suffered business loss as a result of this pandemic that makes it impossible for you to comply with your loan agreements and repayment plans, my counsel to you is to approach your creditor, be it a commercial bank, micro finance bank or any other money lending outfit and request a renegotiation of your repayment plan.
ALUKO ADEYEMI AND ASSOCIATES 