HAVE A PROPER EXIT CLAUSE IN YOUR BUSINESS AGREEMENTS

HAVE A PROPER EXIT CLAUSE IN YOUR BUSINESS AGREEMENTS

Most Nigerian entrepreneurs sign contracts with excitement: chasing profit, sealing deals, smiling for photoshoot, but they forget to ask one vital question: “what if at some point I need to walk away?”

That is where the exit clause comes in. It is one of the most powerful parts of any contract, yet the most ignored.

Without it, you could be trapped in a toxic business relationship, one that has outlived its useful to you, stuck with losses or even sued for breach of contract if you try to pull out. No court will save you from what you signed.

An exit clause clearly spells out how, when, and under what circumstances or conditions you can leave the agreement without issues or legal war.

It is your legal parachute. Not having an exit clause is like driving a car without brake.

Imagine that your vendor keeps delaying supply. You want to cut ties and move on. But the contract says nothing about ending it. You attempt to exit and boom they sue you. And win. Why? Because you failed to plan your escape route before signing.

Smart business owners do not just focus on profits, they prepare for problems. They enter every deal with a clear exit strategy built in from day one.

So before you sign any contract in Nigeria, ask these: Can I exit without penalties? What happens if things go wrong? Are the termination conditions  clearly defined?

If your contract cannot answer these, you are exposed.

Let a skilled Business/Corporate Lawyer build your exit into the business deal, before the deal hangs in your throat like fish bone.

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APEX CHAMBERS, Property/Real Estate and Business/Corporate /Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public in Port Harcourt, Rivers State, Nigeria

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