WHAT IS PRIVITY OF CONTRACT

WHAT IS PRIVITY OF CONTRACT?

If your name is not on that contract, the law does not know you.

That is the bitter truth behind privity of contract. Privity of contract is a legal principle which means that only those who sign a contract can enforce it or be held accountable.

Now imagine you pump money into a deal. Attend every meeting. You make major decisions, but when things go wrong you are told you can not claim anything because your name is not on the contract.

You are not a party to it. You are legally invisible. You are on ghost mode. That is the danger of ignoring privity of contract.

In business, trust is a dangerous adventure. If your name is not there, the law does not recognize your role, no matter how important the roles you played.

Of course, if you are a party to a contract and fail to deliver your part, you can be sued, fined or forced to pay damages. Nigerian courts are firm on this.

This is why as a smart entrepreneur you should not sign contracts blindly. One wrong clause, one missing name or one do it yourself (DIY) template downloaded online can cost you millions of naira.

Do not draft or sign any Agreement without a competent Business/Corporate Lawyer. Agreements are not just paperwork; they are legal weapons. You either use them to protect your interests or watch them destroy everything you built.

Before you sign or agree to anything, ask yourself: am I legally protected or legally exposed?
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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

Phone: +234(0)7030868694 (Calls & Whatsapp)
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