The Arbitral Proceedings
8th May 2021
Arbitration in Nigeria is governed by the Arbitration and Conciliation Act of 1988, which is based on international standards set under the UNICITRAL Model Law on Arbitration and Arbitration Rules and the New York Convention. Read more about The law and you The substantive law in an arbitral proceeding is the law that governs … Continue reading The Arbitral Proceedings
Taxing Powers By The Governments
Tax is compulsorily statute- based; hence, a tax cannot be validly imposed except by law and validly passed by the legislature. Therefore, the taxing power of government is the power of that government to impose taxes, usually by legislation duly enacted for that purpose. Read more about The law and you Taxing power means … Continue reading Taxing Powers By The Governments
Securities For Loans And Credit Facilities
6th May 2021
Granting loans and overdrafts is part of the banking business, and to stay solvent, a bank must be certain that the customer to whom a loan is to be given or an overdraft granted has the means of repaying same as and when due. Read more about The law and you However, no matter … Continue reading Securities For Loans And Credit Facilities
Risk Management: Underwriting And Reinsurance Claims
5th May 2021
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risks they impose Most insurance companies have a responsible official whose main function is to scrutinize every proposal for insurance and to decide whether the risks proposed for insurance shall be accepted or … Continue reading Risk Management: Underwriting And Reinsurance Claims
Rights And Duties Of Parties To An Agency Relationship
30th April 2021
The rights of an agent would usually cover the corresponding duties of the principal and vice versa. For instance, if the agent has the right to be paid a certain sum of money, then the principal may have a duty to pay such money. Read more about The law and you Since the relationship … Continue reading Rights And Duties Of Parties To An Agency Relationship
Principles And Administration Of Tax
29th April 2021
When we speak of tax, we usually think of money paid to the government by reason of our obligation as citizens. All Citizens are expected to pay their taxes to their government, sometimes irrespective of whether or not they live and work in their country, and some people, especially companies, are expected to pay … Continue reading Principles And Administration Of Tax
Powers And Duties Of Arbitrators
27th April 2021
The impartial third person (or persons) acting in a judicial manner in an Arbitration Proceeding is called an Arbitrator or panel of Arbitrators. An arbitrator/ panel of Arbitrators should generally be independent and unbiased. Read more about The law and you Arbitrators are often compared in this regard to judges, who must meet relatively … Continue reading Powers And Duties Of Arbitrators
Performance Of The Contract Of Sale: Duties Of The Parties
26th April 2021
Performance refers to the delivery of goods by the seller to the buyer plus payment of the purchase price by the buyer to the seller. The main objective of the contract of sale is to transfer property from the buyer to the seller, and the strongest proof of this is by the delivery of … Continue reading Performance Of The Contract Of Sale: Duties Of The Parties
Negotiation And Out-Of-Court Settlement
23rd April 2021
Sometimes, parties to a suit pending in court may realize the advantages they will enjoy if they pursue an amicable settlement of their dispute without recourse to the court system. Read more about The law and you Such parties are allowed, despite the pendency of their suit in court, to pursue the end of … Continue reading Negotiation And Out-Of-Court Settlement
Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part B)
22nd April 2021
Presentation And Notice Of Dishonour Certain bills must be presented first for acceptance and then for payment, while others only need to be presented for payment. Read more about The law and you Presentation For Acceptance A bill is duly presented for acceptance which is presented in accordance with the following rules: The presentment … Continue reading Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part B)
Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part A)
21st April 2021
An instrument is said to be transferable when it can be freely passed from one person to another either by delivery alone or by endorsement and delivery without the need to notify the party liable on it. Read more about The law and you Negotiability is the attribute of an instrument that enables the … Continue reading Negotiability And Assignability; Endorsement And Delivery; Presentment And Notice Of Dishonour (Part A)
Nature Of Conciliation
20th April 2021
Conciliation is the process whereby the third party (known as the conciliator) in the settlement process is the one to reach a non-binding decision on behalf of the parties, having carefully listened to the facts of the dispute. Read more about The law and you The Conciliation Agreement Where the parties to an agreement … Continue reading Nature Of Conciliation
Money Laundering In Nigeria
19th April 2021
Money laundering has been described as the process of trying to manage the product of crime. The phrase “money laundering” means simply “the washing of money” but a thing is laundered only when it is dirty with the goal of cleaning it. Read more about Law The washing of money is infused with an … Continue reading Money Laundering In Nigeria
International Export Contracts
16th April 2021
International trade contracts are usually entered into between buyers, sellers, transporters and any other actor in the import-export business and they usually involve the sale of goods between buyers (importers) and sellers (exporters) in different countries. Read more about The law and you Usually, international trade activities involve parties from different countries and this … Continue reading International Export Contracts
Letters Of Credit And Performance Bonds
There is a significant amount of money involved in international trade, and many times, traders will have to take out loans or perform their end of the bargain on a promise to third party vendors to pay on a certain date. Read more about The law and you While this is a risky situation … Continue reading Letters Of Credit And Performance Bonds
Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
15th April 2021
Bank means any person who carries on banking business. banking business is defined as the business of receiving money on current account from the general public, of paying or collecting cheques drawn by customers and making advances to customers. Read more about The law and you There are several laws that regulate banking business … Continue reading Institutional And Regulatory Framework For The Establishment And Operation Of Banks Under Nigerian Law
Formation Of The Contract Of Insurance
14th April 2021
Contract of Insurance is a contract whereby one party (called ‘the insurer’) in consideration of a price, known as premium, agrees to indemnify or pay a sum of money to another person (known as ‘the insured’) upon the happening of a loss or misfortune. Read more about The law and you A contract of … Continue reading Formation Of The Contract Of Insurance
Double Taxation
13th April 2021
Under Double Taxation, what usually transpires is that the income of a taxpayer is taxed several times under different taxing statutes such that a single tax base will end up being subjected to more than one tax. Read more about The law and you This, broadly speaking, is what double taxation is all about. … Continue reading Double Taxation
Confidentiality Agreements Under Intellectual Property Law
12th April 2021
Many of the people who possess intellectual property rights may not have the funding or other resources to make the property available to the public, or even to register the property; so, many times, they approach individuals or institutions to assist in the commercial and administrative processes. Read more about The law and you … Continue reading Confidentiality Agreements Under Intellectual Property Law
What You Should Know About Competition Law Part 2
9th April 2021
Competition Law In Nigeria’s Legal History There is currently no comprehensive legislation on competition law in Nigeria. This area of commercial law, although it has generated significant interest, has not received commensurate representation in the country’s law books. Read more about The law and you Nevertheless, there are several laws that cover areas relating … Continue reading What You Should Know About Competition Law Part 2
Anti- Corruption Laws And Policies In The Nigerian Legal System
7th April 2021
Corruption is the abuse of public power for private benefit. The notion of corruption as the abuse of public power for private gain could be seen as a conflict between the obligation to exercise public power in the public’s interest, and the self-interest of an individual to use or exploit them for private gain. … Continue reading Anti- Corruption Laws And Policies In The Nigerian Legal System
The Law & You: The Need For Building Permits In Nigeria
5th January 2020
A building permit is an official approval to proceed with a construction project. It is also intended to ensure that the project plans comply with local standards for land use, zoning and construction. These standards are intended to ensure the safety of current and future owners and occupants. Building permits are documents which specify whether … Continue reading The Law & You: The Need For Building Permits In Nigeria
The Law & You: Taxes Applicable To Property Practice In Nigeria
2nd January 2020
Tax has been defined as “a universal contrivance whereby the government imposes upon its citizens; a compulsory financial levy or contribution for the benefit of society as a whole.” The common public representation or perception that there are no real property or real estate taxes in Nigeria is not correct. Real property transactions in Nigeria … Continue reading The Law & You: Taxes Applicable To Property Practice In Nigeria
The Law & You: Settlement Of Industrial Disputes In Nigeria
26th December 2019
An industrial dispute is any dispute or differences between employers and employees or between employers and workers, or between workers and workers, which is connected with the employment or non-employment or the terms of employment and conditions of any person. The Nature Of Industrial Disputes Parties to the dispute: for a dispute to qualify as … Continue reading The Law & You: Settlement Of Industrial Disputes In Nigeria
The Law & You: Collective Bargaining In Nigeria (Part B)
19th December 2019
Processes Of Collective Bargaining Much controversy exists over what activities collective bargaining embraces. Depending upon whether one adopts a broad or a narrow point of view, the processes of bargaining variously include: Find Part A here Negotiation of contracts: negotiation of contracts is the most significant factor. It provides the general structure of wages, hours, … Continue reading The Law & You: Collective Bargaining In Nigeria (Part B)
The Law & You: Collective Bargaining In Nigeria (Part A)
12th December 2019
Collective bargaining in Nigeria evolved through government intervention unlike other countries where the concept evolved from the private industrial sector. The term ‘collective bargaining’ is made up of two words; ‘collective’ which means a group action through representation and ‘bargaining’ on the other hand means negotiating and it involves proposal and counter-offers. Thus, collective bargaining … Continue reading The Law & You: Collective Bargaining In Nigeria (Part A)
The Law & You: Making Maritime Claims In Nigeria (Part B)
5th December 2019
Limitation Periods For Making Maritime Claims Admiralty actions do not last forever; rather, they have prescribed limitation periods, which often vary depending on the type of claim. If a claim is not brought within the time prescribed by the relevant law or contract, a party with an otherwise valid claim will generally lose its right … Continue reading The Law & You: Making Maritime Claims In Nigeria (Part B)
The Law & You: Making Maritime Claims In Nigeria (Part A)
28th November 2019
Commercial shipping is the business of transporting goods and persons by sea. This article talks about maritime claims arising from maritime disputes in the course of the business of transportation of goods and persons by sea in Nigeria. Maritime claims arise in relation to the ownership, possession, mortgage and general operation of a ship and … Continue reading The Law & You: Making Maritime Claims In Nigeria (Part A)
The Law & You: A Brief On Maritime Law In Nigeria
20th November 2019
Maritime Law is the body of legal principles, which govern in particular, marine, commerce and navigation, business transacted at sea or relating to navigation, ships and shipping, seamen, transportation of person and property at sea and to marine affairs generally. Shipping is the process of engaging in commerce through various types of navigable waters. Shipping … Continue reading The Law & You: A Brief On Maritime Law In Nigeria
The Law & You: Tools Of Monetary Management And Control Of Banks
24th June 2019
A bank is an establishment authorized by a government to accept deposits, pays interest, clear checks, make loans, act as intermediary in financial transaction, and provide other financial services to its customers. If a nation’s economy were a human body, then its heart would be the central bank. And just as the heart works to … Continue reading The Law & You: Tools Of Monetary Management And Control Of Banks