The Legal Nature of Bonds in Commercial Transactions in Nigeria
Published in the February 2015 Edition of Without Prejudice Magazine in South Africa
By: Emwanta Ehigiato & Osayaba Giwa-Osagie
Giwa-Osagie & Company
Ikoyi, Lagos Nigeria
The purpose of a bond is to provide some financial security in the form of a cash sum payable by the surety for the contractor’s failure to perform his obligations under a contract. A bond instrument may be executed by the government, a company, an individual or any other business entity, guaranteeing the performance of contractual obligations.
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