The Legal Nature of Bonds in Commercial Transactions in Nigeria

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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