The Letter of Indemnity serves as a formal agreement between LISSOME O2 Limited and the Perennial Distributor to ensure mutual protection and accountability in their business dealings. It establishes clear terms for addressing issues such as stock failures, payment disputes, and system glitches, providing assurance to both parties.
This agreement ensures that LISSOME O2 will indemnify the Perennial Distributor against losses arising from technical or operational errors, including the resolution of system glitches or refunding payments within a defined timeframe. In turn, the Perennial Distributor is obligated to fulfill payment responsibilities, avoid fraudulent activities, and manage retailer interactions effectively.
The Letter of Indemnity also outlines legal recourse for breaches, emphasizing compliance with Nigerian laws, and provides a framework for resolving disputes while maintaining a strong business relationship. This ensures transparency, trust, and smooth operations for both parties in the future.