Document background
The As Is Sale Agreement is a specialized contract used in Hong Kong for transactions where assets are sold in their existing condition with limited or no warranties. This document is particularly relevant when selling used equipment, distressed assets, or items with known defects where the seller wishes to limit their liability for the asset's condition. The agreement includes comprehensive details about the asset's current state, any known defects, and explicit acknowledgments from the buyer about accepting the asset's condition. It complies with Hong Kong legal requirements, including the Sale of Goods Ordinance and Control of Exemption Clauses Ordinance, while maximizing the protection available to sellers through appropriate disclaimers. This type of agreement is commonly used in commercial transactions, particularly in situations where the buyer has had the opportunity to inspect the assets thoroughly before purchase.
