The Final Payment Agreement is a crucial document used in Hong Kong business and financial transactions to formally conclude outstanding payment obligations between parties. It serves as the definitive agreement documenting the final settlement terms, whether arising from commercial contracts, loans, services rendered, or other financial obligations. This document becomes particularly important in situations where parties wish to bring closure to ongoing financial relationships, document payment arrangements, or resolve disputed amounts. The agreement must comply with Hong Kong contract law principles and financial regulations, and typically includes comprehensive details about the payment amount, method, timing, and the consequences of payment completion. It provides legal certainty by including release provisions that protect the paying party from future claims once payment is made.

1. Parties: Identification and details of all parties to the agreement, including their legal status and registered addresses

2. Background: Context of the original debt or obligation, reference to previous agreements or arrangements, and current outstanding amount

3. Definitions: Definitions of key terms used throughout the agreement

4. Outstanding Amount: Clear statement of the total outstanding amount agreed to be paid, including any interest or charges

5. Payment Terms: Specific details of how and when the final payment will be made, including payment method and deadline

6. Release and Discharge: Terms confirming that upon payment, the paying party is released from all further obligations related to the original debt

7. Representations and Warranties: Statements confirming the parties' authority to enter into the agreement and the accuracy of information provided

8. Confidentiality: Provisions regarding the confidentiality of the agreement and its terms

9. Governing Law and Jurisdiction: Confirmation that Hong Kong law governs the agreement and Hong Kong courts have jurisdiction

10. Execution: Signature blocks and execution formalities