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Final Payment Contract

Final Payment Contract Template for Hong Kong

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Final Payment Contract

"I need a Final Payment Contract under Hong Kong law for a completed office building construction project, with a final payment of HKD 5 million to be paid by March 15, 2025, including provisions for a 12-month defects liability period."

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Document background
The Final Payment Contract is a critical document used in Hong Kong business transactions to formalize the final settlement of payments and obligations between parties. It is typically employed upon successful completion of projects, services, or contractual commitments, serving as a definitive record of the final payment amount, payment terms, and mutual releases. This document is essential in various contexts, from construction projects to professional services, and must comply with Hong Kong's Contract and Rights of Third Parties Ordinance, among other relevant legislation. The contract helps prevent future disputes by clearly documenting the final settlement terms, tax implications, and any surviving obligations, while providing both parties with legal certainty regarding the conclusion of their business relationship.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including full legal names and addresses

2. Background: Context of the final payment, including reference to previous agreements or work completed

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

4. Final Payment Amount: Detailed specification of the final payment amount and calculation method

5. Payment Terms: Timing, method, and conditions of the final payment

6. Release and Discharge: Mutual release of claims and obligations upon payment completion

7. Representations and Warranties: Statements of fact and assurances from both parties regarding the final payment

8. Tax Implications: Treatment of any tax obligations related to the final payment

9. Confidentiality: Obligations to maintain confidentiality of the agreement terms

10. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction details

11. Dispute Resolution: Procedures for handling any disputes related to the final payment

Optional Sections

1. Continuing Obligations: Used when certain obligations survive the final payment

2. Intellectual Property Rights: Include when final payment involves transfer or settlement of IP rights

3. Third Party Rights: Required when the agreement affects rights of third parties under Cap. 623

4. Insurance and Indemnity: Include when ongoing insurance or indemnity obligations exist

5. Regulatory Compliance: Add when specific industry regulations affect the payment

6. Set-off Rights: Include when parties need to address rights to set off other payments or claims

7. Force Majeure: Include if any continuing obligations might be affected by force majeure events

Suggested Schedules

1. Payment Calculation Schedule: Detailed breakdown of the final payment amount calculation

2. Outstanding Deliverables: List of any remaining deliverables or conditions to be met

3. Related Agreements: List of previous agreements or contracts being settled

4. Payment Instructions: Detailed banking and payment processing instructions

5. Tax Documentation: Required tax forms or certificates

6. Release Documentation: Forms or certificates confirming mutual release of obligations

7. Completion Certificate: Certificate confirming completion of work or obligations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Completion Date
Contract Price
Effective Date
Final Payment
Final Payment Date
Outstanding Amount
Original Contract
Payment Certificate
Previous Payments
Project
Release Date
Retained Amount
Settlement Sum
Substantial Completion
Supporting Documents
Tax
Works
Completion Certificate
Defects Liability Period
Discharge
Due Date
Mutual Release
Outstanding Obligations
Payment Instructions
Related Agreements
Retention Money
Surviving Obligations
VAT/GST
Relevant Industries

Construction

Engineering

Professional Services

Information Technology

Real Estate Development

Manufacturing

Infrastructure

Consulting

Project Management

Financial Services

Relevant Teams

Legal

Finance

Procurement

Project Management

Operations

Commercial

Treasury

Accounts Payable

Risk Management

Compliance

Relevant Roles

Chief Financial Officer

Finance Director

Project Manager

Contract Manager

Legal Counsel

Commercial Director

Quantity Surveyor

Procurement Manager

Accounts Payable Manager

Treasury Manager

Financial Controller

Operations Director

Construction Manager

Managing Director

Company Secretary

Industries
Contract and Rights of Third Parties Ordinance (Cap. 623): Governs the formation, validity, and enforcement of contracts in Hong Kong, including provisions for third-party rights
Electronic Transactions Ordinance (Cap. 553): Regulates electronic contracts and signatures, relevant if the final payment contract will be executed electronically
Limitation Ordinance (Cap. 347): Sets time limits for bringing legal actions relating to contractual disputes, important for payment claim periods
Supply of Services (Implied Terms) Ordinance (Cap. 457): Relevant if the final payment is related to service provision, establishing implied terms for service contracts
Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615): Establishes requirements for payment verification and documentation for large transactions
Employment Ordinance (Cap. 57): Relevant if the final payment involves employment-related settlements, governing termination payments and final dues
Control of Exemption Clauses Ordinance (Cap. 71): Regulates the use of exemption clauses in contracts, ensuring fairness in payment terms and conditions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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