Release And Waiver Of Claims Agreement for Hong Kong

Release And Waiver Of Claims Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that facilitates the formal release and waiver of claims between parties. This agreement serves to permanently resolve disputes, potential claims, or legal obligations by having one party agree to release another party from specific claims or liabilities in exchange for consideration. The document incorporates Hong Kong's common law principles and relevant ordinances, including the Control of Exemption Clauses Ordinance and Contract Ordinance, ensuring enforceability within the jurisdiction while providing clear terms for the scope of the release, the claims being waived, and the obligations of all parties involved.

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What is a Release And Waiver Of Claims Agreement?

The Release And Waiver of Claims Agreement is a crucial legal instrument used in Hong Kong's business and legal environment to formally resolve disputes and potential claims between parties. This document is typically employed when parties wish to settle existing disputes, conclude business relationships, or prevent future litigation regarding specific matters. It is particularly relevant in employment terminations, business transactions, personal injury settlements, or commercial dispute resolutions. The agreement must comply with Hong Kong's legal framework, including the Contract Ordinance and Control of Exemption Clauses Ordinance, and requires careful drafting to ensure enforceability. Key components include detailed descriptions of released claims, consideration provided, and any exceptions to the release, making it essential for risk management and dispute resolution strategies in various business contexts.

What sections should be included in a Release And Waiver Of Claims Agreement?

1. Parties: Identifies and defines all parties to the agreement, including the releasing party and the released party

2. Background: Sets out the context and circumstances leading to the agreement, including any disputes or claims that exist

3. Definitions: Defines key terms used throughout the agreement, including 'Claims', 'Released Matters', and 'Effective Date'

4. Release and Waiver: Core section detailing the specific claims being released and waived, including the scope and extent of the release

5. Consideration: Specifies the consideration being provided in exchange for the release and waiver

6. Representations and Warranties: Statements by the releasing party regarding their authority to give the release and understanding of its implications

7. Non-Admission of Liability: Statement that the agreement does not constitute an admission of liability by any party

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

9. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction

10. Entire Agreement: Confirms that the document represents the entire agreement between the parties

11. Execution: Signature blocks and execution requirements

What sections are optional to include in a Release And Waiver Of Claims Agreement?

1. Future Claims: Used when the release needs to explicitly address potential future claims that have not yet arisen

2. Return of Property: Include when there is physical or intellectual property that needs to be returned as part of the agreement

3. Non-Disparagement: Add when parties wish to include mutual obligations not to make negative statements about each other

4. Cooperation: Include when ongoing cooperation between parties is required for certain matters

5. Tax Implications: Add when the release involves significant monetary consideration requiring tax clarification

6. Survival: Used to specify which provisions survive the execution of the release

7. Assignment: Include when there's a need to address whether rights under the agreement can be assigned

8. Third Party Rights: Add when the release affects rights of third parties under the Contracts (Rights of Third Parties) Ordinance

9. Severability: Include when parties want to ensure partial enforceability if some provisions are found invalid

What schedules should be included in a Release And Waiver Of Claims Agreement?

1. Schedule of Released Claims: Detailed list of specific claims, disputes, or matters being released

2. Schedule of Consideration: Detailed breakdown of any monetary or non-monetary consideration being provided

3. Schedule of Related Proceedings: List of any legal proceedings or potential proceedings covered by the release

4. Schedule of Excluded Claims: List of specific claims or rights that are not being released

5. Schedule of Required Actions: List of specific actions that must be taken by either party as part of the release

6. Appendix of Supporting Documents: Copies of relevant documents referenced in the agreement

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

Jurisdiction

Hong Kong

Publisher

Genie AI

Document Type

Release Agreement

Cost

Free to use
Relevant Industries

Financial Services

Insurance

Banking

Construction

Real Estate

Manufacturing

Technology

Healthcare

Retail

Professional Services

Education

Transportation

Hospitality

Entertainment

Energy

Telecommunications

Relevant Teams

Legal

Human Resources

Risk Management

Compliance

Finance

Operations

Corporate Secretarial

Executive Leadership

Administrative

Business Development

Relevant Roles

Legal Counsel

Human Resources Director

Risk Manager

Compliance Officer

Chief Legal Officer

Settlement Officer

Claims Manager

Corporate Secretary

Chief Executive Officer

Chief Financial Officer

Operations Manager

Project Manager

Contract Administrator

Business Development Manager

General Manager

Department Head

Industries
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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