The Termination Of Property Management Agreement is essential when parties wish to end their existing property management arrangement in Hong Kong. This document is typically used when either the property owner/owners' corporation wishes to change management companies, or when the current management company's services are no longer required. It must comply with Hong Kong's Building Management Ordinance (Cap. 344) and Property Management Services Ordinance (Cap. 626), addressing crucial aspects such as handover procedures, final accounts settlement, transfer of records and equipment, and release of obligations. The agreement provides a structured approach to ensure a smooth transition while protecting all parties' interests and maintaining compliance with local regulatory requirements. It's particularly important in Hong Kong's complex property management landscape, where proper documentation and regulatory compliance are essential for property management transitions.
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1. Parties: Identification of the property owner/owners' corporation and the property management company
2. Background: Details of the existing management agreement, including its execution date and key terms
3. Definitions: Definitions of key terms used in the termination agreement
4. Termination Date: Specific date when the management agreement will terminate and services will cease
5. Handover Obligations: Detailed requirements for the handover of property records, keys, equipment, and other relevant items
6. Settlement of Accounts: Provisions for final accounting, payment of outstanding fees, and return of management deposits
7. Release and Discharge: Mutual release of obligations and liabilities post-termination
8. Confidentiality: Obligations regarding confidential information post-termination
9. Governing Law: Confirmation that the agreement is governed by Hong Kong law
10. Execution: Signature blocks and execution requirements
1. Transition Period: Include when a handover period to a new management company is required, detailing cooperation and transition arrangements
2. Surviving Provisions: Include when certain provisions of the original agreement need to survive termination
3. Employee Matters: Include when there are staff transfer or employment termination issues to be addressed
4. Dispute Resolution: Include when specific dispute resolution mechanisms are needed beyond standard court jurisdiction
5. Third Party Contracts: Include when there are existing contracts with third-party service providers that need to be addressed
6. Insurance Matters: Include when specific provisions are needed regarding the transfer or termination of insurance policies
1. Schedule 1 - Property Details: Details of the property/properties covered by the termination
2. Schedule 2 - Handover Items: Comprehensive list of documents, keys, and items to be handed over
3. Schedule 3 - Outstanding Fees: Detailed breakdown of any outstanding management fees and charges
4. Schedule 4 - Handover Timeline: Detailed timeline for the handover process and key milestones
5. Appendix A - Original Management Agreement: Copy of the original management agreement being terminated
6. Appendix B - Final Account Statement: Template or format for the final account statement to be prepared
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