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The Buying Agency Agreement serves as a critical legal framework for businesses operating in Hong Kong's dynamic trading environment. It is particularly relevant for companies seeking to establish formal buying relationships in Asian markets, using Hong Kong as their commercial hub. This document is essential when a company (the principal) wishes to engage a professional buying agent to handle procurement activities, including supplier identification, price negotiation, quality control, and purchase execution. The agreement comprehensively addresses key aspects such as commission structures, performance expectations, liability limitations, and compliance with Hong Kong regulations. It's commonly used in cross-border trade scenarios and can be adapted for various industries, from retail to manufacturing. The document should be carefully tailored to reflect specific industry requirements while ensuring compliance with Hong Kong's legal framework, particularly regarding agency law and commercial regulations.

1. Parties: Identifies and provides full details of the principal and the buying agent

2. Background: Sets out the context of the agreement, including the principal's need for buying agency services and the agent's qualifications

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Scope: Establishes the agent's appointment and defines the scope of authority

5. Agent's Duties and Responsibilities: Details the specific obligations of the agent, including sourcing, negotiation, and reporting duties

6. Principal's Obligations: Outlines the principal's responsibilities, including information provision and payment obligations

7. Compensation and Payment Terms: Specifies the agent's fees, commission structure, and payment arrangements

8. Term and Termination: Sets out the duration of the agreement and circumstances for termination

9. Confidentiality: Establishes obligations regarding confidential information

10. Intellectual Property: Addresses ownership and usage of intellectual property

11. Liability and Indemnification: Defines the parties' liability limitations and indemnification obligations

12. Force Majeure: Addresses circumstances beyond parties' control affecting performance

13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes

14. General Provisions: Contains standard boilerplate clauses including notices, entire agreement, and amendments