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Full And Final Release Agreement

Full And Final Release Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Full And Final Release Agreement

"I need a Full and Final Release Agreement under Hong Kong law for settling an IP infringement dispute between my technology company and a former contractor, including confidentiality provisions and a settlement payment of HKD 500,000."

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Document background
The Full and Final Release Agreement is a crucial legal instrument used in Hong Kong's business and legal environment to conclusively resolve disputes and potential claims between parties. It serves as a definitive settlement document that, once executed, prevents the releasing party from pursuing any further legal action regarding the specified matters against the released party. This document is commonly used in various contexts, including employment separations, commercial dispute resolutions, personal injury settlements, and corporate transactions. The agreement must comply with Hong Kong's common law principles and statutory requirements, particularly regarding contract formation, limitation periods, and specific ordinances governing releases. It typically includes comprehensive details about the claims being released, consideration provided, confidentiality obligations, and various warranties and representations to ensure legal effectiveness and enforceability.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including full legal names and addresses of both the releasing and released parties

2. Background: Sets out the context of the dispute or circumstances leading to the release, including reference to any existing claims or proceedings

3. Definitions: Defines key terms used throughout the agreement, including 'Claims', 'Released Matters', and other relevant terminology

4. Consideration: Details the payment or other consideration being provided in exchange for the release

5. Release: The core release provisions, including the scope of claims being released and the nature of the release

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

7. Confidentiality: Obligations regarding non-disclosure of the agreement terms and underlying dispute

8. Entire Agreement: Confirms that this document represents the complete agreement between parties and supersedes prior agreements

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

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Non-Disparagement: Mutual obligations not to make negative statements about other parties - typically included in employment-related releases

2. Return of Property: Requirements for returning company property or documents - relevant in employment or commercial relationship terminations

3. Tax Indemnity: Provisions dealing with tax implications of any settlement payment

4. Future Cooperation: Obligations regarding cooperation in future legal proceedings or investigations

5. Admission of Liability: Express statement that the agreement does not constitute admission of liability

6. Third Party Rights: Provisions under the Contracts (Rights of Third Parties) Ordinance

7. Legal Advice: Acknowledgment of receipt or opportunity to receive independent legal advice

8. Surviving Obligations: Specifies which obligations survive the release, such as ongoing confidentiality duties

Suggested Schedules

1. Schedule 1 - Released Claims: Detailed list of all claims, rights, and causes of action being released

2. Schedule 2 - Payment Terms: Details of any settlement payment including amount, timing, and payment method

3. Schedule 3 - Released Parties: Comprehensive list of all parties benefiting from the release, including related entities and individuals

4. Schedule 4 - Existing Proceedings: Details of any current legal proceedings to be discontinued

5. Schedule 5 - Excluded Claims: List of any claims specifically excluded from the scope of the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Insurance

Manufacturing

Real Estate

Technology

Healthcare

Retail

Professional Services

Construction

Education

Telecommunications

Transportation and Logistics

Relevant Teams

Legal

Human Resources

Compliance

Risk Management

Finance

Executive Management

Operations

Corporate Governance

Employee Relations

Claims Administration

Relevant Roles

Legal Counsel

HR Director

Chief Legal Officer

Risk Manager

Compliance Officer

Chief Financial Officer

HR Manager

Claims Manager

Settlement Officer

Corporate Secretary

Employment Relations Manager

General Counsel

Chief Executive Officer

Operations Director

Business Unit Manager

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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