The Mutual Rescission And Release Agreement is a crucial document used when parties wish to formally terminate their contractual relationship by mutual consent under Hong Kong law. It is commonly utilized when business relationships need to be ended amicably, when circumstances have changed making the original contract no longer viable, or when parties wish to restructure their relationship through a new agreement. The document provides legal certainty by clearly defining the termination terms, mutual releases, and any surviving obligations. It must comply with Hong Kong's common law principles and statutory requirements, particularly regarding contract termination, consideration, and releases. This agreement is essential for risk management as it helps prevent future disputes by documenting the parties' agreement to end their contractual obligations and waive related claims.
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1. Parties: Identification of all parties to the agreement, including their full legal names and addresses
2. Background: Recitals describing the original agreement, reason for rescission, and context of the termination
3. Definitions: Definitions of key terms used in the agreement, including reference to the Original Agreement
4. Mutual Rescission: Clear statement of mutual agreement to terminate the Original Agreement and the effective date
5. Release of Claims: Mutual release of claims, liabilities, and obligations arising from the Original Agreement
6. Return of Property: Provisions for the return or disposal of any property, documents, or confidential information
7. Representations and Warranties: Basic representations regarding authority to enter agreement and understanding of terms
8. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
9. General Provisions: Standard boilerplate clauses including entire agreement, counterparts, and amendments
1. Surviving Obligations: Used when certain obligations from the Original Agreement need to survive the rescission
2. Settlement Terms: Include when the rescission involves payment or other settlement considerations
3. Confidentiality: Added when parties wish to keep the rescission terms confidential
4. Tax Provisions: Required when there are tax implications from the rescission or settlement
5. Non-Disparagement: Optional clause preventing parties from making negative statements about each other
6. Further Assurance: Added when additional actions may be needed to complete the rescission
7. Third Party Rights: Include when third parties' rights need to be addressed under Cap. 623
1. Schedule 1 - Original Agreement: Copy or details of the agreement being rescinded
2. Schedule 2 - Settlement Payment Details: If applicable, breakdown of any settlement payments and payment terms
3. Schedule 3 - Property Return Schedule: List of items to be returned and timeline for return
4. Schedule 4 - Surviving Provisions: Detailed list of any provisions that survive the rescission
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